SciSparc Ltd. (SPRC): Business Model Canvas [Dec-2025 Updated]

You're looking at a clinical-stage biotech, SciSparc Ltd. (SPRC), right in the middle of a high-stakes strategic pivot, moving beyond just cannabinoid pharma R&D to a much more complex, diversified business. As your analyst, I see a company actively restructuring, evidenced by their H1 2025 net loss of $9.33 million against only $0.461 million in sales, but they are aggressively acquiring IP like the MUSE GERD device and spinning off assets. This Business Model Canvas distills exactly how SciSparc Ltd. (SPRC) is trying to manage that heavy R&D cost structure while building new revenue channels through devices, spin-offs like NeuroThera Labs Inc., and even consumer nutraceuticals; you need to see the whole map to understand the near-term risk and potential reward, defintely.

SciSparc Ltd. (SPRC) - Canvas Business Model: Key Partnerships

You're looking at the structure of SciSparc Ltd.'s alliances as of late 2025. These deals are critical for moving assets and accessing new markets, so the terms matter a lot. Honestly, the company has been busy structuring exits and acquisitions to reshape its focus.

N2OFF Inc. (NITO) for the sale of MitoCareX Bio Ltd.

The sale of the majority-owned subsidiary, MitoCareX Bio Ltd., to N2OFF, Inc. closed on October 20, 2025. This was a key move to focus on the CNS pipeline, though it involved divesting the cancer therapeutics venture. SciSparc Ltd. received $700,000 in cash for the sale of 6,622 shares of MitoCareX. Plus, SciSparc secured equity in N2OFF, Inc.

The financial structure of this partnership includes several contingent elements:

• SciSparc received shares representing 16.75% of N2OFF's fully-diluted capital stock.
• The sellers, including SciSparc Ltd., are entitled to 30% of N2OFF's financing proceeds over five years.
• This financing proceeds share is capped at a maximum of $1.6 million.
• There is potential for milestone-based issuances of up to 25% of N2OFF common stock.
• N2OFF committed to an initial investment of $1 million in MitoCareX post-closing.

Miza III Ventures Inc. for the spin-off of pharmaceutical assets

SciSparc Ltd. entered a definitive agreement on October 9, 2025, to spin-off its advanced clinical-stage pharmaceutical portfolio and its 50.9% equity stake in SciSparc Nutraceuticals Inc. to Miza III Ventures Inc., which plans to rename to NeuroThera Labs Inc. The transferred assets were valued at approximately $11.6 million, while Miza's enterprise value was estimated at $3.3 million. This transaction is designed to give SciSparc a controlling interest in the resulting entity.

Here's a breakdown of the consideration and expected control:

Asset Valuation (Pharmaceuticals & Stake)	Miza Enterprise Value	SciSparc Shares Received	Contingent Rights Received	Expected SciSparc Ownership in Miza
$11.6 million	$3.3 million	63.3 million common shares	Up to 48 million	75% to 84%

Furthermore, SciSparc committed capital to the newly structured entity. SciSparc intends to provide up to CAD1,000,000 (approximately $716,000) via an unsecured convertible note bearing 7% annual interest and maturing in two years.

XYO Technologies for the acquisition of the MUSE GERD device IP

SciSparc Ltd. signed a binding term sheet to acquire the intellectual property for the MUSE™ endoscopic system from XYO Technologies. This move targets the gastroesophageal reflux disease (GERD) market. The deal is structured to issue 19.99% of SciSparc's shares to Xylo upon closing definitive agreements. You should note Xylo's prior success in this area; they secured a $3 million upfront payment from a licensing deal in Greater China back in 2019.

The market opportunity driving this partnership is substantial:

• Global GERD device market value in 2024: approximately $2.5 billion.
• Projected GERD device market value by 2030: $3.03 billion.
• The projected Compound Annual Growth Rate (CAGR) from 2025 to 2030 is 3.24%.
• SciSparc plans to replicate the Greater China model in North America, Europe, and Latin America.

Clearmind Medicine for co-developing non-hallucinogenic neuroplastogen treatments

The collaboration with Clearmind Medicine Inc. focuses on integrating psychedelic molecules with N-acylethanolamines for combination therapies, specifically targeting binge behaviors. This partnership has already generated significant intellectual property. Clearmind Medicine's existing portfolio includes nineteen patent families with 31 granted patents, and this collaboration has added to that.

