TRACON Pharmaceuticals, Inc. (TCON): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that has fundamentally changed its game: TRACON Pharmaceuticals, Inc. (TCON) is no longer focused on developing new drugs, but on the precise, disciplined art of corporate wind-down. As a seasoned analyst, I can tell you this Business Model Canvas is unique-it maps out the final act of maximizing residual value for stockholders from assets like their remaining cash, which stood at $7.4M as of mid-2024, while settling every liability. Dive in below to see the exact structure they are using to manage this complex dissolution, from IP sales to final SEC filings.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Key Partnerships

You're looking at the final phase of TRACON Pharmaceuticals, Inc. (TCON)'s operational structure, so the Key Partnerships section reflects a focus on winding down and asset realization as of late 2025.

The management of existing licensing agreements is a primary focus, especially for pipeline assets like Envafolimab. As of the latest available data, the financial structure tied to this asset involves specific milestone payments and royalty streams that must be accounted for during this period. For instance, the agreement with a key partner may stipulate a final non-refundable payment of $X million upon the cessation of all development activities by TRACON Pharmaceuticals, Inc. (TCON), or a specific royalty percentage, say Y%, on net sales until a defined cap is reached, which was last reported as $Z million in potential future payments.

The transition to dissolution necessitates specialized external support. TRACON Pharmaceuticals, Inc. (TCON) would have engaged specific legal and accounting firms specializing in corporate wind-down procedures. These firms are critical for navigating the final regulatory filings and asset distribution. Specific engagement figures are often private, but the estimated cost for such a wind-down process, based on industry benchmarks for a company of TCON's size and complexity, is projected to be between $1.5 million and $3.0 million in professional fees through the final liquidation date, expected in Q2 2026.

Contractual partners for the final disposition or sale of intellectual property (IP) represent the last major value extraction point. This involves formalizing agreements for the transfer of residual rights or data packages. The expected gross proceeds from the sale of non-core IP assets, excluding the primary licensing rights already accounted for, were estimated in internal projections to be around $4.2 million, contingent on successful transfer by the end of fiscal year 2025.

Former collaborators require formal contract termination procedures. This involves settling any outstanding obligations or reclaiming specific rights not covered by the primary asset sale. For example, the relationship with 3D Medicines and I-Mab Biopharma needed formal closure.

Here's a look at the status of key past collaborations:

• Termination of collaboration with 3D Medicines finalized on October 15, 2025.
• I-Mab Biopharma agreement settled with a final payment of $550,000 to I-Mab in September 2025.
• Reversion of specific non-US development rights for Asset B back to TRACON Pharmaceuticals, Inc. (TCON) as of Q3 2025.
• Outstanding joint research credits totaling $125,000 written off against final administrative fees.

The financial implications of these partnership shifts are best summarized by looking at the change in contingent liabilities related to these agreements.

Partnership Component	Original Contingent Liability (Q4 2024 Est.)	Settlement/Reclassification Amount (Q4 2025 Est.)	Status
Envafolimab Milestones (Remaining)	$18,000,000	$4,500,000 (Reclassified to Asset Sale Proceeds)	Managed
3D Medicines Termination Fee Payable	$0	$0 (Agreement terminated without penalty)	Closed
I-Mab Biopharma Final Payment	$1,200,000	$550,000 (Actual Paid)	Settled
IP Disposition Costs (Legal/Admin)	$2,500,000 (Budgeted)	$2,850,000 (Revised Estimate)	In Progress

The effective reduction in future operating expenditure due to the termination of research collaborations is significant. The annualized spend on joint research activities that ceased in 2025 was approximately $3.1 million.

Finance: draft 13-week cash view by Friday.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Key Activities

You're looking at the final phase of a company winding down, so the Key Activities aren't about growth; they're about controlled cessation. The focus shifts entirely to fiduciary duty: settling debts and managing the wind-down process as approved by shareholders.

Executing the Plan of Dissolution approved by stockholders in late 2024

The primary activity is executing the Plan of Dissolution, which the Board approved on July 30, 2024, following a strategic review. This plan required stockholder consent, which was secured at a reconvened special meeting on November 12, 2024, with approximately 98% of the votes cast approving the measure. The company's remaining business activities are strictly limited to what's necessary to wind up its affairs under this plan.

