ReShape Lifesciences Inc. (RSLS): Business Model Canvas [Dec-2025 Updated]

You're sifting through the wreckage and the rebirth of a company that just executed a total strategic flip, and honestly, that's where the real analysis starts. ReShape Lifesciences Inc. has shed its medical device past, selling assets to Biorad Medisys and merging to focus squarely on Vyome's clinical-stage immuno-inflammatory pipeline, now trading under the ticker HIND as of August 15, 2025. This isn't just a name change; it's a fundamental shift, backed by capital like the over $6 million raised in June 2025, yet facing the reality of restructuring costs reflected in the ($2.07) million negative revenue for Q3 2025. Dive into the canvas below to see exactly how this new biotech entity is structured, who its new customers are, and what resources are powering its R&D engine.

ReShape Lifesciences Inc. (RSLS) - Canvas Business Model: Key Partnerships

You're looking at the structure of ReShape Lifesciences Inc. right at the pivot point, late 2025, where the legacy business is being fully absorbed into the new entity. The Key Partnerships section of the Business Model Canvas reflects this transition, showing who was critical to the final stages of the old structure and who is now central to the new focus.

Vyome Therapeutics, Inc. (Merger partner, now the core business)

The most significant partnership, which concluded the transformation, was the all-stock merger with Vyome Therapeutics, Inc. This transaction was approved by ReShape Lifesciences Inc. shareholders in July 2025, with the combined company officially commencing trading on The Nasdaq Capital Market on August 15, 2025. The resulting entity is named Vyome Holdings, Inc. and trades under the ticker symbol HIND. The strategic alignment is clear: the combined company is now focused on advancing Vyome's pipeline of immuno-inflammatory assets, leveraging a unique positioning across the US-India innovation corridor. The board structure reflects this shift, with six directors designated by Vyome and only one by ReShape Lifesciences, and executive management is comprised of Vyome's former officers.

Biorad Medisys (Purchaser of Lap-Band and Obalon assets)

A concurrent, critical step to finalizing the merger was the Asset Purchase Agreement with Biorad Medisys or its affiliate, Ninjour Health International Limited. This sale involved substantially all of ReShape Lifesciences' assets, specifically the Lap-Band® System, Obalon® Gastric Balloon System, and the Diabetes Bloc-Stim Neuromodulation™ (DBSN™) System, excluding cash. Biorad assumed substantially all of ReShape's liabilities in exchange for a cash purchase price of $5.16 million. This cash amount directly factored into the post-merger ownership allocation calculations between the former ReShape and Vyome stockholders. This partnership effectively marked the divestiture of the legacy obesity device portfolio.

Here's a quick look at the asset transfer details:

Maxim Group LLC (Underwriter for June 2025 equity offerings)

Maxim Group LLC played a key role in shoring up the balance sheet just prior to the merger finalization, acting as the sole placement agent for a significant equity raise in June 2025. This offering, priced on June 9, 2025, involved 1,054,604 shares of common stock at $2.50 per share, targeting gross proceeds of approximately $2.6 million before fees. This followed an earlier 'at-the-market' offering between June 3 and June 6, 2025, which generated gross proceeds of $3,642,564 from the sale of 593,000 shares. Maxim Group LLC also served as a financial advisor to ReShape Lifesciences in connection with the Vyome merger and Biorad asset sale.

The capital raised was crucial; as of March 31, 2025, stockholders' equity was only $1.2 million, and these June 2025 offerings helped the company regain compliance with Nasdaq's stockholders' equity requirement.

Liaison Medical (Former Canadian distributor for Lap-Band 2.0 FLEX)

Before the asset sale, the focus on the Lap-Band franchise included international expansion, which relied on the partnership with Liaison Medical. ReShape Lifesciences signed a distribution agreement with Liaison Medical, based in Montreal, Canada, for the Lap-Band® 2.0 FLEX and Tubing Kit. This agreement followed the November 2024 approval by Health Canada for the Lap-Band® 2.0 FLEX. Liaison Medical, described as one of the largest surgical device distributors in Canada, was expected to drive adoption of the new device, which features FLEX technology to alleviate discomfort without in-office adjustments.

Key aspects of this distribution relationship include:

• Distribution territory: Canada.
• Product: Lap-Band® 2.0 FLEX and Tubing Kit.
• Regulatory Milestone: Health Canada approval in November 2024.
• Distributor Profile: Based in Montreal, Canada.