The partnership's output includes:

• Thirteen patents filed globally related to this specific combination therapy.
• SciSparc's drug pipeline targets Tourette Syndrome, Alzheimer's disease agitation, and autism.
• Clearmind secured a $10,000,000 aggregate principal amount in Notes from institutional investors.
• The initial closing of that financing involved $500,000 cash for $555,556 in Notes principal.

Clinical research organizations and academic institutions for trials

While specific CRO contracts aren't detailed here, the ongoing clinical development pipeline necessitates these relationships. SciSparc Ltd.'s assets being managed under the Miza spin-off structure are currently in advanced stages. For instance, SCI-110 is in phase IIb trials for Tourette syndrome, and SCI-210 for autism began a randomized clinical trial in early 2024. To support these operations, as of December 2025, SciSparc Ltd. reported total assets nearing $10.35M against revenues of approximately $1.31M for the period, with an enterprise value of about $4.1M.

Key pipeline trial statuses include:

Therapeutic Candidate	Indication	Trial Phase/Status (as of late 2025)
SCI-110	Tourette Syndrome	Phase IIb trials
SCI-110	Alzheimer's Disease	Completed phase II trials
SCI-210	Autism	Randomized clinical trial started early 2024

Finance: draft the pro-forma capitalization table reflecting the Miza and N2OFF transactions by Friday.

SciSparc Ltd. (SPRC) - Canvas Business Model: Key Activities

You're managing a specialty pharmaceutical company that's actively reshaping its structure to focus on high-potential assets, so understanding the actual work being done-the Key Activities-is crucial for valuing the enterprise.

Conducting Phase II/IIb clinical trials for CNS drug candidates

SciSparc Ltd. is definitely keeping its clinical pipeline moving, which is the core engine for any pharma play. You need to track the status of these trials closely, as they dictate future milestones and potential value inflection points. Here's what the pipeline looked like as of late 2025:

• SCI-110 for Tourette Syndrome (TS) is proceeding with a Phase IIb clinical trial in U.S. adults, following IND confirmation on September 30, 2024.
• The Phase II clinical trial for SCI-110 targeting Alzheimer's disease has been completed.
• The randomized, double-blind and placebo-controlled trial for SCI-210, targeting children with autism, commenced in the first quarter of 2024.

Managing corporate restructuring and asset spin-offs (e.g., NeuroThera Labs Inc.)

A major activity in late 2025 was executing the spin-off of the advanced clinical-stage pharmaceutical portfolio into a publicly traded entity, now known as NeuroThera Labs Inc. This was a significant corporate finance move, effectively swapping assets for majority control in a listed vehicle. Here's the quick math on that transaction, which closed on October 22, 2025:

Transaction Component	Value/Amount
Value of Transferred Assets (Pharma Portfolio + 51% Nutraceuticals Stake)	Approximately US$11.6 million
NeuroThera Labs Inc. Enterprise Value (Pre-Transaction)	Approximately US$3.3 million
Cash Position Included in NeuroThera Enterprise Value	Approximately US$1.0 million
SciSparc Post-Closing Equity Interest in NeuroThera	Minimum of ~75%, up to ~84% upon milestone fulfillment
Convertible Note Commitment to NeuroThera	CAD 1,000,000 (approx. US$716,000) at 7%

Also, remember that before this, the company executed a one-for-twenty-one reverse share split effective July 3, 2025, reducing outstanding shares from approximately 11.2 million to about 534,600. To be fair, this restructuring happened while the company posted a $9.33 million loss in Q3 2025.

Securing and integrating new intellectual property (IP) like the MUSE system

SciSparc Ltd. is actively diversifying into the medical device space via its majority-owned subsidiary, NeuroThera Labs Inc. They signed a binding term sheet in late November/early December 2025 to acquire IP for the MUSE™ system, an endoscopic device for treating GERD. The cost structure here is entirely equity-based, which avoids immediate cash burn but causes dilution. The deal involves issuing ordinary shares representing 19.99% of the issued and outstanding share capital upon signing definitive agreements. This move targets the global GERD device market, which a May 2025 report valued at approximately $2.5 billion in 2024, projected to hit $3.03 billion by 2030, growing at a 3.24% CAGR from 2025 to 2030. They are looking to replicate Xylo Technologies Ltd.'s prior success, which generated a $3 million upfront payment in 2019 from a Greater China licensing deal.

