Synaptogenix, Inc. (SNPX): Business Model Canvas [Dec-2025 Updated]

You're looking at Synaptogenix, Inc., a company executing one of the most dramatic strategic shifts I've seen in my two decades analyzing markets: pivoting from a pure-play biotech firm to an AI crypto treasury manager. Honestly, this is a wild ride, balancing the development of Bryostatin-1 for Multiple Sclerosis with an aggressive digital asset strategy, including an initial $10 million acquisition of TAO tokens and a target of $100 million in that asset class. With cash reserves around $19.6 million as of September 2024 and a recent $5.5 million preferred stock sale in June 2025, the firm is funding this transformation while maintaining its Nasdaq listing. To understand the mechanics of this high-stakes dual strategy-where staking yield meets neurodegenerative therapy-you need to dig into the full nine-block framework detailed below.

Synaptogenix, Inc. (SNPX) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that define Synaptogenix, Inc.'s (now trading as TAO Synergies Inc. as of July 1, 2025) current strategic direction. These aren't just bullet points; they represent where capital, research, and future revenue streams are being anchored. Here's the quick math on the key players shaping the business model as of late 2025.

Digital Asset Treasury & Custody

The pivot to a digital-asset treasury strategy, focused exclusively on the AI token TAO, heavily relies on specialized partners for security and yield generation. This strategy was launched in June 2025, with the initial purchase funded from existing cash reserves.

The partnership with BitGo Trust Company, Inc. is central to securing these assets. BitGo provides regulated, insured cold storage custody, trading facilitation, and direct staking services for the TAO holdings. The goal is to turn the digital asset holding into an income-producing component of the treasury.

The strategy leader, James Altucher, an expert in crypto and AI, is driving the revenue generation plan. The initial planned acquisition was for $10 million in TAO tokens, which, at the time of announcement on June 9, 2025, represented over two times the Company's market capitalization. The overall target for TAO acquisition is set at $100 million. Furthermore, Mr. Altucher participated in a $5.5 million private placement financing, involving the sale of Series D convertible preferred stock at a stated value of $1,000 per share.

The structure of these crypto-focused relationships can be summarized:

Partner Entity	Role in Business Model	Key Financial/Statistical Metric
BitGo Trust Company, Inc.	Qualified Custody and Staking of TAO	Enabling yield generation from TAO holdings
James Altucher	Lead, TAO Strategy & Revenue Generation	Initial TAO acquisition target: $10 million; Total target: $100 million

Neuroscience Clinical Development

The biopharmaceutical arm of Synaptogenix, Inc. remains focused on its lead candidate, Bryostatin-1, for neurological disorders. The Phase 1 trial for Multiple Sclerosis (MS) is a critical component here, managed in collaboration with the Cleveland Clinic Neurological Institute.

The fully-funded, open-label trial (NCT06190912) is being conducted at the Mellen Center for Multiple Sclerosis. The study design specifically calls for enrolling approximately 20 adults with MS. The main treatment period involves administering about 14 doses of Bryostatin-1 via weekly, 45-minute infusions, with the primary trial duration set at 28 weeks, followed by an additional 12 weeks of observation. At the time the trial was authorized (June 2024), Synaptogenix reported having approximately $26.3 million in cash as of March 31, 2024, which fully covered the Phase I MS trial.

Key operational details for the clinical partnership include:

• Principal Investigator: Dr. Robert Fox, M.D.
• Technology Used: 7-tesla (7T) MRI scanner for high-definition imaging biomarkers.
• Trial Focus: Safety, neuroinflammation, cognition, and dexterity.

Emerging Therapeutic Investments

The company also maintains strategic interests in other therapeutic areas through investment partnerships. The collaboration with Cannasoul Analytics is positioned to explore opportunities in psilocybin drug discovery investment. While this partnership is a stated element of the Key Partnerships block, specific financial commitments or investment amounts related to Cannasoul Analytics as of late 2025 were not publicly disclosed in the latest filings reviewed.

