Scopus BioPharma Inc. (SCPS): Business Model Canvas [Dec-2025 Updated]

You're digging into Scopus BioPharma Inc.'s engine room, trying to see past the noise of a micro-cap biotech trading around \$0.0005 as of December 4, 2025. Honestly, for a clinical-stage player like this, the Business Model Canvas isn't about sales; it's a blueprint of intellectual property and burn rate. We're looking at a model heavily weighted on R&D-funding two distinct shots on goal, the immuno-oncology candidate CO-sTiRNA and the CNS-focused MRI-1867, all while managing significant operating losses, evidenced by that TTM EPS of about -\$0.31 back in August 2023. The entire structure hinges on securing financing and successfully navigating the FDA path for these novel therapeutics. Let's break down exactly where the cash is going and what the key partnerships, like the one with the NIH, mean for their long-term value proposition below.

Scopus BioPharma Inc. (SCPS) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel Scopus BioPharma Inc.'s pipeline development, which is heavily reliant on external, specialized expertise and licensed intellectual property. These partnerships are critical because, as a company that raised a total of $9.34M in funding over 4 rounds, they need to de-risk early-stage assets by acquiring them post-discovery from established institutions. The stock price as of November 28, 2025, was $0.0006, which underscores the importance of these foundational agreements.

City of Hope: Collaboration for Biomedical Research and Clinical Development

Scopus BioPharma Inc. holds an exclusive, worldwide license for the STAT3 inhibitor gene therapy, known as CpG-STAT3siRNA or CO-sTiRNA, from City of Hope National Medical Center (COH). This license covers the development and commercialization of this first-in-class, targeted immuno-oncology gene therapy. The terms of this 2020 agreement included an upfront license fee, which was payable in a mix of cash, Scopus BioPharma common stock, and warrants. Furthermore, the structure mandates annual maintenance fees, performance-based payments tied to clinical development and commercialization milestones, sales-based royalty payments, and sub-licensing fees. COH, a world-renowned independent biomedical research and treatment center, is one of the 56 comprehensive cancer centers in the nation.

National Institutes of Health (NIH): Exclusive Worldwide License for Three Patents

Scopus BioPharma Inc. secured an exclusive, worldwide license from the National Institutes of Health (NIH) for a series of three patents. These patents specifically cover novel dual-action CB1 receptor inverse agonists, one of which is the drug candidate MRI-1867. The NIH, as the primary U.S. government agency for biomedical research, funds approximately $39 billion annually for medical research across its 27 separate institutes and centers. Scopus BioPharma's work with the NIH is channeled through the Section of Neuroendocrinology of the Laboratory of Physiologic Studies, which falls under the National Institute on Alcohol Abuse and Alcoholism (NIAAA).

Hebrew University of Jerusalem: Pioneer in Endocannabinoid System (ECS) Research

The Hebrew University of Jerusalem has been a leader in endocannabinoid system (ECS) research for over 50 years. This institution established the Multidisciplinary Center for Cannabinoid Research (MCCR) in April 2017 to coordinate its extensive work in this area. The university is consistently ranked among the top 100 universities globally. For context, the American Friends of the Hebrew University 2025 Scopus Award proceeds are earmarked to fund the newly established Center for Computational Medicine and to provide financial relief and scholarship assistance for students returning after military service.

Contract Research Organizations (CROs) and Scientific Advisory Board (SAB)

Scopus BioPharma Inc. relies on outsourcing for clinical trial execution, utilizing Contract Research Organizations (CROs). While specific 2025 financial commitments to CROs are not public, this outsourcing strategy is typical for smaller biotechs to manage the high fixed costs of running multi-site clinical trials. The company mitigates internal drug discovery risk by acquiring assets post-discovery, which inherently transfers some early-stage development risk to the originating institution, like the NIH or City of Hope.

Guidance on drug development and regulatory strategy comes from the Scientific Advisory Board (SAB). The SAB provides essential external oversight, which is crucial given the company's focus on novel targets like STAT3 inhibition and the endocannabinoid system. The SAB's expertise helps align Scopus BioPharma's strategy with evolving FDA expectations for its lead candidates, CO-sTiRNA and MRI-1867.