Raising capital through equity offerings and strategic asset sales

Capital raising is intrinsically linked to the asset management activities. The NeuroThera transaction itself is a form of capital structuring, including the CAD 1,000,000 convertible note commitment. Furthermore, one of the milestones tied to the contingent rights in the NeuroThera deal requires the new entity to raise at least US$10 million within 48 months post-closing. The MUSE acquisition is financed by issuing 19.99% of the company's shares. Also, on October 23, 2025, SciSparc announced the closing of the sale of its majority-owned subsidiary MitoCareX.

Developing and testing quantum algorithm bio data analysis tools

You can't miss the push into quantum technology; SciSparc launched an initiative to advance 3D protein modeling using quantum computing technology, which the board approved on September 16, 2025. This activity is now being formalized under the new structure, as NeuroThera Labs signed a non-binding term sheet on December 1st, 2025, to acquire a majority stake in a Quantum Algorithm Bio Data Analysis Company. This signals a clear operational focus on integrating advanced computational methods into drug discovery efforts.

Finance: draft 13-week cash view by Friday.

SciSparc Ltd. (SPRC) - Canvas Business Model: Key Resources

You're looking at the core assets that SciSparc Ltd. is counting on to drive future value, especially after some recent strategic maneuvers. Honestly, for a clinical-stage biotech, the key resources are almost entirely intellectual and financial runway.

The foundation of SciSparc Ltd.'s pharmaceutical efforts rests on its pipeline, which was recently restructured. The advanced clinical-stage pharmaceutical portfolio, which includes key drug candidates, was valued at approximately US$11.6 million as of October 2025, following a definitive agreement to transfer these assets to its majority-owned subsidiary, NeuroThera Labs Inc..

Financially, as of early December 2025, the company reported a cash position of over $1.5 million. You have to keep an eye on that, because with current debts and capital leases noted around $378,000, liquidity management is definitely a focus area.

The proprietary drug technologies are the engine here. These are based on cannabinoid pharmaceuticals, combining active compounds with their proprietary CannAmide™ formulation of palmitoylethanolamide (PEA) to improve uptake and efficiency.

Here's a quick breakdown of the core drug development platforms:

• SCI-110: Combines Dronabinol (synthetic THC) with CannAmide™.
• SCI-210: Combines non-psychoactive CBD with CannAmide™.
• SCI-160: Pre-clinical synthetic CB2 receptor agonist (HU-433) for pain.

The intellectual property is a major asset class, especially with the recent move into the medical device space. SciSparc Ltd. signed a binding term sheet in late November 2025 to acquire the intellectual property for the MUSE minimally invasive GERD device. The consideration for this IP portfolio is structured to involve issuing ordinary shares representing 19.99% of SciSparc's issued and outstanding share capital upon closing. This move targets the global GERD device market, projected to reach $3.03 billion by 2030.

The human capital, particularly the scientific guidance, is critical for validating these assets. The company relies on an experienced scientific advisory board, which includes Professor Raphael Mechoulam, Ph.D., who serves as the Chairman.

To map out the status of the key pharmaceutical assets being managed through NeuroThera Labs Inc., consider this table based on the October 2025 transfer agreement:

Asset/Entity	Valuation Component	Approximate Value (USD)	Status/Indication Focus
Advanced Clinical Stage Pharmaceutical Portfolio	Target Assets Value	$11.6 million	Tourette Syndrome (Phase IIb), Alzheimer's Disease (Phase II completed), ASD (Clinical Trial), Status Epilepticus (Pre-clinical)
NeuroThera Labs Inc. (NTLX)	Enterprise Value (Pre-transfer)	Approximately $3.3 million	Entity holding the portfolio; SciSparc holds a controlling stake of ~75% minimum
NeuroThera Labs Inc. (NTLX)	Cash Position (Pre-transfer)	Approximately $1.0 million	Included in the entity's enterprise value

Also, don't forget the non-pharmaceutical resource that provides a revenue stream. SciSparc Ltd. has a segment selling hemp seed oil-based products, including through the Amazon.com Marketplace.

