ThermoGenesis Holdings, Inc. (THMO): Business Model Canvas [Dec-2025 Updated]

You're trying to figure out if ThermoGenesis Holdings, Inc.'s deep tech in cell processing is a viable investment, and honestly, the model is complex: it blends high-value hardware sales with recurring disposable revenue, all while supporting a cGMP facility. As of the latest figures, the company posted TTM revenue of about $9.61 million but was still operating at a net loss of $1.86 million in Q1 2024, showing the burn rate associated with scaling proprietary IP and managing key partnerships like the one with Corning. To see how they plan to bridge that gap-balancing high R&D costs against the promise of automated, high-yield cell therapy manufacturing-you need to look closely at the entire structure. Dive into the nine blocks below for the precise breakdown of their strategy.

ThermoGenesis Holdings, Inc. (THMO) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that drive ThermoGenesis Holdings, Inc. (THMO)'s commercial reach and supply chain as of late 2025. These relationships are critical for getting their cell processing platforms and disposables into the hands of developers and clinics.

The structure relies heavily on established agreements, though some relationships, like the one with the Boyalife Group, have shown public financial strain in recent filings.

Here's a breakdown of the key players and the known terms of their arrangements.

Exclusive Worldwide Distribution for X-Series/CAR-TXpress with Corning

Corning holds the exclusive worldwide distribution rights for substantially all X-Series® products, which fall under the CAR-TXpress™ platform. This deal was set up with a specific financial component upfront.

Corning also has an option, exercisable after January 1, 2021, to potentially become the manufacturer for all or part of the Products. This is a significant lever in the partnership structure.

Strategic Distribution Agreement with Boyalife W.S.N. for Asian Territories

Boyalife W.S.N. was granted exclusive rights to sell and service the AXP (AutoXpress®) System and BioArchive System in the Territories, which include the People's Republic of China (excluding Hong Kong and Taiwan), Singapore, Indonesia, and the Philippines. This agreement had an initial three-year term.

However, the financial relationship has seen recent public challenges. As of July 1, 2024, the outstanding balance on a related convertible promissory note was reported at approximately $3,441,000, and ThermoGenesis Holdings, Inc. (THMO) received a notice of default from Boyalife Group, Inc. in July 2024 for failure to make a required interest payment.

Supply Agreement with CBR Systems for AutoXpress Disposables

ThermoGenesis Holdings, Inc. (THMO) entered into a Manufacture and Supply Agreement with CBR Systems, Inc. to supply its proprietary AutoXpress® System (AXP) and associated disposables. The initial term was set for three years, with annual renewals thereafter, unless a six-month notice is provided by either party.

Key operational changes to the relationship include:

• Lead time for AXP product deliveries reduced from 120 days to 90 days.
• The requirement for ThermoGenesis Holdings, Inc. (THMO) to maintain a minimum cash balance of $1,000,000 was removed.
• The obligation for ThermoGenesis Holdings, Inc. (THMO) to hold a safety stock of products for CBR was removed.

Network of Independent Global Distributors for System Sales

Beyond the major strategic agreements, ThermoGenesis Holdings, Inc. (THMO) relies on a broader network to ensure global system sales and service coverage. This decentralized approach helps manage market penetration outside the specific territories covered by Corning and Boyalife W.S.N.

The structure of these independent distributor relationships typically involves:

• Exclusive or non-exclusive rights based on geography.
• Agreements for the sale of both capital equipment systems and recurring disposable revenue streams.
• Terms for providing technical service and clinical support for deployed systems.

Collaborations with Cell and Gene Therapy Developers for Platform Adoption

A crucial, though often less financially explicit, partnership category involves direct collaborations with cell and gene therapy developers. These are essential for driving adoption of the CAR-TXpress™ platform in clinical and commercial settings.

These collaborations often take the form of:

• Joint ventures, such as the one formed with HealthBanks Biotech (USA) Inc. to create ImmuneCyte Life Sciences, Inc., where ThermoGenesis Holdings, Inc. (THMO) held a 20% ownership stake initially.
• License agreements, like the one with IncoCell Tianjin Ltd. (a Boyalife subsidiary), entitling ThermoGenesis Holdings, Inc. (THMO) to a percentage of gross contract development revenues, including potential upfront payments, milestones, or royalty payments.