The list of key external relationships defining the current operational structure is:

• BitGo Trust Company for qualified custody and staking of TAO tokens.
• Cleveland Clinic Neurological Institute for the Bryostatin-1 Phase 1 MS trial, enrolling about 20 adults over a 28-week main period.
• James Altucher, a crypto and AI expert, leading the TAO strategy with a target acquisition of $100 million in tokens.
• Cannasoul Analytics for psilocybin drug discovery investment.

Finance: draft Q4 2025 cash flow projection update by end of next week.

Synaptogenix, Inc. (SNPX) - Canvas Business Model: Key Activities

You're looking at the core actions Synaptogenix, Inc. (now operating as TAO Synergies Inc. with ticker TAOX as of July 1, 2025) is taking to execute its new strategy. This isn't about the old pharma pipeline; this is about the digital asset treasury now. Here's the quick math on what they are doing day-to-day.

Executing the $100 million target TAO token acquisition strategy.

The primary activity is the execution of the plan to build a significant treasury position in the Bittensor (TAO) digital asset. The total target for this acquisition strategy is clearly defined.

Metric	Value/Amount
Total Target TAO Acquisition Amount	$100 million
Initial TAO Acquisition Amount	$10 million
Initial Acquisition Context (vs. Market Cap)	Over 2 times the approximate $5 million market cap (as of June 2025)
TAO Tokens Held (as of mid-July 2025)	29,899 TAO
Average Cost Basis for Initial $10M (as of mid-July 2025)	$334 per TAO token

Generating yield through staking the Bittensor (TAO) digital assets.

Once acquired, the TAO tokens are actively deployed to generate revenue through staking, which is managed under the guidance of crypto expert James Altucher.

Yield Generation Metric	Financial Amount/Period
Revenue from Staking (First Half of 2025)	$3,962
Staking Custodian/Facilitator	BitGo Trust Company, Inc.

Managing the Bryostatin-1 clinical trial for Multiple Sclerosis (MS).

Despite the pivot, the legacy biopharmaceutical asset management continues, with the Phase 1 trial for Bryostatin-1 in MS remaining a key operational focus, which is noted as fully-funded.

• FDA authorization for Investigational New Drug (IND) application received: June 26, 2024.
• Trial funding status: Fully-funded.
• Cash position supporting the trial (as of March 31, 2024): Approximately $26.3 million.
• Trial design: Open-label, Phase 1.
• Trial location: Cleveland Clinic Neurological Institute's Mellen Center for Multiple Sclerosis.
• Dosing schedule: About 14 doses via weekly infusions.
• Trial duration: Primary period of 28 weeks, plus an optional 12 weeks of follow-up.

Maintaining compliance for both Nasdaq listing and digital asset holdings.

The transition to a crypto treasury strategy requires adherence to both existing exchange listing rules and new digital asset regulatory expectations. The company has taken specific steps to address custody and reporting.

• Nasdaq Ticker Change: New ticker symbol TAOX effective July 1, 2025.
• Custody Standard: Digital assets secured in regulated, insured cold storage via BitGo Trust.
• Regulatory Environment Context: SEC guidance for crypto asset ETP issuers issued on July 1, 2025.

Synaptogenix, Inc. (SNPX) - Canvas Business Model: Key Resources

You're looking at the core assets Synaptogenix, Inc. (SNPX) is banking on as of late 2025. Honestly, the key resources here show a company in transition, moving from a pure-play biopharma focus to one balancing legacy IP with a new, aggressive digital asset strategy. The foundation for this pivot is a solid balance sheet, which is definitely a resource in itself.