The CEO of ReShape Lifesciences explicitly mentioned focusing on international expansion in Canada via this agreement as part of the June 2025 operational update. Finance: draft 13-week cash view by Friday.

ReShape Lifesciences Inc. (RSLS) - Canvas Business Model: Key Activities

You're looking at the core actions ReShape Lifesciences Inc. is taking to pivot its business structure, which is heavily focused on closing major transactions while managing the remaining public entity overhead. Here's the quick math on the key activities as of late 2025, based on the latest reported figures.

Integrating Vyome's immuno-inflammatory drug pipeline and operations

The primary activity here is the execution of the merger, which will result in ReShape Lifesciences Inc. becoming Vyome Holdings, Inc., trading under the ticker symbol HIND. This signals a shift in focus toward Vyome's immuno-inflammatory assets.

• The merger agreement was supported by shareholder approval of related charter amendments on August 7, 2025, with 1,240,191 votes for.
• Vyome's executive officers are set to lead the management team of the combined entity.

Executing the final stages of the asset sale to Biorad Medisys

ReShape Lifesciences Inc. is executing the sale of substantially all of its assets, including the Lap-Band® System, Obalon® Gastric Balloon System, and the Diabetes Bloc-Stim Neuromodulation™ (DBSN™) System, to Ninjour Health International Limited, an affiliate of Biorad Medisys, Pvt. Ltd. This activity is critical for the post-merger structure.

The buyer, Ninjour Health International Limited, will assume substantially all of ReShape Lifesciences Inc.'s liabilities.

Research and development (R&D) for clinical-stage immuno-inflammatory assets

While the legacy business assets are being sold, R&D activity is focused on the pipeline being brought in via the merger, alongside maintaining the intellectual property of the divested assets.

The company has secured patent allowances for its Diabetes Neuromodulation system and intragastric balloon technology, extending protection through at least 2039. That's a long runway for the IP.

Maintaining Nasdaq compliance and managing public company G&A

A key activity has been managing the public company requirements, especially after facing delisting risk due to low stockholders' equity. The company took direct action to secure its listing on The Nasdaq Capital Market.

• Regained compliance with the stockholders' equity requirement (minimum $2.5 million) as of June 23, 2025.
• Stockholders' equity was $1.2 million as of March 31, 2025.
• Raised over $6.0 million in gross proceeds through equity offerings in early June 2025 to meet the requirement.
• One specific offering on June 9, 2025, brought in gross proceeds of $2,636,510.

General and administrative (G&A) expenses were actively managed in Q1 2025, decreasing by 13.1% to $1.6 million compared to the prior year period. Furthermore, strategic headcount reduction was executed to generate annualized savings of over $750,000, representing approximately 23% of wage expenses, though the sales and marketing team remained intact to support lead generation.

Finance: draft 13-week cash view by Friday.

ReShape Lifesciences Inc. (RSLS) - Canvas Business Model: Key Resources

You're looking at the core assets that underpin the current entity, which, as of late 2025, is fundamentally the merged Vyome Holdings, Inc. The capital structure and intellectual property are definitely the most tangible resources right now, especially given the recent corporate transformation.

Financially, the ability to secure fresh capital has been a critical resource for maintaining listing compliance and funding operations ahead of the full integration. ReShape Lifesciences sold shares in early June 2025, raising over $6 million through equity offerings to satisfy Nasdaq's stockholders' equity requirement and avoid delisting. To be precise, between June 3 and June 9, 2025, the company raised approximately $6.28 million in gross proceeds from two separate common stock offerings, which was essential after the stockholders' equity dipped to $1.2 million as of March 31, 2025. This cash infusion was a lifeline.

The strategic value of the merger was acquiring Vyome's pipeline. The key resources now include Vyome's clinical-stage immuno-inflammatory and rare disease assets. This shift moves the focus away from the legacy weight loss devices, which were largely sold off, toward novel therapeutic development in high-value disease areas. The combined company, now Vyome Holdings, Inc., is banking on these assets for future revenue generation.

The intellectual property (IP) portfolio remains a significant, defensible resource. Key patents related to the Diabetes Neuromodulation System (DBSN™) technology have secured protection extending until at least 2039. For instance, an Israeli patent was granted protecting technology until December 4, 2039. However, it's important to note the divestiture; substantially all of the original ReShape assets, including the DBSN™ system, were sold to Biorad Medisys as part of the transaction structure, meaning the IP value is now tied to the acquired/retained rights and the Vyome portfolio.