ThermoGenesis Holdings, Inc. (THMO) - Canvas Business Model: Key Activities

You're looking at the core engine room of ThermoGenesis Holdings, Inc., the things they absolutely must get right to keep the lights on and the product moving. This isn't about the vision; it's about the daily grind of science, making, moving, and getting approval.

Research and development (R&D) of next-gen cell processing systems.

The R&D focus centers on advancing their automated cell processing platforms. While specific 2025 R&D spend for ThermoGenesis Holdings, Inc. isn't publicly itemized in the latest reports, the analyst consensus for the fiscal year ending 2025-12-31 projects an Annual Earnings Per Share (EPS) of $0.02 based on one analyst estimate.

Manufacturing of proprietary hardware and disposable bag sets.

Manufacturing involves producing the capital equipment and the necessary single-use consumables, like proprietary bag sets, which drive recurring revenue. The company's stock price as of the close on December 04, 2025, was $0.0001.

Management of global distribution and supply chain logistics.

Moving these specialized systems and managing the supply chain for sterile disposables across global markets is a critical function. The overall Contract Development and Manufacturing Organization (CDMO) market, which provides context for their service logistics, was projected to reach a global market size of USD 255.01 billion in 2025.

Providing Contract Development and Manufacturing Organization (CDMO) services.

The CDMO segment involves offering process development and manufacturing support for cell and gene therapies. ThermoGenesis Holdings, Inc.'s historical Trailing Twelve Months (TTM) revenue, prior to 2023 filings, stood at $9.61 million.

Securing and maintaining FDA/CE regulatory clearances.

Regulatory compliance is non-negotiable for cell therapy tools. This activity ensures their hardware and processes meet the standards required for clinical and commercial use in major markets.

Here's a look at the operational focus areas with the latest available figures:

The company's ability to execute on these five activities directly impacts its ability to meet the single analyst's 2025 year-end EPS estimate of $0.02.

• Research and development of next-gen cell processing systems.
• Manufacturing of proprietary hardware.
• Manufacturing of disposable bag sets.
• Management of global distribution.
• Securing and maintaining FDA/CE clearances.

The operational focus is heavily weighted toward maintaining the installed base and driving recurring revenue from disposables, which is a key component of the CDMO service model.

ThermoGenesis Holdings, Inc. (THMO) - Canvas Business Model: Key Resources

You're looking at the core assets that make ThermoGenesis Holdings, Inc. run. These aren't just line items on a balance sheet; they are the specialized tools, the protected knowledge, and the physical space that deliver their value proposition in cell and gene therapy manufacturing.

Proprietary automated cell processing systems (AXP, PXP, CAR-TXpress)

The systems are the hardware backbone. The CAR-TXpress platform is specifically noted for streamlining the manufacturing process for the emerging CAR-T immunotherapy market. While specific unit sales for late 2025 aren't public, the distribution rights for the X-Series products under the CAR-TXpress platform were secured by a partner for a fee of $2,000,000.

Intellectual property (IP) portfolio and patents on cell separation technology

The value here is in the exclusivity granted by the IP. The company holds rights and technology related to the AXP (AutoXpress) System and the BioArchive System, alongside the CAR-TXpress platform. Specific patent counts for late 2025 aren't available in public filings, but the IP underpins the exclusive distribution agreements.

ReadyStart-IncuStart cGMP Facility in Sacramento

This physical asset is a major operational resource, pivoting the company toward contract development and manufacturing services. Here are the hard numbers on that facility:

It's a turnkey solution for clients, meaning ThermoGenesis Holdings manages the quality and regulatory overhead.

Exclusive distribution agreements with partners like Corning

These agreements translate proprietary technology into revenue streams via established channels. The deal with Corning for the CAR-TXpress X-Series products included a one-time payment of $2,000,000. The Supply Agreement structure involves an initial term of five years, with automatic renewal terms of two years each, unless terminated.

Also, there are international agreements, such as the one granting a partner exclusive rights to distribute the AXP System and BioArchive System in territories including the People's Republic of China, Singapore, Indonesia, and the Philippines.

Highly specialized engineering and cell biology personnel

The human capital is critical for both product development and running the cGMP facility. While historical data shows fluctuations, the employee count reported as of 2025 is 27 people. This team supports the operations, quality, regulatory, and scientific needs of the business.