Here's a quick look at the hard numbers supporting these resources:

Resource Category	Specific Asset/Metric	Reported Value/Date
Cash Position	Cash and Cash Equivalents	$19.6 million as of September 30, 2024
Digital Assets	Initial TAO Cryptocurrency Acquisition	$10 million
Digital Assets	Staking Activity	Revenue generation initiated
Biopharma IP	Bryostatin-1 Clinical Data	Phase 2 trial data available, including analysis showing no significant cognitive decline for Severe Cohort patients over 10 months vs. placebo decline of -12.8 SIB points

The intellectual property surrounding Bryostatin-1 remains a critical, albeit currently secondary, resource. You have the IP and the clinical data for neurodegenerative diseases, which the company has explored for Alzheimer's disease (AD) and Fragile X syndrome. The Phase 2 AD trial, sponsored by the National Institutes of Health (NIH), showed that Bryostatin-treated patients in the Severe Cohort (MMSE 10-14) had no significant cognitive decline across a 10-month span, contrasting with placebo patients' decline of -12.8 SIB points. The company is actively exploring moving this asset forward, possibly in collaboration with a third party.

The more recent and defining resource is the expertise and capital deployed into the AI crypto treasury management. This strategy kicked off with the initial $10 million purchase of TAO tokens, which is the native token for the Bittensor network, focused on machine learning and AI. The company engaged James Altucher, a recognized expert in AI and crypto, to guide this strategy, focusing on revenue generation through staking. This move leverages the company's strong cash position, which stood at approximately $19.6 million at the end of the third quarter of 2024. The deployment into TAO is intended to create value, with a long-term goal of holdings worth $100 million.

The key elements of this specialized expertise include:

• - Guidance from Crypto TAO strategy leader James Altucher.
• - Use of institutional-grade custody via BitGo Trust Company, Inc. for regulated, insured cold storage.
• - Implementation of token staking directly from custody to generate yield.
• - Focus on TAO due to its fixed supply of 21 million tokens and alignment with the AI sector growth.

Finance: draft 13-week cash view by Friday.

Synaptogenix, Inc. (SNPX) - Canvas Business Model: Value Propositions

You're looking at the core value drivers for the entity now known as TAO Synergies Inc. (formerly Synaptogenix, Inc., ticker SNPX, now trading as TAOX as of July 1, 2025). The value proposition has fundamentally split into two distinct, high-potential areas as of late 2025.

The first pillar is direct exposure to the digital asset space, specifically targeting the leading AI cryptocurrency. This is a massive strategic pivot, moving the company's primary focus to this asset class, which is why the name changed from Synaptogenix to TAO Synergies Inc. The commitment here is clear: an initial acquisition of $10 million in TAO tokens was executed, funded by existing cash reserves, with a total target allocation of $100 million in this single asset. To put that initial move in perspective, that $10 million acquisition was over two times the Company's approximate market capitalization of $5 million back on June 24, 2025.

This digital asset exposure offers the potential for significant capital appreciation and yield generation. The company isn't just holding the asset; it's actively deploying it. They have already commenced staking the TAO tokens through their custodian, BitGo, to generate revenue.

Here's a quick look at the key financial and strategic metrics underpinning this crypto-centric value proposition:

Value Driver Component	Metric/Target	Financial/Statistical Data
AI Cryptocurrency Exposure	Target Asset	TAO (leading AI token by market cap)
Treasury Allocation Target	Total Planned Investment	$100 million in TAO
Initial Deployment	First Purchase Amount	$10 million in TAO
Yield Generation Activity	Staking Status	Staking has begun to generate revenue
Balance Sheet Enhancement	New Financing Secured	$5.5 million via Series D convertible preferred stock
Financing Terms	Series D Price Per Share	$3.00 per share

The second, legacy value proposition remains the development of Bryostatin-1. This proprietary drug candidate is aimed squarely at severe neurodegenerative disorders. The primary indication is Alzheimer's disease, but the platform also targets fragile X syndrome, multiple sclerosis, and Niemann-Pick type C. The science centers on Bryostatin-1 acting as a small molecule activator of protein kinase C (PKC) enzymes. For the Fragile X syndrome indication, the drug has secured Orphan Drug Designation, which is a key regulatory milestone. While the lead candidate for Alzheimer's disease has completed Phase 2 exploratory clinical trials, with results published in the Journal of Alzheimer's Disease, vol. 67, no. 2, pp. 555-570, 2019, the drug is not yet commercialized.