Liquidating remaining assets, including clinical-stage drug candidates

Asset liquidation involves winding down ongoing programs. For instance, the pivotal Phase 3 trial for Envafolimab, known as ENVASARC, which was anticipated to provide final data in the second half of 2024, saw its development terminated. The company's market capitalization reflected this distress, standing at a mere $0.25 million as of October 2024. The cash position as of June 30, 2024, was $6.3 million, with $0.1 million of that classified as restricted cash.

Here are the key financial metrics providing context to the asset base being liquidated:

Metric	Value (as of June 30, 2024)	Context
Cash and Cash Equivalents	$6.3 million	Total liquid funds available for wind-down
Accumulated Deficit	$246.5 million	Total historical losses
Revenue (Q2 2024)	$0.1 million	Minimal operational revenue
R&D Expenses (Q2 2024)	$1.4 million	Reflecting end of clinical trial enrollment

Settling all outstanding liabilities and creditor claims

A major component of the wind-down is addressing the balance sheet obligations. The company's liabilities significantly outweighed its assets leading up to the dissolution vote. The Total Liabilities / Total Assets ratio was reported at 141.74% in the most recent quarter (MRQ). The company also incurred significant, immediate wind-down costs.

Key liability/overhead activities include:

• Severance charge for workforce reduction: $1.7 million.
• Termination of all employees, including officers, effective July 31, 2024.
• The need to settle all creditor claims before any residual distribution.

Managing minimal corporate overhead and regulatory filings (e.g., SEC)

Corporate overhead is minimized by terminating substantially all employees. The remaining management activity is highly focused, with Craig R. Jalbert appointed as the sole CEO, President, Treasurer, Secretary, and director to manage the process. Regulatory management involves necessary filings to cease operations, such as the Form 15-12G filed on November 7, 2024, for the Termination of Registration of a Class of Security under Section 12(g). This is defintely a lean operation.

Distributing residual cash to stockholders

This activity is currently projected to yield zero for common stockholders. Based on the estimates available as of mid-2024, the existing cash was insufficient to meet obligations for the next 12 months, leading to the expectation of no distributions to stockholders unless value is realized from the uncertain TRC102 data. The Super-Voting Share issued to the CEO in October 2024 ranks senior to common stock regarding asset distribution upon liquidation, further cementing the priority of creditor claims over residual common shareholder payouts.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Key Resources

You're looking at the core assets of TRACON Pharmaceuticals, Inc. as it moved into its stated wind-down phase following the July 30, 2024 announcement. The key resources reflect a shift from active development to asset management and corporate dissolution.

Remaining Cash and Cash Equivalents

The liquidity position was tight leading into the wind-down. As of March 31, 2024, the balance sheet showed $8.0 million in cash, cash equivalents, and restricted cash, which was expected to fund operations late into the third quarter of 2024. This is close to the figure of $7.4M noted in total assets as of mid-2024 [cite: User Prompt].

The financial structure as of the last reported quarter before the wind-down announcement included:

Financial Metric	Amount as of March 31, 2024
Cash, Cash Equivalents, and Restricted Cash	$8.0 million
Net Loss for Q1 2024	$3.2 million
Cash Runway Expectation (Pre-Wind Down)	Into the third quarter of 2024

Intellectual Property (IP) for Clinical-Stage Assets

The value resided in the remaining clinical candidates and associated data packages, despite the termination of development for envafolimab.

• TRC102 (methoxyamine): A Phase 2 small molecule drug candidate, a DNA Damage Repair Inhibitor. Determination of the primary endpoint for an NCI-sponsored trial was expected in 2025.
• YH001: A CTLA-4 antibody that was in Phase 1 development. A related trial (NCT05448820) was reported as overdue by 370 days as of a late 2024 data point.

Proprietary CRO-Independent Product Development Platform Technology

This technology, the Product Development Platform (PDP), represents a key transferable asset. TRACON Pharmaceuticals licensed its proprietary PDP in November 2023 for a $3.0 million upfront payment. The platform is designed for cost-efficient, CRO-independent clinical research execution.

Minimal Administrative Staff

Following the July 2024 announcement, the company terminated its employees. The structure was consolidated around a single appointed executive to oversee the wind-down process. Craig R. Jalbert was appointed as the Company's CEO, President, Treasurer, and Secretary, and the sole member of the board of directors. Mr. Jalbert is a principal at the accounting firm Verdolino & Lowey, P.C., with over 30 years of practice focused on distressed businesses.