The composition of this specialized team is key:

• Personnel supporting the ReadyStart-IncuStart facility operations.
• Staff with over 25 years of industry experience supporting the cGMP suites.
• Engineering and biology experts for R&D and system maintenance.

The entire operation relies on this relatively lean team to manage complex, high-value assets. Finance: draft 13-week cash view by Friday.

ThermoGenesis Holdings, Inc. (THMO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a customer would choose ThermoGenesis Holdings, Inc.'s technology over other options in the cell therapy space. It boils down to speed, safety, and scale, all backed by specific performance metrics from their platforms.

Automation: Reduces manual labor and process variability in cell therapy manufacturing.

The value here is consistency and reduced human error across the manufacturing chain. While specific 2025 labor-hour reduction statistics aren't public, the design intent is clear: move from manual, open processes to automated, closed workflows.

High Cell Recovery: Achieves high yields of target cells (e.g., CD34+, MNCs) for therapies.

The PXP System is specifically cited for its ability to maintain high yields of critical cell populations during processing, which directly impacts the final therapeutic dose.

Closed System: Minimizes contamination risk for clinical-grade cell products.

The functionally-closed nature of systems like PXP and CAR-TXpress is a primary driver for clinical acceptance, reducing the risk of introducing adventitious agents during processing steps.

Point-of-Care Processing: Enables rapid cell concentration (e.g., PXP System in under 20 minutes).

The speed of the PXP System is a key differentiator for point-of-care applications, drastically cutting down the time cells spend outside of optimal conditions.

Scalability: Modular CAR-TXpress platform supports R&D to commercial-scale production.

The modularity of the CAR-TXpress platform is designed to support a client's journey from early development through to commercial volumes without requiring a complete platform overhaul.

Here's a quick look at the quantified performance metrics associated with the PXP System, which underpin the value propositions for point-of-care processing:

The value proposition of closed, automated processing is also supported by the company's infrastructure development, intended to support scale. For instance, the ReadyStart cGMP Suites, when fully leased out, were projected to generate $10 million to $16 million in annual revenue, demonstrating the commercialization pathway for these technologies.

The core benefits you are buying into with ThermoGenesis Holdings, Inc.'s technology include:

• Automation to reduce manual labor and process variability.
• Closed System design to minimize contamination risk.
• High Cell Recovery for target cells like CD34+.
• Rapid Processing, with the PXP System achieving concentration in under 20 minutes.
• Scalability support from R&D through commercial production via the CAR-TXpress platform.

ThermoGenesis Holdings, Inc. (THMO) - Canvas Business Model: Customer Relationships

You're looking at how ThermoGenesis Holdings, Inc. manages its customer interactions across its diverse product lines, from automated cell processing systems to contract development and manufacturing organization (CDMO) services. The relationships are distinctly segmented based on the offering.

Dedicated service and support for installed systems (AXP, BioArchive)

For installed systems like the AXP (AutoXpress) and BioArchive platforms, the relationship shifts to long-term service and maintenance contracts. This is a critical recurring revenue component, though specific revenue attribution for service in the fiscal year 2025 is not explicitly broken out in the latest available reports, which showed a trailing twelve-month revenue of approximately $9.61M as of March 31, 2024. Support is essential because these are complex, high-value instruments in clinical and research settings.

• Service contracts ensure system uptime for installed base.
• Support covers both the AXP and the BioArchive platforms.
• Preventative maintenance is often bundled or offered separately.

Long-term, high-touch relationships with key distributors (e.g., Corning)

ThermoGenesis Holdings relies on strategic, long-term distributor partnerships for market reach, especially internationally. The relationship with Corning Incorporated, for instance, involved granting exclusive worldwide distribution rights for substantially all X-Series products under the CAR-TXpress platform, for which Corning paid a $2,000,000 fee as consideration. This signals a deep, contractual, and high-value relationship structure.

Another example is the agreement with Boyalife W.S.N. for the AXP AutoXpress System and BioArchive System in specific Asian Territories, which also appointed them as the exclusive service provider for repairs and preventative maintenance in those regions. These relationships are governed by multi-year agreements with renewal options.