Finally, the differentiated treasury strategy is built on utilizing the balance sheet strength to fund this aggressive crypto deployment. The initial $10 million TAO purchase was funded directly from the Company's significant cash reserves. This is complemented by the recent capital raise of $5.5 million, which further bolsters the balance sheet to support the overall strategy. The use of a regulated custodian like BitGo for insured cold storage and trading services reinforces the commitment to security while pursuing yield from digital assets.

• - Direct public market exposure to the leading AI cryptocurrency, TAO.
• - Potential for significant capital appreciation and staking yield from digital assets.
• - Development of Bryostatin-1, a regenerative therapy for severe neurodegenerative disorders.
• - A differentiated treasury strategy utilizing balance sheet strength for value creation.

Finance: draft 13-week cash view by Friday.

Synaptogenix, Inc. (SNPX) - Canvas Business Model: Customer Relationships

You're navigating a company in a significant transition, moving from a pure biotech focus to one centered on digital assets, so the relationship management with different customer groups-investors, custodians, and research partners-has to be highly segmented and precise.

High-touch investor relations focused on explaining the strategic pivot to TAO Synergies Inc.

Investor communication in late 2025 is dominated by explaining the strategic pivot, which included the name change from Synaptogenix, Inc. (SNPX) to TAO Synergies Inc. and the adoption of the new Nasdaq ticker 'TAOX' effective July 1, 2025. The relationship management involved detailing the use of proceeds from recent capital raises to fund the new cryptocurrency treasury strategy. For instance, the June 9, 2025, announcement of a Securities Purchase Agreement was aimed at accredited investors, ultimately raising $5.5 million by June 23, 2025, with 5 investors participating in the tranche. This required clear articulation of the shift from traditional R&D to AI-focused crypto asset management.

Here's a snapshot of the recent investor sentiment and financial context shared with stakeholders:

Metric	Value/Detail	Date/Context
Latest Reported Stock Price	$7.85	September 29, 2025
Market Capitalization	$10.91M	September 29, 2025
Analyst Price Target	$14.00	Based on 1 analyst forecast
Brokerage Recommendation Consensus	2.0 (Outperform)	Based on 1 brokerage firm
Cash on Hand (Pre-Pivot)	$19.6 million	September 30, 2024

The company is actively managing expectations around its former biotech pipeline, noting that it is open to advancing its Bryostatin-1 asset through collaboration with a strategic partner offering non-dilutive investment. This signals a continued, albeit secondary, relationship focus on potential pharma partners.

Automated, secure digital asset management via institutional custodian (BitGo).

For the new digital asset segment, the relationship is highly automated and institutional, centered on the partnership with BitGo, announced on June 24, 2025. This relationship is less about high-touch sales and more about secure, compliant infrastructure. BitGo Trust Company, Inc. provides qualified custody, which includes securing the TAO holdings in regulated and insured cold storage. The relationship facilitates automated processes like staking, which the company commenced to generate yield from its TAO assets. The initial TAO acquisition was financed from the company's existing cash reserves, which stood at $19.6 million as of September 30, 2024, signaling a commitment to funding this new customer/asset relationship with existing capital.

Key aspects of the BitGo relationship include:

• Qualified custody in regulated, insured cold storage.
• Facilitation of TAO staking for yield generation.
• Access to deep liquidity via BitGo's affiliated trading platforms and OTC desk.
• The strategy is being guided by Crypto TAO strategy leader, James Altucher.

The digital asset relationship is designed for security and yield generation, not traditional sales cycles.

Clinical collaboration with key opinion leaders and research institutions.

Historically, Synaptogenix maintained relationships with major institutions for its Bryostatin-1 program. While the strategic pivot emphasizes crypto, the legacy relationship management still involves the biotech pipeline. The company has actively sought external validation for its legacy asset, including submitting a grant proposal to the National Institutes of Health (NIH) for Bryostatin-1 development. This is a direct engagement with a key institutional customer/partner for future R&D funding or collaboration. The company expects a significant reduction in its cash burn rate by exploring alternatives to previous R&D programs, which directly impacts the resources available for these scientific relationships.