Here is a snapshot of the key external relationships:

The company's overall funding history, with a Series B round of $6.35M in July 2020, shows the capital base supporting these ongoing partnership obligations. The reliance on these external entities is a clear feature of Scopus BioPharma Inc.'s operational model, especially as immunotherapies were projected to reach a market size of $100 billion by 2025 (a 2020 projection).

Scopus BioPharma Inc. (SCPS) - Canvas Business Model: Key Activities

You're hiring before product-market fit, so the Key Activities for Scopus BioPharma Inc. are entirely focused on de-risking the science and hitting regulatory gates. The core work revolves around advancing the two lead candidates, CO-sTiRNA and MRI-1867, through the necessary preclinical and clinical hurdles to attract the next round of capital.

Preclinical and clinical development of lead candidates (CO-sTiRNA, MRI-1867)

The primary activity is pushing the two distinct therapeutic platforms forward. CO-sTiRNA, a STAT3 inhibitor gene therapy, had its Investigational New Drug (IND) application submitted to the FDA for B-cell non-Hodgkin lymphoma on April 26, 2021. MRI-1867, a peripherally-restricted, dual-action CB1 receptor inverse agonist and iNOS inhibitor, has demonstrated positive characteristics in preclinical testing, including published in vivo studies conducted by the NIH showing success in treating fibrosis in lungs and liver.

Here's a look at the known characteristics of the two programs:

Managing and expanding the intellectual property (IP) portfolio

Protecting the science is non-negotiable, especially for platform technologies like the Duet Platform, which comprises the CpG-STAT3 inhibitors. A key activity is maintaining the legal framework around these assets. For instance, the China National Intellectual Property Administration granted a new patent covering DUET-02, one of the key CpG-STAT3 inhibitors, on September 21, 2021. The company's initial licensing agreement for CO-sTiRNA was secured based on a license with a robust intellectual property portfolio.

Securing non-dilutive funding and capital raises for operations

Given the cash burn typical in development, securing capital is a constant, critical activity. Scopus BioPharma Inc. has historically raised a total of $9.34M across 4 funding rounds, with the largest being a Series B round of $6.35M in July 2020. The company's operational structure, as of recent data, involves a lean team of approximately 8 employees, which helps manage operational burn rate while pursuing these high-cost development activities. The initial public offering price in December 2020 was $5.50 per share.

Regulatory affairs and preparing Investigational New Drug (IND) submissions

This activity centers on compiling the necessary data packages for regulatory bodies, specifically the FDA. For CO-sTiRNA, the activity involved the finalization of the IND package for B-cell NHL prior to the April 2021 submission. For MRI-1867, the company was revising its planning related to the timing for filing an IND with the FDA as of early 2021, following initial pre-clinical work.

• Finalize CMC (Chemistry, Manufacturing, and Controls) documentation.
• Compile and review all non-clinical toxicology data.
• Manage correspondence with the FDA following IND submission/receipt.
• Prepare for potential End-of-Phase meetings.

Maintaining strategic research collaborations with academic institutions

Scopus BioPharma Inc. actively capitalizes on discoveries from leading research centers. A foundational activity is managing the relationship with City of Hope, where the CO-sTiRNA drug was developed. Furthermore, the company was working with leading researchers at Hebrew University on three projects seeking novel cannabinoid-based therapeutics for development, as noted in their 2020/2021 filings. These collaborations are essential for generating the data required for regulatory filings and for expanding the platform's utility.

Scopus BioPharma Inc. (SCPS) - Canvas Business Model: Key Resources

You're looking at the core assets Scopus BioPharma Inc. (SCPS) relies on to drive its development pipeline. These aren't just line items; they are the tangible and intangible foundations supporting their science.

The most critical tangible assets are the drug candidates themselves. Scopus BioPharma Inc. centers its value on two primary programs: CO-sTiRNA, which functions as a STAT3 inhibitor gene therapy, and MRI-1867, a specific CB1 receptor inverse agonist. These represent years of R&D investment.

A significant non-tangible resource is the intellectual property underpinning these candidates. Scopus BioPharma Inc. holds an exclusive, worldwide license from the National Institutes of Health (NIH) for key patents. This license specifically covers a series of novel dual-action CB1 receptor inverse agonists, which includes MRI-1867. To give you context on the source of this foundational research, the NIH, the primary government agency for biomedical research, spends approximately $39 billion annually to conduct and fund medical research.

