Theratechnologies Inc. (THTX): Business Model Canvas [Dec-2025 Updated]

You're looking at Theratechnologies Inc.'s business engine right after the Future Pak acquisition closed, trying to see if their two HIV assets, EGRIFTA and Trogarzo, can really drive profit in this new structure. Honestly, the model hinges on a high-touch commercial approach through specialty pharmacies, but the financials show the tension: Q2 2025 revenue saw EGRIFTA net $11.1 million and Trogarzo $6.6 million, yet Trogarzo's Cost of Goods Sold (COGS) alone consumed 52% of its net sales, all while G&A expenses climbed in H1 2025 partly from the sale process costs. Let's map out exactly how this specialized commercial team and their key manufacturing partners are structured to manage that cost base and deliver on the unique value propositions for patients with multidrug-resistant HIV-1.

Theratechnologies Inc. (THTX) - Canvas Business Model: Key Partnerships

The Key Partnerships for Theratechnologies Inc. as of late 2025 are heavily defined by the definitive agreement for acquisition by CB Biotechnology, an affiliate of Future Pak, LLC, which shareholders approved on September 12, 2025.

Future Pak (Parent Company): Contract manufacturing, packaging, and distribution.

The relationship with Future Pak is transitioning from a potential acquirer to the ultimate parent entity, which is itself a contract manufacturer, packager, and distributor of pharmaceutical products. The transaction structure itself provides the most concrete financial data:

• The upfront cash offer was US$3.01 per share.
• Contingent Value Rights (CVRs) offer up to an additional aggregate cash payment of US$1.19 per CVR.
• The total potential cash consideration for the transaction is valued at up to US$254 million.
• CVR payments are tied to EGRIFTA® franchise gross profit milestones over three years post-closing:
  • 50% of annual gross profit above $30 million annually.
  • A one-time milestone payment of $10 million if cumulative gross profit exceeds $125 million.

Historically, a contract manufacturer facility experienced an unexpected voluntary shutdown in the third quarter of 2024, which impacted EGRIFTA SV® supply. The FDA approved the Prior Approval Supplement (PAS) on April 7, 2025, allowing the release of EGRIFTA SV® to resume.

Lonza Group Ltd and Catalent Pharma Solutions: Manufacturing and specialized services.

While Lonza Group Ltd and Catalent Pharma Solutions are established partners in the biopharmaceutical supply chain for manufacturing and specialized drug formulation services, specific, current financial commitments or service volumes for late 2025 are not publicly detailed outside of the context of the acquisition agreement.

Clinical Trial Networks (e.g., ACTG): Essential for regulatory and clinical development activities.

Engagement with clinical trial networks remains vital for ongoing data generation and label expansion support. Theratechnologies presented novel data at ACTHIV 2025 in May 2025, confirming active participation in relevant clinical forums.

• Data presented at ACTHIV 2025 focused on managing Excess Visceral Abdominal Fat (EVAF) in People with HIV.
• The company also presented data from the PROMISE-US Trial of Ibalizumab in March 2025.

Specialty Pharmacies: Exclusive channel partners for product distribution and dispensing.

Distribution relies on specialty pharmacies, a sector characterized by network limitations. While specific Theratechnologies Inc. exclusive partners aren't named, the market context shows the importance of this channel choice. As of January 2025, industry data indicated that 34% of specialty drugs utilized an exclusive network model.

If you're managing a specialty product, the network choice dictates patient access, so you need to track those channel agreements closely. Finance: draft 13-week cash view by Friday.

Theratechnologies Inc. (THTX) - Canvas Business Model: Key Activities

You're looking at the core engine of Theratechnologies Inc., the things they absolutely must do well to keep the lights on and grow. It's all about getting their two main HIV therapies to patients and managing the pipeline transition.

Commercialization and Sales of Two FDA-Approved HIV Therapies (EGRIFTA and Trogarzo)

The daily grind involves pushing sales for EGRIFTA SV® and Trogarzo®. You see the impact of the supply chain hiccup from late 2024 in the first quarter of 2025 (Q1 2025) results, but the business is clearly focused on recovery and the new product launch. Sales figures for the first quarter ended February 28, 2025, show the baseline performance before the full impact of the new formulation.