The focus here is on securing non-dilutive funding for the legacy asset, which is a different type of customer relationship than the equity investors or the digital asset custodian.

Finance: draft 13-week cash view by Friday.

Synaptogenix, Inc. (SNPX) - Canvas Business Model: Channels

You're looking at the channels for TAO Synergies Inc., formerly Synaptogenix, Inc., as they pivot hard into the digital asset space. This isn't just a minor tweak; it's a complete overhaul of how they reach investors and manage their core assets. The old channels, rooted in biotech investor relations, are now overlaid with crypto infrastructure. Honestly, the speed of this transition is what you need to watch.

Public Market Access and Investor Visibility

The primary channel for equity interaction shifted on July 1, 2025. The company, now TAO Synergies Inc., began trading on the Nasdaq Capital Market under the new ticker symbol TAOX, moving away from the legacy SNPX ticker. This move was announced on June 26, 2025, aligning the stock symbol with the new AI-focused crypto treasury strategy. Before this transition, the stock (SNPX) was noted trading at $4.5. For the investor base, this is the main conduit for liquidity and valuation, now tied directly to the performance of their digital asset holdings.

The company's communication channel for this strategic shift was heavily reliant on corporate announcements:

• - Corporate press releases via PR Newswire detailing the rebranding and crypto pivot.
• - Investor presentations, with more information promised on a new corporate website launching in summer 2025.
• - Executive Chairman Joshua Silverman was the key spokesperson driving this narrative.

Digital Asset Infrastructure and Custody

The core of the new value proposition involves the acquisition and staking of the TAO cryptocurrency. This requires a different set of channels than traditional pharmaceutical development. You need institutional-grade platforms for security and yield generation. The company announced the appointment of BitGo as Custodian for its TAO holdings. This is a critical channel for securing the treasury assets.

The operational channel for revenue generation is staking. They have commenced yield generation through staking of TAO. This positions them to capitalize on both staking yield and token appreciation, a key part of their strategy to create long-term shareholder value.

Legacy Clinical Trial Engagement

Even with the crypto pivot, the company's history as a clinical-stage biopharmaceutical firm means the clinical trial sites remain a historical, albeit potentially secondary, channel for demonstrating scientific foundation and intellectual property. Synaptogenix, Inc. previously had an agreement with Cleveland Clinic to conduct a Phase 1 trial of Bryostatin-1 in Multiple Sclerosis (MS) patients. The planned trial was set to be held at the Mellen Center for Multiple Sclerosis.

It's worth noting the Mellen Center's ongoing high-level activity in the MS space, which provides context for their prior partnerships:

• - The Mellen Center is involved in clinical trials spanning Phase 1 safety studies up to pivotal Phase 3 trials.
• - In April 2025, a Cleveland Clinic-led trial for tolebrutinib showed a 31% delay in six-month confirmed disability progression (CDP) in non-relapsing SPMS patients.
• - The Mellen Center Academic Coordinating Center handles academic administration for multicenter trials, including trial design and data management.

Key Statistical and Financial Data Points (as of late 2025)

Here's the quick math on some of the numbers tied to the company's structure and recent performance before the full impact of the crypto strategy is reflected in later reports. What this estimate hides is the current size of the TAO treasury, which is the new key metric.

Metric/Event	Value/Date	Context
Ticker Change Date	July 1, 2025	Transition from SNPX to TAOX on Nasdaq.
Pre-Rebrand Stock Price	$4.5	SNPX trading price noted before the symbol change.
Q1 2025 Reported EPS	$0.04	Reported on May 15, 2025.
Trailing EPS (Pre-Crypto Focus)	-$10.08	Trailing Earnings Per Share figure.
Shares Outstanding	1,389,815	As of May 14, 2025.
Custodian Appointed	BitGo	For the new TAO digital asset treasury.
Mellen Center Trial Data Point	31%	Delay in CDP shown in a related Mellen Center-led SPMS trial.

Finance: draft 13-week cash view by Friday.