The human capital is lean, which is typical for a company at this stage. The core team is listed as 13 employees, including the necessary management and scientific personnel to shepherd these assets forward. This small team size contrasts with the scale of the research environment they tap into, such as the NIH's annual budget.

The Intellectual Property (IP) portfolio is the moat around their technology. While the exact number of patents isn't immediately public, the portfolio secures the novel therapeutics, which is the basis for future revenue streams. The company's market valuation reflects the current perception of this IP strength, with the market capitalization reported as low as $16.833k or $17 thousand as of late 2025 data points.

Financing activities provide the fuel for this engine. While the latest reported cash reserves are not for late 2025, the most recent balance sheet data available shows Cash & Equivalents of $0.36 million on a Trailing Twelve Months (TTM) basis ending June 2023. Historically, Scopus BioPharma Inc. has raised a total of $9.34 million across 4 funding rounds, with the largest being a Series B round of $6.35 million in July 2020.

Here's a quick look at the quantifiable elements of these Key Resources:

You should note the reliance on historical financing data for the cash position; that's a defintely key area for the next 13-week cash flow projection.

• Proprietary Drug Candidates: CO-sTiRNA, MRI-1867
• Exclusive Worldwide License: From NIH for CB1 receptor inverse agonists
• Core Team Size: 13 employees
• Total Funding Raised: $9.34 million

Finance: draft 13-week cash view by Friday.

Scopus BioPharma Inc. (SCPS) - Canvas Business Model: Value Propositions

You're looking at the core value Scopus BioPharma Inc. (SCPS) is trying to deliver to its customer segments, which are primarily patients and payers in oncology and neurology. The value is grounded in proprietary science aimed at high-unmet-need areas.

Targeted immuno-oncology gene therapy (CO-sTiRNA) for multiple cancers.

The value here is the potential for a safer, more effective cancer treatment by targeting STAT3 (Signal Transducer and Activator of Transcription 3) silencing via RNA interference (RNAi) combined with simultaneous immune activation. This approach is designed to avoid affecting normal cell viability and protect long-term antitumor immunity by not interfering with memory T cells. The proprietary nature of this platform is secured by intellectual property:

• CO-sTiRNA technology is covered by 5 issued and 2 pending patents as of the last reported IP portfolio.
• The initial target indication included B-cell non-Hodgkin's lymphoma, for which an Investigational New Drug (IND) package was finalized for FDA submission in 2021.

Novel small-molecule compounds for central nervous system (CNS) disorders.

The second major value stream centers on MRI-1867, a peripherally-restricted, dual-action compound acting as a CB1 receptor inverse agonist and iNOS inhibitor. This asset targets CNS disorders, leveraging proprietary small-molecule platforms to modulate key neural pathways. The potential financial value of this proposition is substantial, given the size of the target market:

Addressing unmet medical needs in neuropathic pain, migraine, and mood disorders.

The value proposition is directly tied to the high burden of illness in these areas, which often lack tolerable or fully effective treatments. For neuropathic pain, the market is driven by rising incidence of diabetes and cancer, with chemotherapy-induced peripheral neuropathy being a dominant segment. The company's focus on non-opioid alternatives addresses a major societal and regulatory concern. The small-molecule pipeline is specifically aimed at:

• Chronic neuropathic pain.
• Episodic migraine.
• Mood disorders.

Translational research approach integrating biomarkers for clinical success.

Scopus BioPharma Inc. (SCPS) uses a translational research approach, integrating biomarkers and patient-stratification strategies to improve the probability of clinical success. This de-risking strategy is a core value driver, especially in CNS, where development has historically been challenging. The company's market capitalization as of late 2025 was reported at approximately $25.25 thousand, with a stock price around $0.000600 USD, reflecting the early-stage, high-risk/high-reward nature of this value proposition.

Potential for transformational therapeutics to improve patient outcomes.

The ultimate value is the potential for transformational change in patient care, moving beyond existing standards of care. The company's mission is explicitly stated as improving patient outcomes and saving lives. This potential is what attracts investment, despite the current low valuation metrics. The stock showed recent volatility, with a 5-day change of +50.00% as of November 17, 2025.

Scopus BioPharma Inc. (SCPS) - Canvas Business Model: Customer Relationships

You're looking at the relationships Scopus BioPharma Inc. maintained with its various stakeholders as of late 2025. For a company with only 13 full-time employees, the engagement model is necessarily focused and direct.