Finance: draft 13-week cash view by Friday.

SciSparc Ltd. (SPRC) - Canvas Business Model: Value Propositions

You're looking at the core offerings that SciSparc Ltd. (SPRC) is putting forward to the market as of late 2025. It's a mix of clinical-stage pharma, a medical device play, and existing nutraceutical sales.

Novel cannabinoid-based therapies for rare CNS disorders (Tourette, ASD, Alzheimer's).

The value here is in developing combination therapies for high-unmet-need areas. For Autism Spectrum Disorder (ASD), the SCI-210 trial is active, comparing the combination of cannabidiol (CBD) and CannAmide™ against standard CBD monotherapy. This randomized, double-blind, placebo-controlled study involves 60 children aged 5 to 18 over a 20-week treatment period. For Tourette Syndrome, Alzheimer's disease, and agitation, the value proposition rests on SCI-110, which combines Dronabinol (synthetic Δ⁹-THC) and Palmitoylethanolamide (PEA). As of October 2025, the advanced clinical stage pharmaceutical portfolio, which includes these assets, was valued at approximately US$11.6 million.

Here's a quick look at the key cannabinoid assets:

Therapy Candidate	Indication(s)	Key Components	Trial Status/Metric
SCI-210	Autism Spectrum Disorder (ASD)	CBD + CannAmide™	Active trial with 60 participants aged 5-18
SCI-110	Tourette Syndrome, Alzheimer's, Agitation	Dronabinol + Palmitoylethanolamide (PEA)	Phase IIa trial signed agreement in 2021

Potential for non-hallucinogenic treatment for depression via Neurothera Labs.

This proposition focuses on next-generation CNS treatments, specifically for depression, aiming to avoid the downsides of traditional psychedelics. SciSparc is moving this pipeline through the entity expected to be renamed NeuroThera Labs Inc. following a late 2025 transaction. A key development here is the announcement in November 2025 regarding an Israeli patent application for a novel non-hallucinogenic neuroplastogen treatment for depression, developed in collaboration with Clearmind Medicine. Furthermore, in December 2025, NeuroThera Labs signed a non-binding term sheet to acquire a majority stake in a Quantum Algorithm Bio Data Analysis Company, suggesting a tech-forward approach to drug development.

Minimally invasive medical device (MUSE system) for the GERD market.

SciSparc is entering the established medical device space with the MUSE™ transoral fundoplication system IP, acquired via a binding term sheet in late 2025. This offers immediate access to a large, growing market. The global GERD device market was valued at approximately $2.5 billion in 2024, and is projected to reach $3.03 billion by 2030, showing a Compound Annual Growth Rate (CAGR) of 3.24% from 2025 to 2030. The deal structure involves issuing ordinary shares representing 19.99% of SciSparc's issued and outstanding capital. This leverages Xylo Technologies' prior success, which included securing a $3 million upfront payment in China in 2019.

Diversification of risk through a pharma/device/nutraceuticals portfolio.

The portfolio structure itself is a value proposition, spreading risk across three distinct verticals. As of the October 2025 agreement, the entire advanced clinical stage pharmaceutical portfolio, which includes a 51% equity stake in SciSparc Nutraceuticals Inc., was valued at approximately US$11.6 million. The company's TTM revenue as of September 30, 2025, was $1.31M, which was up 187.98% year-over-year. This contrasts with the TTM revenue of $1.306 million reported for the year ending December 31, 2024. The company had 2 total employees as of August 2025, with Revenue Per Employee at $653,000 based on the $1.31M TTM revenue figure.

Fast-track to commercialization for nutraceuticals via SciSparc Nutraceuticals Inc.

SciSparc Nutraceuticals Inc. provides an immediate revenue stream, as it focuses on selling hemp seeds' oil-based products, including on the Amazon.com Marketplace. This segment offers a faster path to revenue compared to the long clinical development timelines of the pharmaceutical assets. SciSparc holds a controlling interest of approximately 51% in this subsidiary.

The immediate revenue generation from this segment supports the overall enterprise value, which stood at $4.04 million as of December 2025, against a Market Cap of $2.97 million.