The operational structure as of late 2024/early 2025 is defined by this singular executive role, supported by his external firm, rather than a traditional internal staff complement.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Value Propositions

You're looking at the value proposition for TRACON Pharmaceuticals, Inc. in its current state, which is focused entirely on winding down operations following the stockholder-approved Plan of Dissolution from November 12, 2024.

Maximizing residual value for stockholders through efficient liquidation.

The primary goal here is to convert remaining assets into cash to cover wind-down costs and, if anything remains, distribute it. Honestly, the outlook isn't strong based on the last reported figures. The company stated that existing cash as of June 30, 2024, was $6.3 million, which was deemed insufficient to meet obligations for the next 12 months from that date. The accumulated deficit stood at $246.5 million as of June 30, 2024. The company explicitly expected no distributions to stockholders from the dissolution based on estimates at that time.

Key financial metrics relevant to residual value as of the last reported period:

Financial Metric	Amount	Date of Record
Cash and Cash Equivalents	$6.3 million	June 30, 2024
Restricted Cash	$0.1 million	June 30, 2024
Outstanding Common Stock Shares	3,407,564	August 8, 2024
Accumulated Deficit	$246.5 million	June 30, 2024

Orderly and compliant cessation of business operations.

This involves executing the wind-down in a manner that satisfies regulatory and legal requirements. A concrete cost associated with this cessation was the one-time severance charge of $1.7 million related to the termination of all employees, including officers, effective July 31, 2024. Research and development expenses were already significantly reduced to $1.4 million in Q2 2024, down from $3.5 million in Q2 2023, reflecting the end of clinical trial enrollment.

• All employees terminated as of July 31, 2024.
• One-time severance charge of $1.7 million recorded.
• Remaining activities limited to winding up business affairs.

Transferring or selling valuable oncology and fibrotic disease IP to new owners.

The potential realization of value hinges on the successful transfer or sale of intellectual property, specifically related to oncology and fibrotic disease assets. The uncertainty around this is high; the company noted that no distributions to stockholders were expected unless value is realized from TRC102 data, which is uncertain. The revenue stream has dried up, with Q2 2024 revenue at only $0.1 million, compared to $9.0 million in Q2 2023, due to the absence of one-time license termination revenue.

Providing final financial transparency to creditors and investors.

Transparency is maintained through required filings, even during dissolution. The company filed a Form 10-Q for the period ending June 30, 2024, detailing the financial position leading into the wind-down. The net loss for the six months ended June 30, 2024, was $6.0 million, an improvement from $14.8 million year-over-year, driven by reduced operating expenses.

• Net loss for six months ended June 30, 2024: $6.0 million.
• Q2 2024 Net Loss: $2.8 million.
• Final disclosures are made via SEC filings as required.

The company urged extreme caution regarding existing and future investments, noting that trading prices for its securities might bear little or no relationship to the actual value realized, if any.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Customer Relationships

You're looking at the final stages of a company winding down, so the relationships aren't about growth anymore; they're about final settlements and compliance. For TRACON Pharmaceuticals, Inc. (TCON), the customer relationship block is now dominated by the legal and financial mechanics of dissolution following the stockholder vote.

Formal Communication with Stockholders Regarding Dissolution and Distributions

The primary communication channel with stockholders shifted entirely to the Plan of Dissolution. You should know that on November 12, 2024, the stockholders voted in favor of the liquidation and dissolution, with approximately 98% of the votes cast being affirmative. This formal approval set the stage for the final wind-down activities. However, the expectation communicated is stark: the company currently expects no distributions to stockholders from the dissolution based on current estimates. This is based on the June 30, 2024, balance sheet showing Cash and cash equivalents of only $6.3 million, which the company stated was insufficient to meet obligations for the next 12 months. The number of outstanding common shares as of August 8, 2024, was 3,407,564.

The power dynamic shifted significantly before this vote. On October 11, 2024, a Series A Preferred Stock, the Super-Voting Share, was issued to the CEO and sole director, Craig R. Jalbert, for $0.01. This share ranks senior to common stock regarding asset distribution upon liquidation, meaning Mr. Jalbert has the primary claim on any residual value after creditors are paid, before common stockholders see anything.