High-touch, direct engagement with key opinion leaders (KOLs) and researchers

Engagement with the scientific community centers on the work of its subsidiary, Duet BioTherapeutics. This involves presenting data at key scientific forums. For instance, in November 2025, Duet BioTherapeutics presented compelling new data for a novel treatment for Malignant Glioma at the 38th Annual Meeting of the Society for Immunotherapy of Cancer (SITC). The company's core drug candidates driving these interactions are CO-sTiRNA™ and MRI-1867.

Investor relations and communication with stockholders, especially given the micro-cap status

Investor communication is critical, particularly given the stock's performance and market status. As of December 3, 2025, the stock was reported as delisted. The closing price on December 4, 2025, was $0.0005 per share. The 52-week trading range for SCPS was between a low of $0.0002 and a high of $0.0100. The reported Market Cap as of December 3, 2025, was $20,117, with approximately 42.08M shares outstanding. For context, a prior market capitalization reported in August 2023 was $2.07M. The CEO compensation for both base and total was reported as $0.

The key financial and stock data points for investor context are:

Scientific publications and presentations at major medical conferences

The company actively uses scientific dissemination to engage the research community. The structure of their engagement includes dedicated sections for:

• Scientific Publications
• Presentations
• News and Events

Specific recent activity involved a presentation at the 38th Annual Meeting of the Society for Immunotherapy of Cancer (SITC) in November 2025.

Regulatory body interactions (e.g., FDA) for clinical trial progression

Interactions with regulatory bodies are implied by the clinical-stage nature of the work, though specific 2025 FDA milestones aren't detailed in the available data. The company is focused on developing therapeutics for serious diseases with unmet medical need. Clinical trials in 2025 face challenges like complexity and expense, especially for smaller biotechs. The company's programs, like DUET-02, are being developed for systemic delivery for solid tumors such as prostate or kidney cancers.

Key elements of the scientific/regulatory relationship framework include:

• Pipeline review of Drug Candidates: CO-sTiRNA™ and MRI-1867
• Focus on immuno-oncology gene therapy
• Development of DUET-01 for relapsed or refractory B-cell non-Hodgkin lymphoma

Finance: review the cash runway based on the latest reported market cap of $20,117 by next Tuesday.

Scopus BioPharma Inc. (SCPS) - Canvas Business Model: Channels

You're trying to map out how Scopus BioPharma Inc. reaches its key partners and stakeholders as of late 2025. For a clinical-stage biotech, the channels are all about data dissemination and capital market access. Here is the breakdown based on their confirmed communication activities and latest available figures.

Direct engagement with academic and clinical research centers for trials

Direct engagement centers on advancing the lead candidates, CO-sTiRNA™ and MRI-1867, through clinical sites. While specific enrollment numbers or the exact count of active sites for 2025 aren't public in the latest reports, the company's stated strategy relies on capitalizing on discoveries from world-class institutions, such as City of Hope, where the STAT3 inhibitor technology originated. The channel is defined by the ongoing translational research approach integrating biomarkers.

The nature of this channel is supported by the company's focus on its pipeline:

• CO-sTiRNA™: Targeted immuno-oncology gene therapy for multiple cancers.
• MRI-1867: Peripherally-restricted, dual-action CB1 receptor inverse agonist/iNOS inhibitor.

Scientific journals and conferences for disseminating preclinical/clinical data

Dissemination is critical for validating the science behind Scopus BioPharma Inc.'s candidates. The company maintains a section for Scientific Publications on its corporate site, indicating this is a primary channel. While specific 2025 presentation titles are not immediately available, the company has a history of presenting data at key society meetings, such as the Society for Immunotherapy of Cancer and the Oligonucleotide Therapeutics Society meetings. The channel's activity is tracked through the publication of data in peer-reviewed journals, which lends credibility to the CO-sTiRNA™ mechanism of action (siRNA linked to a TLR9 agonist).