• Nutraceuticals revenue stream provides immediate cash flow.
• SciSparc owns a 51.0% controlling interest in the subsidiary.
• TTM Revenue as of September 30, 2025, was $1.31M.

SciSparc Ltd. (SPRC) - Canvas Business Model: Customer Relationships

You're managing a clinical-stage pharmaceutical company, so your relationships with key stakeholders are highly specialized, moving from deep scientific collaboration to strict financial oversight. Here's how SciSparc Ltd. (SPRC) structures these interactions as of late 2025.

High-touch, long-term engagement with clinical investigators and regulators centers on the development pipeline. Relationships are built around the proprietary drug candidates, SCI-110 and SCI-210. SCI-110 is in clinical trials for Tourette Syndrome, Obstructive Sleep Apnea, Alzheimer's Disease, and Agitation, while SCI-210 is being investigated for Autism Spectrum Disorder and Status Epilepticus. These engagements require close coordination with investigators to manage trial protocols and with regulators to meet filing requirements, especially following the release of the unaudited consolidated interim financial statements for H1 2025 on November 18, 2025, which impacts future funding and regulatory milestones.

Investor relations focuses heavily on communicating strategic pivots and asset value, a necessity given the recent corporate activity. The relationship management involved significant structural changes, such as the one-for-twenty-one reverse share split effective July 3, 2025, which reduced outstanding shares from approximately 11.2 million to about 534,600. The stock performance on November 28, 2025, at $2.20 USD, with a trading volume of 432.5k, is a constant point of communication. Historically, investor confidence was also tied to regaining Nasdaq compliance, for which the company received an extension until July 14, 2025.

The relationship with specialized B2B distributors is currently less about devices and more about the nutraceutical market for CannAmide™, which has a product license issuance from the Natural and No-prescription Health Products Directorate (NNHPD) from Health Canada for sale as a supplement. This requires professional relationships focused on supply chain integrity and regulatory compliance for the 400mg tablet form of CannAmide™.

Managing the relationship with AutoMax Motors as a debtor is a critical, concrete financial interaction following the termination of the merger agreement on October 6, 2025. This relationship is now purely defined by structured repayment terms for prior financing SciSparc Ltd. extended.

Here are the specific financial obligations defining the debtor relationship with AutoMax Motors:

• Total principal amount of loans outstanding: $6.25 million.
• Market capitalization of SciSparc Ltd. as of October 6, 2025: $7.71 million.
• The $4.25 million loan carries 9% per annum interest.
• The $2.0 million loan carries 8% annual interest.

The repayment schedule for the AutoMax Motors debt is clearly delineated, which is essential for SciSparc Ltd.'s cash flow planning:

Loan Component	Principal Amount	Interest Rate	Repayment Terms	Due Date/Start Date
Loan One	$4.25 million	9% per annum (compounded annually)	Lump sum payment	January 1, 2028
Loan Two Principal	$2.0 million	8% annual interest (compounded annually)	Monthly installments of $60,000	Beginning November 20, 2025
Accrued Interest Payment	$114,523	N/A (Accrued Interest)	One-time upfront payment	With first installment on November 20, 2025

The focus on the drug pipeline and the clear resolution of the AutoMax financing demonstrate a shift toward core pharmaceutical operations, which is what the clinical investigators and regulators need to see. Finance: draft 13-week cash view by Friday.

SciSparc Ltd. (SPRC) - Canvas Business Model: Channels

You're looking at how SciSparc Ltd. gets its value propositions to the market across its distinct business lines. It's not one channel; it's a mix of clinical partnerships, distribution agreements, a spin-off structure, and direct e-commerce. Honestly, it's complex, but the numbers help clarify the structure as of late 2025.

Clinical trial sites for drug development and data generation

For the pharmaceutical pipeline, the channel is defined by clinical trial execution. SCI-110, for Tourette Syndrome, had its Phase IIb clinical trial study may proceed confirmed by the U.S. Food and Drug Administration (FDA) as of September 30, 2024. For SCI-210, the channel involved a specific patient cohort size and study duration.