Direct, consultative sales model for complex cell therapy developers

When dealing directly with cell therapy developers, especially for newer or more complex platforms like CAR-TXpress, the sales model is inherently consultative. This involves deep engagement to ensure the technology integrates correctly into the customer's specific manufacturing workflow. This high-touch approach is necessary for adoption in the emerging CAR-T immunotherapy market.

The sales cycle requires technical experts to work closely with the customer's R&D and manufacturing teams. This consultative effort is a key differentiator, moving beyond a simple transaction to a partnership in process development.

Contractual relationships for CDMO services at the cGMP facility

For the Contract Development and Manufacturing Organization (CDMO) services, the customer relationship is purely contractual, centered around capacity utilization at the cGMP facility. ThermoGenesis Holdings operates a 35,500 Square Foot ReadyStart-IncuStart cGMP Facility in Greater Sacramento. These contracts are typically long-term service agreements where the customer secures processing slots or dedicated manufacturing support.

The nature of these relationships is defined by strict quality agreements and service level agreements (SLAs) necessary for handling clinical and potentially commercial cell therapy products. The company's reported quarterly earnings per share (EPS) for a recent period was ($6.75), missing estimates of ($3.60), which underscores the financial pressure in scaling these complex operations and managing customer expectations around delivery and cost.

Finance: draft 13-week cash view by Friday.

ThermoGenesis Holdings, Inc. (THMO) - Canvas Business Model: Channels

You're looking at how ThermoGenesis Holdings, Inc. gets its automated cell processing and services to the end-user, and it's a mix of big alliances and direct selling.

The channel strategy relies heavily on established relationships for core product distribution and a dedicated internal team for high-value service contracts.

Exclusive distribution partners anchor the product sales channel, while the new cGMP facility acts as a direct service delivery mechanism.

Here's a breakdown of the key channels ThermoGenesis Holdings, Inc. employs:

• Exclusive distribution partners (Corning, Boyalife W.S.N.) for core products.
• Global network of independent distributors for regional reach.
• Direct sales team focused on major cell therapy companies and research centers.
• The ReadyStart-IncuStart cGMP Facility as a service channel.

The exclusive agreements are significant commitments. For instance, Corning agreed to a $2,000,000 fee for exclusive worldwide distribution rights for certain Products as of the agreement terms referenced near the end of 2020. Boyalife W.S.N. has also been a material partner, including holding a secured debt facility against the Company's subsidiary, which shows a deep, though complex, channel relationship.

The service channel, centered around the ReadyStart-IncuStart cGMP Facility, is a direct revenue stream. Following its opening, the trailing twelve months revenue reported in one context was $9.61M. This facility offers ISO 7 cGMP cleanroom suites for contract development and manufacturing services.

The reach is mapped out across different mechanisms, as you can see here:

The direct sales effort targets major cell therapy companies and research institutions. The company markets its medical device products through these independent distributors and directly to end-user customers, which include hospitals, blood centers, cord blood banks, and research institutions across North America, Europe, and select Asia Pacific markets. The company's global distribution network supports its instrument installations and consumable supply.

If onboarding for a new direct client takes longer than expected, say over 14 days, churn risk definitely rises. Finance: draft 13-week cash view by Friday.

ThermoGenesis Holdings, Inc. (THMO) - Canvas Business Model: Customer Segments

You're hiring before product-market fit is fully solidified across all offerings, so understanding who is actually paying for ThermoGenesis Holdings, Inc.'s technology right now is key to resource allocation. The customer base is clearly segmented across the lifecycle of cell and gene therapy, from collection and storage to final manufacturing.

As of the latest reported financials, ThermoGenesis Holdings, Inc. posted revenue of $2.74M for the quarter ending March 31, 2024, with revenue over the trailing twelve months at $9.61M. The company's market capitalization as of December 02, 2025, stood at $1.58K, indicating a very small enterprise in the market space.

The overall biopreservation market, which ThermoGenesis Holdings, Inc. serves, is projected to grow with a compound annual growth rate (CAGR) of 5.8 percent over the period spanning 2025-2035.

Here's a breakdown of the primary customer groups ThermoGenesis Holdings, Inc. targets with its various platforms:

• Cord blood banks and bio-repositories use the AXP and BioArchive systems for processing and long-term storage.
• Cell and gene therapy developers, including those focused on CAR-T and stem cell applications, seek automation solutions.
• Hospitals and surgical centers represent the target for point-of-care cell therapies using the PXP System.
• Pharmaceutical and biotechnology companies are the clients for cGMP (current Good Manufacturing Practice) manufacturing services.