Here's a quick look at the net sales for the first quarter of Fiscal 2025:

By the second quarter of Fiscal 2025 (Q2 2025), Trogarzo® sales rebounded to $6,598,000, up 13.4% year-over-year, driven by higher unit sales and price, while EGRIFTA SV® net sales were $11,131,000, down 31.3% due to the ongoing effects of the supply disruption and higher rebates related to the Inflation Reduction Act ("IRA"). For the six-month period ended May 31, 2025, Trogarzo® net sales totaled $11,765,000. Theratechnologies Inc. maintained a full Fiscal Year 2025 revenue guidance range between $80 million and $83 million.

Life-cycle Management for Existing Products, like the new EGRIFTA WR formulation

A major activity is transitioning the market to the improved formulation. The U.S. Food and Drug Administration (FDA) approved the supplemental Biologics License Application (sBLA) for EGRIFTA WR™ (Tesamorelin F8) on March 25, 2025. This new product is set to replace EGRIFTA SV®.

The key improvements driving this activity are:

• Requires only weekly reconstitution instead of daily.
• Requires less than half the administration volume of the F4 formulation.
• Supplied as four single-patient-use vials, each containing 11.6 mg of tesamorelin, enough for seven doses.
• The daily dose is 1.28 mg (0.16 mL) injected subcutaneously.
• It is patent protected in the U.S. until 2033.

Theratechnologies Inc. planned to launch EGRIFTA WR™ in the third quarter of 2025. Separately, the FDA approved the Prior Approval Supplement (PAS) for EGRIFTA SV® on April 7, 2025, which allowed the company to resume regular distribution of the older product.

Managing the THERA Patient Support® Program and Reimbursement Services

Ensuring patient access is critical, which means running the THERA Patient Support® Program effectively. This program is designed to remove barriers to care for both EGRIFTA SV® and TROGARZO®.

The support structure includes:

• Coverage and Insurance Support: Verification of insurance coverage, help navigating prior authorizations, and appeals processes.
• Financial Assistance: Co-Pay Programs for patients with private/commercial insurance, and alternative funding assistance for those with government insurance.
• Patient Assistance Program: Offers qualifying patients the THERA medications at no cost.
• Nurse Navigator Support: Personalized support, including virtual step-by-step reconstitution and administration training. For TROGARZO®, Nurse Navigators set up bi-weekly calls to promote adherence.

The dedicated contact line for enrollment is 1-833-23-THERA / 1-833-238-4372, available Monday to Friday from 8:30 AM - 8:00 PM EST.

Contract Manufacturing Oversight and Supply Chain Management

Managing the supply chain is a high-stakes activity, especially following the temporary disruption of EGRIFTA SV® caused by a contract manufacturer's facility shutdown in the third quarter of 2024 following an FDA inspection. Manufacturing resumed in November 2024. By Q1 2025, Theratechnologies Inc. had manufactured two additional batches of EGRIFTA SV®, with a new batch scheduled for production in July 2025. For the new EGRIFTA WR™, the company designated a new U.S.-based contract drug manufacturing organization (CDMO) for its production.

Focused Research and Development (R&D) with $5.583 million spent in H1 2025

Theratechnologies Inc. directs R&D to support existing products and future pipeline growth. Research and development expenses for the three-month period ended February 28, 2025, amounted to $2,969,000. The company reported spending $5.583 million on R&D for the first half (H1) of 2025. The decrease in R&D spending in Q1 2025 compared to Q1 2024 was attributed to lower spending on life-cycle management projects and lower activity in their oncology program.

Theratechnologies Inc. (THTX) - Canvas Business Model: Key Resources

You're looking at the core assets Theratechnologies Inc. (THTX) relies on to operate and generate revenue as of late 2025. These are the tangible and intellectual foundations of their business.

The company's commercial success hinges on its FDA-approved products. EGRIFTA SV^® (tesamorelin for injection) is the only medication approved in the U.S. for reducing excess abdominal fat in adults with HIV who have lipodystrophy. Following a supply disruption, the Prior Approval Supplement (PAS) was approved by the FDA on April 7, 2025, allowing continued release of EGRIFTA SV^®. Furthermore, the FDA approved the supplemental Biologics License Application (sBLA) for the F8 formulation, branded as EGRIFTA WR™, on March 25, 2025, with a planned launch in the third quarter of 2025.

The second key commercial asset is Trogarzo, which Theratechnologies Inc. commercializes under license from TaiMed Biologics, Inc..