The company's public market presence is now anchored by its new identity. The Nasdaq listing status transitioned from RSLS to HIND for Vyome Holdings, Inc., effective August 15, 2025. This was executed alongside the merger and a one-for-four reverse stock split. Maintaining this listing is a key resource for access to public capital markets.

Here's a quick look at the major resource milestones around the transition:

You should track the following specific IP and financial data points closely:

• IP portfolio included 63 issued or pending patents as of mid-2025.
• The June 9, 2025 offering priced shares at $2.50 per share.
• The merger resulted in a one-for-four reverse stock split.
• Vyome's focus is on a market valued at over $100 billion.

Finance: draft 13-week cash view by Friday.

ReShape Lifesciences Inc. (RSLS) - Canvas Business Model: Value Propositions

You're looking at the value propositions that drove the final strategic moves for ReShape Lifesciences Inc. before it became Vyome Holdings, Inc. in August 2025. The core value shifted entirely from the legacy device business to accessing capital markets for a clinical-stage biotech pipeline.

Public market access for Vyome's immuno-inflammatory drug development

The primary value proposition for Vyome Therapeutics was gaining immediate, established public market access via the ReShape Lifesciences Inc. shell. This was cemented when the business combination closed on August 14, 2025. The combined entity immediately began trading on the Nasdaq under the new symbol HIND starting August 15, 2025. This structure provided a direct vehicle to advance Vyome's pipeline, which targets immuno-inflammatory and rare diseases. The focus is now on leveraging this public listing to fund the development of those specific assets.

The operational control reflects this pivot:

• The new board is comprised of six directors designated by Vyome and one director designated by ReShape Lifesciences.
• Executive management of the combined company consists of Vyome's executive officers.
• The new focus is on identifying opportunities between the U.S.-India innovation corridor and the U.S. market.

Strategic pivot to a high-growth biotech sector (post-merger focus)

For the legacy ReShape Lifesciences Inc. business, which saw its revenue decline to $8.0 million for the fiscal year ended December 31, 2024, the value proposition was escaping the competitive pressure from GLP-1 pharmaceuticals impacting its Lap-Band sales. The pivot was a complete shift in focus from obesity devices to the high-growth potential of clinical-stage biopharma. The company's Q1 2025 revenue had already fallen by 42.7% compared to Q1 2024, landing at $1.1 million. The merger provided a pathway to focus on the higher-risk, higher-reward profile of drug development.

The pre-merger entity's prior operational metrics highlight the need for this strategic change:

The company also secured its intellectual property in the new focus area, receiving patent protection for its Diabetes Neuromodulation system until December 4, 2039.

Liquidity event for former RSLS shareholders (via the all-stock merger)

The transaction was structured as an all-stock transaction, providing a liquidity mechanism for former ReShape Lifesciences Inc. shareholders by exchanging their shares for stock in the new entity, Vyome Holdings, Inc. This was critical as the pre-merger ReShape Lifesciences Inc. was valued at only $3.2 million. The move was intended to maximize shareholder value, supported by unanimous Board recommendation and favorable recommendations from independent proxy advisory firms ISS and Glass Lewis.

Key corporate actions related to shareholder value realization include:

• The merger closed on August 14, 2025.
• The common stock underwent a one-for-four (1-4) reverse stock split effective August 15, 2025.
• The post-merger entity reported a Q3 2025 EPS of $1,551.45.
• The reduction of liquidation preference for Series C preferred stockholders was a positive indication for common stockholders post-transaction.

To support operations leading up to the close, ReShape Lifesciences completed an upsized $6.0 million public offering in February 2025.

ReShape Lifesciences Inc. (RSLS) - Canvas Business Model: Customer Relationships

The customer relationships for ReShape Lifesciences Inc. have been fundamentally reshaped by the August 2025 reverse merger with Vyome Therapeutics, resulting in the entity now known as Vyome Holdings, Inc. (HIND).

High-touch investor relations for the new Vyome Holdings, Inc. (HIND)

Investor relations shifted from supporting the legacy ReShape Lifesciences Inc. structure to supporting the new immuno-inflammatory focus under Vyome Holdings, Inc. (HIND). The transition involved a complete change in governance structure.