• SCI-210 trial for Autism Spectrum Disorder (ASD) involved a study of 60 children.
• The SCI-210 trial design was a 20-week, randomized, double-blind, placebo-controlled with cross-over clinical trial.
• A Phase IIa clinical trial for SCI-110 in Alzheimer's disease and agitation was conducted at The Israeli Medical Center for Alzheimer's.

Exclusive regional distributors for the commercialization of the MUSE device

SciSparc Ltd. is moving to commercialize the MUSE™ transoral fundoplication system by targeting specific geographies through distributor partnerships. This channel aims to tap into the global GERD device market, which was valued at approximately $2.5 billion in 2024 and is projected to reach $3.03 billion by 2030.

Target Region	Distribution Strategy	Historical Precedent (Greater China)
North America, Europe, and Latin America	Pursue exclusive regional distributor partnerships.	Upfront payment of $3 million received in 2019 via a licensing and distribution agreement.
Global GERD Device Market CAGR (2025-2030)	Expected growth rate of 3.24%.	Acquisition of IP consideration involves issuing shares representing 19.99% of issued and outstanding share capital.

The company plans to replicate the proven upfront licensing model. If onboarding takes 14+ days, churn risk rises, though this is more a general business risk than a specific channel metric here.

Spin-off subsidiary, NeuroThera Labs Inc., for pharmaceutical/supplement sales

SciSparc channels its advanced clinical portfolio and a portion of its nutraceutical business through its majority-owned subsidiary, NeuroThera Labs Inc. (TSXV: NTLX). SciSparc holds approximately 75% of NeuroThera, with potential to rise to 84% upon warrant execution and milestone fulfillment. The enterprise value of NeuroThera was pegged at about $3.3 million, including approximately $1.0 million in cash, at the October 2025 closing.

Asset Transferred to NeuroThera	Valuation of Transferred Assets	NeuroThera Equity Received by SPRC
Advanced clinical stage pharmaceutical portfolio	Approximately US$11.6 million.	63,300,000 common shares.
Equity stake of approximately 51% in SciSparc Nutraceuticals Inc.	Part of the US$11.6 million aggregate value.	4,000,000 Payment Warrants (exercisable at CAD 0.25 until October 22, 2030) and up to 48,000,000 contingent rights.

Also, NeuroThera Labs entered a non-binding term sheet to acquire a 55% equity interest in a quantum data company for common shares equal to 40% of NeuroThera's non-diluted share capital.

Amazon.com Marketplace for hemp seed oil-based nutraceutical products

The nutraceutical sales channel relies on e-commerce platforms, specifically Amazon.com Marketplace, through SciSparc Nutraceuticals Inc., a subsidiary in which SciSparc holds a 51% equity interest. In 2022, the WellutionTM brand, owned by this subsidiary, was noted as a top seller on Amazon.com Marketplace with over 40,000 product reviews. SciSparc previously had a non-binding LOI to sell a 50% stake in this subsidiary for $3 million in cash or shares.

• Exclusive license granted for CannAmide™ sales on the Amazon.com marketplace in Canada.
• WellutionTM brand had over 40,000 product reviews as of December 2022.
• The non-binding sale price for a 50% stake in the subsidiary was $3 million.

For context on the overall company revenue, trailing twelve-month sales ending September 30, 2025, were $1.31M, and the company reported having 2 employees. Finance: draft 13-week cash view by Friday.

SciSparc Ltd. (SPRC) - Canvas Business Model: Customer Segments

You're looking at the customer base for SciSparc Ltd. (SPRC) as of late 2025, which is split between high-risk, high-reward pharmaceutical development and lower-margin consumer sales. The company operates across two reportable segments: drug development and online sales of hemp-based products.

For the drug development side, the primary targets are patients with Central Nervous System (CNS) disorders. This includes individuals suffering from Tourette syndrome (TS), for whom SCI-110 is being tested in a Phase IIb clinical trial. Historically, the TS market was projected to reach $98.7M by 2023. Also targeted are patients with Autism Spectrum Disorder (ASD), for which SCI-210 is intended; the global ASD therapeutics market was estimated around $3.3B in 2018, with a projection to hit $4.6B by 2026. Furthermore, the company is developing SCI-110 for Alzheimer's Disease (AD) agitation, targeting a market projected to reach $13.6B by 2027 from a 2019 value of $7.4B.