A major intellectual asset is the proprietary peptide-based drug conjugation technology platform, known as SORT1+ Technology™. This platform is designed for cancer drug development by targeting the sortilin receptor (SORT1). It is estimated that the SORT1 receptor is expressed in 40% to 90% of cases of several aggressive cancers, including endometrial, ovarian, colorectal, triple-negative breast (TNBC), and pancreatic cancers. The lead investigational compound from this platform is sudocetaxel zendusortide (TH1902), which links the proprietary peptide to docetaxel.

The intangible assets also include the commercialization rights for the approved products. You hold the rights for EGRIFTA SV and the new EGRIFTA WR™ formulation, plus the license for Trogarzo. These rights represent the exclusive ability to profit from these specific therapeutic products in the market.

Operationally, Theratechnologies Inc. maintains a specialized commercial team. This team is tasked with driving sales and ensuring patient access for the commercial assets. A critical component of this structure includes Field Reimbursement Managers, who work to navigate the complex payer landscape to secure coverage and payment for prescriptions.

Financially, the balance sheet provides a snapshot of immediate liquidity. As of the three-month period ended February 28, 2025, cash and cash equivalents amounted to $3,905 thousand (or $3.905 million). For context, the working capital at that date was $2,668 thousand.

Here's a quick look at the cash position:

• Cash and cash equivalents as of February 28, 2025: $3,905 thousand
• Net profit for the three months ended February 28, 2025: $117 thousand
• Negative cash flows from operating activities for the three months ended February 28, 2025: $9,744 thousand

Finance: draft 13-week cash view by Friday.

Theratechnologies Inc. (THTX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why patients and prescribers choose Theratechnologies Inc.'s offerings right now, late in 2025. It boils down to specific, approved treatments addressing critical needs in the HIV patient population.

EGRIFTA SV/WR: Reduction of excess visceral abdominal fat (EVAF) in HIV-associated lipodystrophy

The value proposition centers on the only US-approved medication for reducing excess abdominal fat in adults with HIV and lipodystrophy, with a newer, more convenient option now available.

The franchise showed significant, albeit volatile, revenue performance in early 2025, reflecting market demand and supply recovery:

The clinical context supports the need for EVAF reduction, as data presented at the 2025 CROI conference highlighted that excess visceral abdominal fat drives cardiovascular risk, irrespective of Body Mass Index (BMI) classification.

Trogarzo: Treatment for adults with multidrug-resistant HIV-1 (MDR HIV-1)

Trogarzo® provides a critical option for adults with MDR HIV-1, maintaining its place in the portfolio despite fluctuating quarterly sales.

Here's how the net sales for Trogarzo® performed in the first half of 2025:

Improved adherence: New once-weekly dosing of EGRIFTA WR

The introduction of EGRIFTA WR™ on March 25, 2025, directly addresses patient convenience, a key value driver in chronic disease management.

• EGRIFTA WR™ requires only weekly reconstitution, replacing the daily reconstitution of EGRIFTA SV®.
• The new formulation requires less than half the administration volume compared to the F4 formulation (EGRIFTA SV®).
• The company stated they look forward to transitioning patients to this more convenient formulation.
• It is important to note that there are no data to support improved compliance with anti-retroviral therapies in HIV-positive patients taking EGRIFTA WR™.

Comprehensive patient support: Co-pay assistance and Nurse Navigator services

Theratechnologies Inc. supports access through programs that mitigate the financial burden, which is critical as studies show nearly a third of patients struggle to afford their medications without financial help.

The perceived value of these support mechanisms, based on a Guidehouse Q1 2025 survey of pharmaceutical executives, is clear:

• 80% of surveyed executives cited copay assistance as the most used and popular PSP they offered.
• 70% of executives suggested that copay assistance programs led to a positive patient experience.

This support exists within a broader, growing market context for patient services:

The estimated one-time revenue impact from the Q1 2025 EGRIFTA SV® shortage was between $10 million to $12 million, underscoring the importance of supply chain reliability and patient retention efforts.

Theratechnologies Inc. (THTX) - Canvas Business Model: Customer Relationships

You're looking at how Theratechnologies Inc. (THTX) supports its customers-the patients and the healthcare providers (HCPs) who prescribe and administer their therapies. For a specialty biopharma company, this relationship is everything; it directly impacts adherence and, ultimately, revenue. As of late 2025, following the acquisition by Future Pak, the focus on patient support remains a core operational pillar, especially given the recent supply chain issues that impacted EGRIFTA SV® sales in the first half of the fiscal year.