The revenue commentary from Q3 2023 specifically noted that year-over-year revenue growth was driven by AXP disposables sales, suggesting this segment remains a core, consistent revenue driver. Furthermore, the company expected to begin recording initial revenue from its CDMO (Contract Development and Manufacturing Organization) services in Q4 2023, which directly addresses the pharmaceutical and biotechnology segment needing cGMP manufacturing.

You can see the relationship between the products and the customer segments ThermoGenesis Holdings, Inc. serves in this table:

To be fair, the latest public financial reports do not provide a precise revenue split across these four distinct customer segments, but the strategic focus is clear. The company is covered by only 1 analyst according to recent data. Finance: draft 13-week cash view by Friday.

ThermoGenesis Holdings, Inc. (THMO) - Canvas Business Model: Cost Structure

You're looking at the cost side of the ThermoGenesis Holdings, Inc. operation, and honestly, it's dominated by a few heavy hitters, especially as they scale up their CDMO (Contract Development and Manufacturing Organization) services. The cost of goods sold (COGS) for their proprietary disposable bag sets, which are critical for their cell processing systems, appears to be a major component, though the latest reported figures show an extreme ratio against revenue.

For the six months ended June 30, 2025, the total reported Cost of Goods Sold reached \$1,165.2 million, with \$140.1 million of that attributed to purchases from a related party. To be fair, this COGS figure contrasts sharply with the reported Total Revenues of \$3.541 million for the same six-month period, which suggests a significant data reporting difference or unit issue in the source data, but these are the reported figures.

Research and Development (R&D) expenditure remains significant as ThermoGenesis Holdings pushes new product development. For the first six months of 2025, R&D expenses totaled \$13,641K, broken down into Preclinical at \$6,659K and Clinical at \$6,982K. This focus on innovation is a necessary, ongoing cash drain.

Operating costs are tied to their physical footprint, specifically the 35,500 square foot cGMP facility in Greater Sacramento, which opened in late 2023 [cite: 1 in previous turn]. While a specific operating cost number for the facility isn't isolated, general operating expenses contribute to the overall burn. The company reported a net loss of \$1.86 million for the first quarter ended March 31, 2024.

Sales, General, and Administrative (SG&A) expenses cover everything from overhead to supporting their sales channels, including distributor support. For the six months ended June 30, 2025, SG&A expenses were reported as \$4,851K. This is a fixed cost base you have to cover regardless of sales volume.

Here's a quick look at the key cost components based on the most recent available semi-annual data, which helps map out the current expense profile:

The structure shows that direct costs (COGS) and R&D are the primary drivers of cash outlay, which is typical for a company focused on proprietary medical technology and manufacturing services. If onboarding for the cGMP suites lags, those fixed operating costs will continue to pressure the bottom line.

ThermoGenesis Holdings, Inc. (THMO) - Canvas Business Model: Revenue Streams

You're looking at how ThermoGenesis Holdings, Inc. (THMO) brings in cash, which is key for any investment thesis. Honestly, for a company like this, the revenue mix tells you a lot about stability versus growth potential. As of the latest figures I have, the current Trailing Twelve Months (TTM) revenue for ThermoGenesis Holdings, Inc. is approximately $9.61 million.

The revenue streams are built around a mix of capital equipment sales and the stickier, recurring revenue from the disposables that run on that equipment. Here's a quick look at the components that make up that $9.61 million TTM figure, based on the business model structure.

The core of the revenue generation relies on a few distinct activities. If onboarding takes 14+ days, churn risk rises, which directly impacts the recurring revenue stream, so efficiency here matters a lot. The streams look like this:

• Sales of automated cell processing systems, specifically mentioning the AXP, PXP, and X-Series hardware.
• Recurring revenue from sales of proprietary disposable/consumable kits.
• Upfront distribution fees, such as the $2,000,000 payment from Corning.
• Service fees derived from CDMO (Contract Development and Manufacturing Organization) and cGMP (current Good Manufacturing Practice) manufacturing contracts.

To be fair, the recurring revenue from kits is what analysts usually look for to signal long-term customer commitment, even if the upfront system sales provide the initial jolt of cash. Finance: draft 13-week cash view by Friday.