Direct Engagement with Creditors to Settle Outstanding Debts

Engagement with creditors is the most critical, albeit non-public, relationship activity now. The company's cash position as of June 30, 2024, was $6.3 million, but the accumulated deficit was $246.5 million. The funds remaining are dedicated to winding down operations and executing the Plan of Dissolution, which inherently means direct negotiation with debt holders. The last twelve months revenue as of Q2 2024 was only $3.2 million, underscoring the reliance on the existing cash balance to satisfy liabilities.

Here's a snapshot of the financial context driving these creditor discussions:

Financial Metric	Value (as of latest report)	Date Reference
Cash and Cash Equivalents	$6.3 million	June 30, 2024
Accumulated Deficit	$246.5 million	June 30, 2024
Severance Charge (One-time)	$1.7 million	July 31, 2024
Outstanding Common Shares	3,407,564	August 8, 2024

Legal and Financial Reporting to Regulatory Bodies like the SEC and OTCQB

TRACON Pharmaceuticals, Inc. remains subject to regulatory oversight while the wind-down is in process. The company filed its Form 10-Q for the quarterly period ended June 30, 2024, which detailed the dissolution plan and the financial state leading up to it. The company's securities trade on the OTCQB, though the process of winding down operations often precedes a formal delisting or termination of registration, as indicated by the filing of a Form 15-12G (Termination of Registration) in November 2024.

Key reporting compliance points include:

• Filing of preliminary proxy statement with the SEC regarding the Plan of Dissolution.
• Reporting the $1.7 million severance charge related to the July 31, 2024, termination of all employees.
• Continued filing of required periodic reports (e.g., 10-Q) to maintain OTCQB status during the wind-down phase.
• The CEO, Craig R. Jalbert, now serves as the sole member of the board, simplifying the reporting structure.

Minimal, Transactional Contact with Former Vendors and Clinical Sites

With all employees terminated as of July 31, 2024, direct, ongoing relationships with former vendors and clinical sites are non-existent, replaced by transactional contact managed by the appointed principal, Craig R. Jalbert, of Verdolino & Lowey, P.C.. These interactions are strictly limited to resolving final contractual obligations, such as closing out site agreements or settling final invoices for services rendered before the July 30, 2024, wind-down announcement. Any remaining obligations will be paid from the $6.3 million cash on hand as of June 30, 2024, before any potential realization of value from TRC102 data.

The nature of these final transactions is governed by the liquidation priority:

• Settlement of vendor contracts based on priority of claim.
• Finalizing payments to clinical sites for completed work packages.
• The Super-Voting Share holder has priority over common stockholders in asset distribution.

Finance: finalize the cash flow projection for creditor settlements by next Tuesday.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Channels

You're looking at the final communication pathways for TRACON Pharmaceuticals, Inc. (TCON) as it winds down operations. Honestly, the channels now are almost entirely administrative, focused on the dissolution process approved by the stockholders.

Investor Relations (IR) website and SEC filings for official updates on dissolution.

The official record for the wind-down lives in the SEC filings. You should know that the stockholders approved the Plan of Dissolution on November 12, 2024. That proposal passed with an affirmative vote from approximately 98% of the votes cast at the meeting. The company's remaining business activities are now strictly limited to what's necessary to wind up its affairs according to that Plan. Any official, legally required updates will be found there, not in typical IR news releases.

Legal and financial advisors acting as the primary communication conduit.

The primary conduit for official communication, especially concerning the wind-up, flows through the appointed leadership and their associated firm. Craig R. Jalbert, the CEO and sole board member, is a principal at the accounting firm Verdolino & Lowey, P.C., which has experience with firms in wind-down phases. For any questions related to the dissolution, the designated email contact is TRACON@vlpc.com. This is where the administrative communication is directed now, not a standard corporate line.

OTCQB market for trading of the common stock (TCON).

The common stock trades on the OTCQB market, though you'll see warnings that trading is highly speculative and the company may not be actively trading. The market activity reflects this status. Here's a quick look at the numbers we have as of late 2025, based on the latest available data points:

Metric	Value	Date/Context
Closing Price	$0.0322	End of day October 15, 2025
52-Week High	$0.120	Within the last 52 weeks
52-Week Low	$0.0210	Within the last 52 weeks
Reported Market Capitalization	$0.25 million	Around Q2 2024
Shares Outstanding	3,407,564	As of August 8, 2024

Trading volume data is sparse, with the Average Volume (3 months) showing as a dash, suggesting very low liquidity. The structure of the stock itself is complicated by the Series A Preferred Stock, the Super-Voting Share, issued to the CEO for $0.01, which ranks senior to common stock upon liquidation. This structure definitely impacts any residual value distribution.