The entire customer relationship structure revolves around the THERA Patient Support® Program, which is designed to be a single point of contact to secure treatment access seamlessly. This program supports both EGRIFTA SV®/WR™ and TROGARZO® patients and their HCPs.

The key relationship touchpoints are:

• Dedicated THERA Patient Support® Program for personalized service.
• High-touch, one-on-one support from Nurse Navigators for injection training.
• Patient Assistance Program (PAP) offering free medication to qualifying patients.
• Direct support for healthcare providers on prior authorization and reimbursement.

The commitment to patient support is evident in the company's recent performance context. For the first half of Fiscal 2025, Theratechnologies achieved total revenue of $36.8 million, even while navigating an estimated negative impact of $10 million to $12 million on Q1 revenues due to an EGRIFTA SV® supply disruption. The CEO noted that despite this, demand for EGRIFTA SV® remains very strong, and the company witnessed record high patient enrollments during that same six-month period.

The structure of this relationship support can be broken down by service type, reflecting industry trends where, based on a Q1 2025 survey of pharmaceutical executives, 80% cited copay assistance as the most used PSP feature, and 69% cited Patient Access and Affordability Programs (PAPs) as most utilized.

The high-touch element is delivered through the THERA Nurse Navigators. These professionals provide personalized, one-on-one support, which is critical for self-administered therapies like EGRIFTA SV® (injection training) and infusion therapies like TROGARZO® (coordinating convenient administration locations, such as the patient's home or healthcare office). This personalized training helps promote patient adherence throughout the treatment journey.

For the financial barrier, the Patient Assistance Program (PAP) is a direct relationship tool. While the exact number of patients receiving free medication or the total dollar value of free medication provided by Theratechnologies Inc. in Fiscal 2025 is not publicly itemized, the program exists to ensure qualifying patients receive THERA medications at no cost. This directly addresses the finding that nearly one-third of patients struggle to afford prescriptions without financial assistance.

Support for HCPs is managed through Patient Care Coordinators and dedicated THERA Field Reimbursement Managers. Their role is to streamline access by handling complex administrative hurdles. This includes:

• Insurance coverage verification.
• Assistance navigating prior authorizations and claim denials/appeals.
• Educating staff on payer requirements and necessary documentation.

This direct support is vital because administrative difficulty, particularly with prior authorization, can cause providers to avoid prescribing clinically appropriate drugs. Theratechnologies Inc. aims to remove this friction so the HCP can focus on patient care.

Theratechnologies Inc. (THTX) - Canvas Business Model: Channels

You're looking at how Theratechnologies Inc. (THTX) gets its therapies, like EGRIFTA SV®, to the people who need them, and that's a complex dance involving specialized partners and your own teams. The distribution backbone relies heavily on getting the product from the warehouse to the patient's door, which is where specialty pharmacies come in.

Specialty pharmacies for direct-to-patient medication delivery are critical, especially following the supply disruption earlier in the year. Following the FDA approval of the PAS for EGRIFTA SV® on April 7, 2025, Theratechnologies Inc. resumed regular distribution. This led to large orders to rebuild inventories at McKesson and within the specialty pharmacy network through the end of the first quarter of 2025. For context on the product volume moving through these channels, EGRIFTA SV® net sales were $13,880,000 in the first quarter of Fiscal 2025, which was a 44.8% increase year-over-year, though Q2 2025 sales settled at $11.1 million due to the subsequent inventory drawdown after the initial rebuild. Honestly, managing that inventory cycle through the specialty channel is a near-term operational risk you need to watch.

Here's a quick look at the revenue performance tied to these commercial channels in the first half of 2025:

The direct sales force is your company's boots-on-the-ground presence, targeting the specialists who write the prescriptions. Theratechnologies Inc. maintains a dedicated team focused on HIV specialists and key opinion leaders to drive adoption and maintain relationships. As of the latest available data, the total Employee Count for Theratechnologies Inc. was 103, which translates to a reported Revenue Per Employee of approximately $819,204 over the last twelve months. This suggests a relatively lean commercial footprint supporting the specialized nature of the products. You'll see selling expenses, which include compensation for this team, were $6,470,000 in the three months ended February 28, 2025, up 13.5% year-over-year, largely due to lower vacancies and new hiring for market preparation of in-licensed products.