Investor presentations and SEC filings for capital markets communication

This is where the hard financial and regulatory numbers surface. Scopus BioPharma Inc. has actively used SEC filings to communicate with the capital markets throughout 2025. Key filings confirming communication events include:

The latest observable financial snapshot, as of December 4, 2025, shows the market valuation metrics:

• Stock Price: $0.00
• Market Capitalization: $21.04K
• 52 Week High: $0.01
• 52 Week Low: $0.00
• Outstanding Shares: 42,080,000

Company website and press releases for corporate updates

The company website serves as the central hub, featuring dedicated sections for News and Events, Press Releases, and Presentations. Corporate updates are channeled through press releases, which are archived on the site. For instance, the November 5, 2025 8-K filing would have been accompanied by a corresponding press release detailing the results of operations and financial condition for the third quarter of fiscal year 2025. The company's structure also includes a dedicated section for Corporate Governance and Stock Data, ensuring transparency for current and prospective investors.

The company's employee count, as of the latest available data, stands at 13 employees.

Scopus BioPharma Inc. (SCPS) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Scopus BioPharma Inc. (SCPS) as of late 2025. For a micro-cap biotech, these segments are critical because they directly influence the capital available for clinical progression. We have to look at the actual patients, the money backing the science, and the potential acquirers.

Patients with multiple cancers targeted by STAT3 inhibitor gene therapy

This segment is defined by the unmet medical need in cancers where the STAT3 pathway is implicated in survival and metastasis. Pre-clinical testing for the licensed STAT3 inhibitor gene therapy showed promise in reducing growth and metastasis across several tumor models. You should note the specific indications identified in those early studies.

• Targeted pre-clinical tumor models included melanoma.
• Targeted pre-clinical tumor models included colon cancer.
• Targeted pre-clinical tumor models included bladder cancers.
• Targeted pre-clinical tumor models included leukemia.
• Targeted pre-clinical tumor models included lymphoma.

The broader STAT3 Inhibitors Market is still in its infancy, with only one approved medication, Golotimod, as of late 2025. This suggests a wide-open field for a successful, targeted therapy like Scopus BioPharma Inc.'s candidate. Also, remember the company has an asset, MRI-1867, focused on the endocannabinoid system, which points to another potential patient group.

Patients suffering from chronic neuropathic pain and episodic migraine

While specific clinical trial data for Scopus BioPharma Inc.'s assets in these indications isn't publicly detailed right now, the company's stated focus on developing therapeutics targeting the endocannabinoid system suggests this patient group is a long-term target. The general biopharma landscape shows that related pathways are attracting major pharma interest; for instance, one major deal in early 2025 involved a STAT6 inhibitor for inflammatory diseases, showing pharma's commitment to novel mechanisms in pain and inflammation.

Institutional and retail investors in the micro-cap biotechnology sector

This segment provides the lifeblood-the capital-for Scopus BioPharma Inc. to move from preclinical data to human trials. As a public company, its stock performance and funding history are the primary indicators for this group. Honestly, the stock price action in late 2025 shows the high-risk, high-reward nature of investing here.

Here's the quick math on the capital raised to date:

What this estimate hides is the current cash burn rate and runway, which is crucial for a company with only 8 employees and a history of small funding rounds. Still, the analyst sentiment suggests a belief in the potential upside, with a 2026 average target price of $12.24, representing a potential upside of 3,059,900.00% from the current price level.

Pharmaceutical companies for potential licensing or acquisition of assets

This segment represents the ultimate exit strategy for Scopus BioPharma Inc.'s novel assets. Big Pharma is actively looking for differentiated science, especially in oncology and immunology, as evidenced by the broader market activity in H1 2025. Licensing deals in the first half of 2025 totaled $119.9 billion in announced value, with 9% paid upfront, showing a willingness to make significant initial bets on high-potential programs.

The key appeal for this customer segment lies in Scopus BioPharma Inc.'s specific assets:

• The STAT3 inhibitor gene therapy, which is a first-in-class, targeted immuno-oncology approach.
• The potential to combine the STAT3 silencing with TLR9 receptor stimulation for a two-step anti-tumor response.
• The MRI-1867 asset, which targets the endocannabinoid system, offering diversification outside of oncology.

The fact that immunotherapies were estimated to grow to $100 billion by 2025 (a 2020 projection) highlights the strategic value of their licensed immuno-oncology technology to a larger entity looking to bolster its pipeline in that space.

Finance: draft 13-week cash view by Friday.

Scopus BioPharma Inc. (SCPS) - Canvas Business Model: Cost Structure

You're looking at the hard costs that Scopus BioPharma Inc. incurs to keep its drug development engine running. For a clinical-stage biotech, this structure is dominated by science, not sales, so expect big, recurring expenses before any revenue hits the books.