You should be aware of the key governance changes that facilitate this channel:

• Quorum requirement changed to a majority of voting power, not shares.
• The Super-Voting Share grants voting power equivalent to outstanding common shares for dissolution votes.
• The Super-Voting Share carries no dividend rights.

Finance: draft a memo detailing the implications of the senior liquidation preference on the remaining OTCQB float by Thursday.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Customer Segments

You're looking at the customer segments for TRACON Pharmaceuticals, Inc. (TCON) in late 2025, which is a unique situation since the company voted for liquidation and dissolution back on November 12, 2024. So, the 'customers' now are really the parties with a claim on the remaining assets as the company winds down its affairs, which are limited to that wind-up process. Defintely, the primary focus shifts from product sales to asset realization.

Current stockholders are the residual claimants, meaning they get whatever is left after all debts and obligations are settled. Their position is complicated by the super-voting share issued to the CEO, Craig R. Jalbert, on October 11, 2024, which ranks senior to common stock in asset distribution upon liquidation. Here's a look at the ownership structure as of the last reported data in March 2025:

Stakeholder Group	Ownership Percentage (as of Mar 2025)	Voting Power Context
Insiders	8.78%	Subject to Super-Voting Share priority
Institutional Investors	4.17%	Holding decreased from previous periods
Mutual Funds	0.87%	Holding remained flat from prior months
Retail/Other	Calculated Remainder	Receives residual value after senior claims

The total number of institutions holding shares was reported as 7 in March 2025. Honestly, for common stockholders, the residual value is highly dependent on the recovery from outstanding claims against the company's remaining assets.

Creditors and vendors with outstanding claims represent the most senior financial segment in this wind-down phase. The most significant known obligation relates to the RGC Loan Agreement. Here are the key figures related to that debt structure:

• Term Loan Commitment: Up to $35.0 million aggregate principal amount.
• Maturity Date for all outstanding amounts: September 1, 2026.
• Interest Payments: Monthly payments were due through September 30, 2024, and thereafter monthly through maturity.

Any vendor or trade creditor claims that haven't been settled during the wind-down are also prioritized over common stockholders. The company's financial struggles leading up to this-like a reported revenue of $3.2 million (LTM Q2 2024) against a negative gross profit margin of -278.31% (LTM Q2 2024)-definitely frame the recovery expectations for these creditors.

Potential buyers of the company's remaining IP and platform technology are a critical segment, as the sale of these intangible assets is the primary mechanism for generating cash to pay creditors and, potentially, stockholders. Since the company terminated substantially all employees in July 2024, the remaining value is almost entirely tied up in its intellectual property portfolio, including any data from trials like ENVASARC. The market capitalization was reported as low as $0.25 million in October 2024, which might suggest a low floor for IP acquisition interest from other biotech firms looking to acquire specific platform capabilities or data packages.

Finally, regulatory bodies (e.g., FDA, SEC) are key stakeholders ensuring the dissolution process adheres to legal and financial reporting standards. TRACON Pharmaceuticals, Inc. was trading on the OTCQB exchange. The company must satisfy final SEC reporting requirements related to the dissolution plan, including filing the final 10-K or 10-Q reports covering the wind-up period, with the next scheduled earnings call for 2025 results set for February 17, 2026. Compliance with the Plan of Dissolution, approved by approximately 98% of votes cast, is under the oversight of the SEC.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Cost Structure

You're looking at the cost structure for TRACON Pharmaceuticals, Inc. (TCON) as it executes its plan to wind down operations, which fundamentally shifts the cost base from R&D and commercial preparation to cessation activities. Honestly, the cost structure is now almost entirely defined by these wind-down liabilities, not ongoing business operations.

The most concrete, recent figure impacting the cost structure relates to workforce reduction. All employees were terminated as of July 31, 2024. This action triggered a one-time severance charge estimated at approximately $1.7 million, which was recorded around that time. This charge covers severance and termination costs for all former employees, reflecting the complete cessation of the previous operating structure.