Synaptogenix, Inc. (SNPX) - Canvas Business Model: Customer Segments

You're looking at the customer segments for what is now TAO Synergies Inc., formerly Synaptogenix, Inc. (SNPX), as of late 2025. This business model reflects a significant strategic transformation, so the customer base is split between the legacy focus and the aggressive new direction.

Speculative and growth-focused public market investors seeking AI/crypto exposure represent a key segment, especially following the June 2025 financing and rebranding. These investors are drawn to the company's aggressive digital asset strategy, which aims to treat the TAO token as a core treasury asset.

• Accredited investors participated in a $5.5 million Securities Purchase Agreement in June 2025.
• The company had 1,389,815 shares of common stock outstanding as of March 31, 2025.
• The most recent analyst price target mentioned was $14.00 per share (as of June 2025).
• The company completed a name change to TAO Synergies Inc. and new ticker TAOX on July 1, 2025.

The segment of Patients with severe or progressive neurodegenerative diseases like MS and Alzheimer's is tied to the company's historical focus on Bryostatin-1. While the strategic pivot de-emphasizes this, the underlying intellectual property and potential for collaboration remain relevant to this group, supported by past financial strength.

Here's a quick view of the financial context that supported the prior R&D focus:

Metric	Value/Date	Context
Cash and Cash Equivalents	$19.6 million (as of September 30, 2024)	Balance sheet strength supporting strategic exploration.
Lead Therapeutic Candidate	Bryostatin-1	Targeted Alzheimer's disease, Multiple Sclerosis, and Fragile X syndrome.
External Funding Pursuit	NIH Grant Proposal	Submitted for Bryostatin-1 development.

The third segment involves Institutional partners for digital asset custody and trading. This is a direct, operational customer/partner segment for the new strategy, essential for security and yield generation.

• Custodian Partner: BitGo Trust Company, Inc. appointed in June 2025.
• Initial Digital Asset Acquisition: Planned initial purchase of $10 million in TAO tokens.
• Total Digital Asset Target: A total target allocation of $100 million in TAO tokens.
• Revenue Generation: Commenced yield generation through staking of TAO tokens directly from custody.

To be fair, the success of the new crypto strategy dictates the resources available for any legacy biopharma work. The Q3 2025 operating margin was 20.7%, up from 20.3% in 3Q24, which shows operational leverage in the current structure. Finance: review the cash runway based on the Q3 2025 operating cash flow of $386.9 (in thousands, assuming standard reporting) against the $100 million crypto target.

Synaptogenix, Inc. (SNPX) - Canvas Business Model: Cost Structure

The Cost Structure for Synaptogenix, Inc. (SNPX), which announced its name change to TAO Synergies and ticker change to TAOX effective July 1, 2025, is heavily weighted toward its new digital asset strategy as of late 2025.

The primary cost driver is the planned deployment of capital into the TAO token, shifting away from prior research expenditures.

Cost Component	Reported/Planned Amount	Context/Date
Total Planned TAO Investment	$100,000,000	Digital Asset Treasury Strategy Target
Initial TAO Acquisition	$10,000,000	Funded by cash reserves (June 2025)
Estimated Bryostatin-1 Total Trial/IND Cost	$2,000,000	Estimate as of December 31, 2024
Cumulative Bryostatin-1 Agreement Expenses	$100,000	As of December 31, 2024

Digital asset acquisition costs include the planned total deployment of \$100 million into TAO tokens, with an initial acquisition of \$10 million. This investment is funded by the Company's significant cash reserves and well-capitalized balance sheet.

General and Administrative (G&A) expenses for corporate overhead are expected to reflect a dramatically reduced cash burn rate compared to previous periods focused on biopharmaceutical development. Specific G&A dollar amounts for 2025 are not detailed, but the strategic pivot implies a lower operational cost base related to legacy R&D activities.

Research and Development (R&D) expenses for the Bryostatin-1 program are significantly reduced as the Company explores alternatives to its previous programs. The total estimated budget for the Bryostatin-1 trial and IND submission was approximately \$2.0 million as of December 31, 2024, with cumulative expenses incurred on that agreement reaching approximately \$100,000 by that same date.