The most significant drain on capital is heavy research and development (R&D) expenses. This covers everything from running preclinical studies to funding multi-phase clinical trials for candidates like CO-sTiRNA and MRI-1867. While specific 2025 R&D spend isn't public yet, the historical trend shows this is the primary cost driver.

General and administrative (G&A) costs are also a fixed burden. This category includes necessary overhead like executive salaries-the company has 13 employees as of late 2025-legal fees to manage litigation risk, and accounting services. These costs persist regardless of trial success.

Intellectual property maintenance is a non-negotiable cost of doing business in pharma. Scopus BioPharma Inc. has specific obligations tied to its key assets. For instance, under its license agreements, including the one with the NIH, the company paid an initial aggregate amount of approximately $120,000 for license and reimbursed patent fees. Furthermore, Scopus BioPharma Inc. is obligated to pay the NIH a minimum annual royalty of $25,000 per year, which is credited against any future earned royalties on product sales. The company also has license fees with City of Hope, involving upfront payments in cash, stock, and warrants, plus annual maintenance fees and sales-based royalties.

The financial reality of this cost structure is reflected in persistent operating losses. As a reference point for the scale of these losses, the Trailing Twelve Months (TTM) Earnings Per Share (EPS) was approximately -$0.31 as of August 2023.

The minimal operational scale of Scopus BioPharma Inc. is starkly evident in its market valuation. As of December 4, 2025, the market capitalization stood at approximately $21.04K. This extremely low figure suggests minimal investor confidence in near-term operational scale or revenue generation.

Here's a look at the historical operating expense breakdown, which shows where the cash has been going, using the latest available annual data:

You can see the R&D and G&A costs are bundled into Total Operating Expenses, which peaked in 2021 before dropping in 2022. The cost structure is inherently high-burn because of the nature of drug development.

Key cost components that drive the cash burn include:

• Heavy spend on preclinical and clinical trial execution.
• Minimum annual royalty payments of $25,000 to the NIH.
• Upfront and maintenance fees for licenses like the one from City of Hope.
• Salaries and overhead for the 13 employees.

Finance: draft 13-week cash view by Friday.

Scopus BioPharma Inc. (SCPS) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Scopus BioPharma Inc. (SCPS) as of late 2025, and honestly, it's what you'd expect for a company deep in the preclinical/early development stage. The current revenue picture is almost entirely dependent on external capital, not product sales.

Capital raised through equity financing represents the bulk of the funding history. Scopus BioPharma Inc. has raised a total of $9.34M across 4 funding rounds historically, with the largest being a $6.35M Series B round back in July 2020. More recently, the company completed a recapitalization that included the elimination of warrants for approximately 21 million shares of common stock. The company also had a Reg A+ IPO priced at a $5.50 midpoint on December 16, 2020.

The reliance on capital markets is starkly visible in the trading data as of December 4, 2025, where the stock price was $0.0005. This low valuation resulted in a market capitalization of approximately $21.04K. The 52-week trading range shows a high of $0.0100 and a low of $0.0002.

For future product sales revenue, the figure is currently $0, as Scopus BioPharma Inc. remains in the pre-commercial stage of development.

Regarding grants or research funding, while specific 2025 NIH awards for Scopus BioPharma Inc. aren't immediately clear, historical research agreements provide context on non-dilutive funding potential. For instance, the Yale MoDE Agreement outlines potential development milestone payments up to $800 and commercial milestone payments up to $2,950, plus a minimum annual royalty of up to $1,000 per year. Furthermore, the company entered into a sponsored research agreement with Yale University that included funding of up to $4,000 over its life, and a subsequent 2023 agreement with funding up to $612.

The structure of potential non-equity funding streams looks like this:

• Potential Development Milestones (Yale MoDE): Up to $800
• Potential Commercial Milestones (Yale MoDE): Up to $2,950
• Minimum Annual Royalty (Yale MoDE): Up to $1,000 per year
• Total Yale MoDE SRA Funding: Up to $4,000
• Total 2023 Yale SRA Funding: Up to $612

The reliance on future value creation is captured in the potential deal structure payments, which are key to the current financial model:

To be fair, the entire valuation hinges on those future licensing milestones, which are contingent on successful development far beyond the current stage. Finance: draft 13-week cash view by Friday.