• Post-merger board composition: 6 directors designated by Vyome, 1 designated by ReShape Lifesciences Inc.
• The new leadership team consists of Vyome's executive officers.
• ReShape Lifesciences Inc. reported Q1 2025 revenue of $1.1 million before the transition.
• Vyome Holdings reported a Q3 2025 net loss of $9.2 million due to merger-related charges.
• Cash and Equivalents for Vyome Holdings as of Q3 2025 were $5.7 million.
• The stock price for RSLS gained 44.36% on the news of the merger closing on August 14, 2025.
• As of December 5, 2025, Vyome Holdings (HIND) was trading at $5.010.

The relationship management focused on communicating the strategic pivot to the existing RSLS shareholder base.

Managing the transition of former product customers to Biorad Medisys

The core customer base for the legacy obesity and metabolic health devices was transferred via an asset purchase agreement.

Substantially all assets, including the Lap-Band System, Obalon Gastric Balloon System, and the Diabetes Bloc-Stim Neuromodulation (DBSN) System, were sold to Biorad Medisys (or an affiliate). This required a structured handover of existing customer accounts and support obligations.

The company also announced a strategic workforce reduction aimed at saving over $750,000 annually, which directly relates to the reduced operational footprint supporting these former product customers.

Direct engagement with clinical research organizations and trial sites

For the legacy business, customer relationships included engagement with clinical research organizations (CROs) and trial sites for ongoing or planned studies, particularly for the Diabetes Neuromodulation technology.

The focus shifted to managing the wind-down or transfer of these research relationships concurrent with the asset sale.

• The company received a Notice of Allowance for a patent related to its Diabetes Neuromodulation system, extending protection until April 12, 2039.
• Another international patent for the Diabetes Neuromodulation technology provides protection until December 4, 2039.
• Pre-clinical data for the Diabetes Neuromodulation device was presented at the 12th Annual Minnesota Neuromodulation Symposium in May 2025.
• The global clinical trials market size was valued at USD 87.42 billion in 2025.
• Anti-obesity trials require patient-centric strategies to combat a retention problem where nearly one in four participants do not complete studies.

For the new Vyome Holdings, Inc. focus, engagement will center on advancing the immuno-inflammatory pipeline, with FDA interactions planned for H1 2026 for the lead program VT1953.

ReShape Lifesciences Inc. (RSLS) - Canvas Business Model: Channels

You're looking at the channels for the entity now operating as Vyome Holdings, Inc. (HIND) following the August 2025 merger. This is how the combined company reaches its customers and secures its operational funding.

Exchange Listing and Market Access

• Trading commenced on the Nasdaq Capital Market.
• New ticker symbol is HIND, effective August 15, 2025.
• The transition followed a 1-for-4 reverse stock split on the same date.

The core channel for public capital access and investor relations is the public listing. Here's a snapshot of the recent capital structure and market context:

Clinical Trial Networks for Advancing Drug Candidates

The channel for advancing Vyome's drug candidates involves clinical sites and strategic R&D integration. The focus is now on immuno-inflammatory and rare diseases, a market exceeding $100B.

• Lead asset, VTX-401, is a cytokine modulator.
• ReShape's Diabetes Neuromodulation System (DBSN™) patents extend protection until 2039.
• Synergies may use ReShape's energy-efficient stimulation tech in Vyome's device-based drug delivery systems.

Equity Distribution Agreements for Raising Capital

The combined entity, Vyome Holdings, Inc., is using established public market mechanisms to secure future funding. This is a key channel for non-dilutive capital infusion outside of direct product sales.

• Announced expansion of at-the-market offering in August 2025.
• The transaction structure was an all-stock merger.

The new CUSIP number for the common stock following the merger and split is 92943X104.

ReShape Lifesciences Inc. (RSLS) - Canvas Business Model: Customer Segments

You're looking at the customer base for ReShape Lifesciences Inc. right as it transitioned into Vyome Holdings, Inc. following the August 15, 2025, trading commencement. The segments reflect both the legacy capital structure and the new strategic focus.

Biotech investors seeking exposure to immuno-inflammatory and rare diseases

This segment is now primarily interested in the combined entity's focus, which centers on advancing Vyome's pipeline assets in immuno-inflammatory and rare diseases, leveraging the U.S.-India innovation corridor.

• The board structure post-merger reflects this shift: six directors designated by Vyome and one designated by ReShape Lifesciences.
• Vyome's executive officers lead the management team of the new entity, Vyome Holdings, Inc.

Former RSLS common stockholders (now holding shares in Vyome Holdings)

These are the existing equity holders who voted for the merger and now hold shares in the new Nasdaq-listed company, trading under the symbol HIND.