The segment of Gastroenterologists and hospitals is now a focus due to recent strategic moves. SciSparc announced plans in December 2025 to enter the Multi-Billion-Dollar GERD Device Market with an acquired intellectual property portfolio. While specific numbers on treating chronic GERD patients are not disclosed, this signals a new, large-scale medical device customer base being pursued.

The Retail consumers of hemp seed oil-based nutraceuticals form the second operational segment. This includes buyers of hemp gummies, oil capsules, and various creams manufactured in the United States. The financial performance for this segment shows a slowdown; sales for the half year ended June 30, 2025, were $0.461 million, down from $0.84 million in the prior year period. The trailing twelve months (TTM) revenue ending September 30, 2025, was $1.31 million.

Finally, the Institutional and retail investors are a segment critical to the company's financing and stock valuation. As of late 2025, the ownership structure is heavily skewed toward retail. Institutional ownership sits at a low 0.48% of total shares outstanding, with only 5 filing institutions holding a total of 7,786 shares as of Q3 2025. Conversely, retail investors hold roughly 78.00% of the company's shares. The stock price on December 4, 2025, was $1.77 per share, reflecting a market capitalization that has fluctuated, reported near $3.93 million or $5.73 million in recent filings.

Here's a quick look at the scale of the markets SciSparc Ltd. is targeting or currently serving, based on the latest available data:

Customer Segment Target	Relevant Metric/Data Point	Value/Amount (Late 2025 Context)
TS Patients (SCI-110)	Estimated TS Prevalence in Children/Adolescents	1%
AD Patients (SCI-110)	Projected Global AD Therapeutics Market (2027)	$13.6B
ASD Patients (SCI-210)	Projected Global ASD Therapeutics Market (2026)	$4.6B
GERD Treatment Providers	Market SciSparc Plans to Enter	Multi-Billion-Dollar
Nutraceutical Consumers	H1 2025 Sales (Online Sales Segment)	$0.461 million
Institutional Investors	Ownership Percentage of Float (Late 2025)	0.48%

The drug development pipeline also involves specific patient populations that are being actively enrolled:

• Patients with Tourette Syndrome (TS) enrolled in Phase IIb trial.
• Adult patients (ages 18 to 65) for the SCI-110 TS trial.
• Patients with Alzheimer's disease and agitation.
• Children suffering from Autism Spectrum Disorder (ASD).

For the pharmaceutical segment, the potential for future licensing or acquisition is underpinned by the company's intellectual property portfolio, which includes 9 patent families with 8 granted patents (5 in the U.S.) and additional pending applications. Furthermore, the company recently announced a non-binding term sheet with Neurothera Labs in November 2025 regarding a novel neuroplastogen treatment.

SciSparc Ltd. (SPRC) - Canvas Business Model: Cost Structure

You're looking at the cost side of SciSparc Ltd.'s operations as of late 2025, and honestly, the numbers show a company heavily invested in its pipeline, which is typical for a clinical-stage biotech, but it's burning cash fast. The primary cost drivers are clearly centered around advancing its drug candidates through trials and maintaining the corporate structure needed to manage that science.

The most immediate financial pressure point is the bottom line. SciSparc Ltd. reported a net loss of $9.33 million for the first half of 2025. This loss is substantially higher than the $3.44 million net loss reported for the same period last year, signaling an increase in the cost base relative to revenue, which itself dropped to $0.461 million for H1 2025. That's a major gap to bridge.

The structure of these expenses points directly to the required clinical focus. You see high research and development (R&D) expenses for clinical trials dominating the operational spend. This R&D is the engine, but it's expensive to run, especially when dealing with central nervous system disorder therapies leveraging cannabinoid pharmaceuticals.

Also significant are the general and administrative (G&A) costs for corporate overhead. These cover everything from legal compliance for being listed on Nasdaq to the basic running of the headquarters. When you look at the trailing twelve months (TTM) data available near the end of 2025, the operating expenses are substantial, which is where both R&D and G&A reside.