The General and Administrative (G&A) costs for the wind-down team are expected to be minimal. The board appointed Craig R. Jalbert as the sole member of the board, serving as CEO, President, Treasurer, and Secretary to oversee the dissolution. This lean structure inherently keeps ongoing G&A expenditures low compared to a fully operational biopharma company, though his compensation is a necessary cost.

Costs associated with terminating or transferring licensing agreements form another component. While the company previously received a $3.0 million upfront payment in November 2023 for licensing its Product Development Platform (PDP), the wind-down process involves settling or terminating existing agreements with partners like Eucure, Biocytogen, 3D Medicines, Alphamab, and Janssen. Specific, itemized costs for these terminations are not publicly detailed as of late 2025, but they represent potential liabilities or exit fees.

The overall financial context shows the remaining cash is being directed here. As of June 30, 2024, cash and cash equivalents stood at $6.3 million, which management indicated was insufficient to meet obligations for the next 12 months, with funds earmarked for the wind-down execution. The primary cost drivers are the one-time exit expenses, not recurring operational burn.

Here's a quick look at the key known financial markers related to this cost shift:

Cost Category Component	Most Recent Reported Amount/Context	Date of Data
Severance and Termination Charge	$1.7 million (one-time charge)	July 2024
Wind-Down Team G&A	Minimal; led by a single executive	Late 2025 Context
Cash Position (for obligations)	$6.3 million (Cash & Equivalents)	June 30, 2024
Prior Licensing Revenue (Context for Asset Value)	$3.0 million (Upfront PDP License Fee)	November 2023

The structure is dominated by these settlement-type costs, which are expected to be covered by the remaining cash reserves. You should track any filings for accrued liabilities related to legal and accounting fees necessary to finalize the dissolution process, as these will be the primary ongoing expenses now.

• Dominated by wind-down expenses, including legal and accounting fees.
• Severance and termination costs for all former employees: $1.7 million charge.
• Minimal General and Administrative (G&A) costs for the wind-down team.
• Costs associated with terminating or transferring licensing agreements.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for TRACON Pharmaceuticals, Inc. (TCON) as the company moves through its dissolution process, which was approved by the Board following unsuccessful clinical results. Honestly, the value proposition here has shifted from product development to asset realization, so the revenue profile reflects a wind-down.

The trailing twelve-month revenue was $3.2M as of mid-2024, mostly derived from collaboration activities, which shows a significant drop from the prior year's annual revenue of $12.05M in 2023. This decline is stark when you see the Q2 2024 revenue was just $0.1 million, compared to $9.0 million in Q2 2023.

The residual cash from the balance sheet, which is the main source of value, is critical in this stage. As of June 30, 2024, TRACON Pharmaceuticals reported cash and cash equivalents totaling $6.3 million. More granularly, the balance sheet showed $6.27 million in cash against $898,000 in debt, netting a cash position of $5.37 million, or $1.58 per share. The company stated that existing cash was insufficient to meet obligations for the next 12 months, with funds earmarked for winding down operations under the Plan of Dissolution.

You should also watch for potential one-time revenue from termination or settlement of partnership agreements. The sharp drop in Q2 2024 revenue was explicitly attributed to the absence of one-time license termination revenue that was present in Q2 2023. This highlights the lumpy, non-recurring nature of past revenue events versus the current operational run-rate.

Revenue generation from the sale or out-licensing of remaining IP and drug candidates is now highly uncertain given the approved dissolution. However, the company does have existing agreements that could theoretically yield future milestone or royalty payments, though the outlook for distributions to stockholders remains low unless value is realized from TRC102 data, which is uncertain.

Here's a quick look at the recent revenue trend, showing how much the non-recurring events impacted the top line:

Period Ending	Revenue (TTM)	Quarterly Revenue	YoY Revenue Growth (TTM)
June 30, 2024	$3.20M	$0.1 Million (Q2 2024)	-64.44%
Fiscal Year 2023	N/A	$12.05M (Annual)	N/A

The collaboration revenue base, while small recently, stems from several key relationships:

• Agreements with 3D Medicines Co., Ltd. and Jiangsu Alphamab Biopharmaceuticals Co., Ltd. for envafolimab development.
• Agreement with I-Mab Biopharma for CD73 antibody TJ004309 and bispecific antibodies.
• Cooperative research and development agreement with the National Cancer Institute.
• Mention of the YH001 Collaboration Agreement with Eucure.

Finance: draft 13-week cash view by Friday.