Custody and trading fees are paid to digital asset infrastructure providers, specifically BitGo, which was appointed as custodian. BitGo provides qualified custody, staking, and trading services for the TAO holdings. Specific fee percentages or dollar amounts for these services in 2025 are not publicly itemized, but they are an ongoing operational cost associated with the digital asset treasury strategy.

Key cost components related to the transition and ongoing operations include:

• Digital asset acquisition outlay targeting $100,000,000 in TAO.
• Initial digital asset purchase of $10,000,000.
• Anticipated fees for custody and staking services provided by BitGo.
• Expected dramatic decline in cash burn rate related to legacy R&D.
• Historical estimated R&D cost for Bryostatin-1 trial at $2.0 million.

Synaptogenix, Inc. (SNPX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Synaptogenix, Inc.'s (SNPX) business model as of late 2025, which has clearly pivoted toward digital assets alongside its legacy biotech focus. Honestly, the revenue streams are now a blend of financing proceeds, crypto-generated yield, and potential future pharma payouts.

The most concrete, recent cash inflow came from equity financing. On June 9, 2025, Synaptogenix, Inc. executed a Securities Purchase Agreement to raise $5.5 million in gross proceeds. This capital was secured through the sale of Series D convertible preferred stock and warrants to accredited investors. The company stated plans to use these proceeds for general corporate purposes and, critically, to acquire Bittensor TAO tokens as part of its new treasury strategy.

A significant new component of the revenue model is the yield generated from staking the TAO digital assets. Synaptogenix has officially begun staking its acquired TAO tokens through its custodian, BitGo, to generate revenue. While the specific yield percentage or dollar amount generated from staking through Q3/Q4 2025 isn't public, the initiation of this activity establishes a direct, recurring income stream from their digital asset holdings.

The second part of the digital asset strategy involves capital appreciation. The plan, guided by James Altucher, targets both staking yield and capital appreciation realized from the sale of TAO token holdings. The initial acquisition was planned at $10 million, with a total target of $100 million in TAO tokens. Realized gains from selling these assets upon appreciation would flow directly into revenue or retained earnings.

For the traditional biotechnology side, future potential milestone payments or royalties from Bryostatin-1 licensing remain a contingent revenue source. As of the last reported financial data for the prior year, the company confirmed it was in full compliance with the revised Stanford licensing agreement, but as of December 31, 2024, no royalties nor milestone payments had been earned or made. The estimated cost for the related IND trial was approximately $2.0 million.

Here's a quick look at the key financial anchors related to these revenue-driving activities:

Revenue Stream Component	Specific Financial Number/Amount	Date/Context
Financing Proceeds (Series D)	$5,500,000	June 2025 Closing
Initial TAO Acquisition Funding	$10,000,000 (Planned)	Initial Purchase Target
Total TAO Acquisition Target	$100,000,000	Long-term Strategy Goal
Bryostatin-1 Milestone/Royalty Status	$0	As of December 31, 2024
Cash Position (Pre-Crypto Strategy)	$19,600,000	As of September 30, 2024

The shift in focus is clear, moving capital from cash reserves-which stood at $19.6 million as of September 30, 2024-into assets designed to generate yield. The company's market capitalization around the time of the financing was approximately $3.35 million.

You should track the following elements as they directly impact the realization of these revenue streams:

• - Yield generated from staking the TAO digital assets.
• - Capital appreciation realized from the sale of TAO token holdings.
• - Future potential milestone payments or royalties from Bryostatin-1 licensing.
• - Proceeds from financing activities, like the $5.5 million preferred stock sale in June 2025.

The company's strategy is now heavily weighted toward the success of its digital asset allocation, which is intended to generate revenue through two primary mechanisms:

• - Direct yield from staking operations.
• - Profits from selling TAO tokens after capital appreciation.

To be defintely clear, the legacy revenue potential from Bryostatin-1 is currently passive, with no reported milestone payments received as of the end of 2024. Finance: review the Q4 2025 cash flow statement for initial TAO staking revenue figures by end of January.