Here's a quick look at the major operating cost components based on the latest available TTM figures, which give you a clearer picture of the ongoing burn rate:

Cost Component (TTM)	Amount (Millions USD)
Research & Development Expenses	$1.9
Selling, General & Admin Expenses	$6.04
Total Operating Expenses	$7.94

The costs associated with M&A activities and corporate restructuring are also a factor, though perhaps less consistent than R&D. You saw SciSparc Ltd. announce the mutual termination of its Merger Agreement with AutoMax Motors effective October 6, 2025. While the termination itself might involve certain wind-down costs, the prior agreement involved loan structures, such as a $2.0 million loan repayment schedule starting November 20, 2025, with 8% per annum interest, plus an upfront accrued interest payment of $114,523.

Finally, the fixed element of the cost structure involves the human capital required to execute the strategy. The salaries and fees for the specialized scientific and management team are a non-negotiable cost. These experts in cannabinoid pharmaceuticals and CNS disorders command high fees, which are bundled into the G&A and R&D lines. For instance, in a recent period, the company reported having an employee count of 2, with Profits Per Employee at -$3.24M, underscoring the high cost relative to current revenue generation.

You should focus your near-term review on the burn rate implied by these figures. If onboarding takes 14+ days, churn risk rises, but for SciSparc Ltd., the immediate risk is the cash depletion rate given the $9.33 million loss in just six months. Finance: draft 13-week cash view by Friday.

SciSparc Ltd. (SPRC) - Canvas Business Model: Revenue Streams

You're looking at how SciSparc Ltd. is bringing in cash right now, which is a mix of legacy operations, asset monetization, and future potential from recent deals. Honestly, the current picture shows minimal product sales, which is typical for a company focused on clinical-stage drug development. For the first half of 2025, SciSparc Ltd. reported product sales of $0.461 million.

A significant, one-time cash infusion came from divesting a non-core asset. SciSparc Ltd. closed the sale of its majority-owned subsidiary, MitoCareX Bio Ltd., to N2OFF, Inc. on October 20, 2025. From this, SciSparc Ltd. received $700,000 in cash for the sale of 6,622 MitoCareX shares. This transaction immediately boosted liquidity, though it means SciSparc Ltd. no longer holds majority control over MitoCareX.

The resolution of the planned merger with AutoMax Motors Ltd. on October 6, 2025, established clear, near-term, and long-term debt repayment streams that are now central to SciSparc Ltd.'s non-product revenue. This is a crucial shift in cash flow visibility.

Here's a quick look at the concrete financial components driving the current and near-term revenue picture for SciSparc Ltd.:

Revenue Component	Amount/Term	Date/Frequency	Source Reference
H1 2025 Product Sales	$0.461 million	Period ending June 30, 2025	As specified
MitoCareX Asset Sale (Cash)	$700,000	October 20, 2025 (One-time)
AutoMax Loan Repayment (Initial Interest)	$114,523	Upfront payment (Nov 20, 2025)
AutoMax Loan Repayment (Installment Principal)	$60,000 per month	Starting November 20, 2025
AutoMax Loan Repayment (Final Principal)	$4.25 million	January 1, 2028 (Lump Sum)

Looking further out, the intellectual property (IP) strategy is designed to generate future, potentially high-margin revenue, primarily through licensing and milestone payments. SciSparc Ltd. is positioning itself to replicate a successful model for its newly acquired MUSE GERD device IP.

The potential for future revenue from licensed IP and spin-offs is substantial, particularly from the N2OFF transaction:

• Sellers (including SciSparc Ltd.) are entitled to 30% of N2OFF's financing proceeds, capped at $1.6 million over five years.
• Potential milestone-based issuances of up to 25% of N2OFF common stock.

The commercialization of the MUSE GERD device represents a major potential revenue stream by entering a growing market. SciSparc Ltd. intends to pursue global commercialization through exclusive regional distribution partnerships, mirroring Xylo Technologies' prior success.

The market opportunity for the MUSE system is quantified by external analysis:

• Global GERD device market value in 2024 was approximately $2.5 billion.
• Projected market value by 2030 is $3.03 billion.
• This represents a Compound Annual Growth Rate (CAGR) of 3.24% from 2025 to 2030.

To be fair, the upfront payment SciSparc Ltd. hopes to replicate was $3 million received by Xylo for Greater China commercialization in 2019. Finance: draft 13-week cash view by Friday.