• ReShape Lifesciences stockholders were projected to control nearly 11.1% of the combined entity following the all-stock transaction.
• These stockholders approved the merger and the asset sale of the legacy weight loss products to Biorad Medisys.

Institutional investors participating in public offerings

This group includes the capital providers who participated in ReShape Lifesciences' financing activities leading up to and surrounding the merger, often through registered offerings.

Here's a look at the capital raised from these institutional and public market participants in 2025:

The institutional activity in the legacy ReShape Lifesciences stock showed specific trends before the final merger close.

• As of the latest filings, 10 institutional owners and shareholders had filed 13D/G or 13F forms.
• These institutions collectively held a total of 15,047 shares.
• In the first quarter of 2025, 0 institutional investors added shares, while 1 decreased its position.

Furthermore, an existing relationship with an institutional investor involved an Equity Line of Credit (ELOC) agreement, allowing ReShape Lifesciences to sell up to $5 million in shares over a 36-month term, which was approved by stockholders in April 2025.

ReShape Lifesciences Inc. (RSLS) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that drive ReShape Lifesciences Inc. (RSLS) operations, especially considering the significant corporate actions taken through August 2025.

The baseline for understanding current cost control is the prior fiscal year's performance. Operating expenses totaled $12.8 million in 2024, a key baseline, which was a significant reduction from $20.9 million in 2023.

The August 2025 closing of the business combination with Vyome Holdings, Inc. introduced substantial one-time costs.

• Merger and restructuring costs associated with the August 2025 transaction: Transactional and financial advisory fees totaled $7.7 million over the nine months ended September 30, 2025. Transaction Costs for the first quarter of 2025 (three months ended March 31, 2025) were $0.4 million. For the full year 2024, Transaction Costs were reported at $1.0 million.

Research and development (R&D) expenses reflect the ongoing commitment to clinical-stage assets like the investigational Diabetes Bloc-Stim Neuromodulation (DBSN) system.

General and administrative (G&A) expenses reflect the costs of maintaining a public company structure, though recent efforts have focused on streamlining these areas. For context, G&A Expenses for the year ended December 31, 2023, were approximately $10.3 million.

The shift in professional service spending is notable:

• General legal, audit, and other professional fees decreased by $0.4 million in the three months ended March 31, 2025, compared to the same period in 2024, due to reduced reliance on consultants.

Here's the quick math on the cost structure components for recent periods:

Finance: draft 13-week cash view by Friday.

ReShape Lifesciences Inc. (RSLS) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for ReShape Lifesciences Inc. right as the company pivots hard into its new identity. This isn't a steady-state picture; it's a snapshot of a business in transition, where legacy sales are winding down and new potential is being unlocked through corporate action. Honestly, the numbers reflect that messy middle ground.

The most immediate financial data point reflecting the restructuring is the reported figure for the third quarter of 2025. You need to note the ($2.07) million negative revenue reported for Q3 2025, which clearly signals the impact of the wind-down of legacy operations as the merger finalized.

The most concrete cash event in this period was the divestiture of the obesity device portfolio. ReShape Lifesciences executed a sale of substantially all of its assets, which included the Lap-Band System, Obalon Gastric Balloon System, and the Diabetes Bloc-Stim Neuromodulation (DBSN) System, to Biorad Medisys. This generated a specific inflow:

Before that August 2025 sale closed, the company was still realizing some income from its former core business. The latest reported revenue from the legacy product sales, specifically for the first quarter ended March 31, 2025, gives you a baseline for what was being generated from the Lap-Band and related products prior to the final asset transfer. That number was $1.1 million for Q1 2025.

Looking forward, the revenue picture is entirely dependent on the success of the newly formed entity, Vyome Holdings, Inc. (trading as HIND post-August 15, 2025). The remaining revenue potential for the former ReShape Lifesciences assets is now tied up in contingent payments related to the Vyome merger structure.

Here's what you should track regarding the future revenue potential tied to the Vyome assets:

• Future potential milestone payments from Vyome's pipeline.
• Potential licensing revenue streams post-merger.
• Focus on advancing immuno-inflammatory assets.
• Leveraging the U.S.-India innovation corridor for growth.

To be fair, the actual dollar value of those future milestone payments and licensing agreements isn't public yet; it's pure upside potential baked into the new corporate structure. Finance: draft the pro-forma cash flow incorporating the $5.16 million asset sale by Monday.