The THERA Patient Support® call center and online enrollment portals are essential for reducing patient friction, which is key for adherence. This personalized support program is designed to streamline treatment access and remove barriers to care for both EGRIFTA SV® and TROGARZO®. The support infrastructure is accessible via a single point of contact:

• Contact Number: 1-833-23-THERA or 1-833-238-4372.
• Availability: Monday to Friday, 8:30 AM - 8:00 PM EST.
• Services include: Insurance coverage verification, prior authorization assistance, and enrollment in Co-Pay Programs.
• Metric Highlight: Theratechnologies Inc. reported record high patient enrollments for EGRIFTA SV® in the second quarter of 2025.

For Direct-to-Consumer (DTC) digital and social media campaigns, Theratechnologies Inc. operates within a highly competitive landscape. While specific 2025 DTC advertising spend for Theratechnologies Inc. isn't explicitly detailed in recent reports, the broader US pharmaceutical sector is spending heavily to drive patient awareness. The global pharmaceutical industry is projected to spend approximately $10 billion on DTC advertising in 2025. Furthermore, you should note the regulatory environment: in April 2025, legislation was introduced, the No Handouts for Drug Advertisements Act, seeking to eliminate tax deductions for DTC advertising expenses. This channel's effectiveness is definitely under a microscope right now.

Finance: draft 13-week cash view by Friday.

Theratechnologies Inc. (THTX) - Canvas Business Model: Customer Segments

You're looking at the core groups Theratechnologies Inc. targets with its specialized HIV portfolio, which is centered around therapies like EGRIFTA SV® and the newly approved EGRIFTA WR™.

The primary patient group is Adults with Human Immunodeficiency Virus (HIV) and lipodystrophy. This segment is targeted specifically by the EGRIFTA franchise, which treats excess visceral abdominal fat (EVAF) in this population. The launch of EGRIFTA WR™ in March 2025, a new once-weekly formulation, is designed to drive further adoption and adherence within this established patient base. For the first quarter of Fiscal 2025, net sales for EGRIFTA SV® alone reached $13,880,000, showing strong demand even while recovering from a supply disruption.

Another key group, though less explicitly quantified in terms of patient count in the latest reports, is Adults with multidrug-resistant HIV-1 (MDR HIV-1) who have limited treatment options. Theratechnologies Inc. supports this area with its broader HIV portfolio, including Trogarzo®. For context on the commercial scale serving the overall HIV community, total net sales for Trogarzo® in Q1 2025 were $5,167,000. The company's Global Commercial Officer noted a strong presence in the U.S. community infectious disease space.

The next segment involves the gatekeepers: HIV-specializing physicians and healthcare providers. These are the prescribers and influencers who adopt new standards of care. Theratechnologies Inc. has been actively working to power its commercial transformation, partnering to implement a new cloud-native analytics platform to better engage these customers. The CEO mentioned that unique patient numbers and new patient enrollments for EGRIFTA SV® were at record highs following the Q1 2025 supply resolution, indicating strong provider engagement.

Finally, you have the crucial financial segment: Commercial and government payers (insurance companies, Medicare/Medicaid). These entities dictate access and reimbursement. The financial results for the first six months of Fiscal 2025 showed that higher government chargebacks and rebates, specifically related to the Inflation Reduction Act (IRA) enacted in late 2024, negatively impacted EGRIFTA SV® sales. This highlights the direct financial impact payers have on Theratechnologies Inc.'s revenue streams, particularly for Medicare patients.

Here's a quick look at the financial performance tied to these customer groups through the first half of 2025:

The company's commercial focus is clearly on maximizing the value proposition for the HIV/lipodystrophy segment, which is reflected in the revenue breakdown. You can see the scale of the business in the first quarter:

• EGRIFTA SV® net sales in Q1 2025: $13,880,000.
• Trogarzo® net sales in Q1 2025: $5,167,000.
• Total Revenue in Q1 2025: $19,047,000.
• Selling expenses increased by 10% compared to the previous year, driven by compensation and fees.

What this estimate hides is the potential impact of the transition to EGRIFTA WR™ on payer negotiations moving into the second half of 2025. Finance: review the Q2 2025 impact of IRA-related rebates on gross-to-net for the next reporting cycle by October.

Theratechnologies Inc. (THTX) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Theratechnologies Inc.'s operations as of late 2025. Understanding this cost structure is key to seeing where the revenue goes.

The Cost of Goods Sold (COGS) structure shows a fixed contractual arrangement for one of its key products. Specifically, Trogarzo cost of sales is contractually established at 52% of its net sales, subject to periodic adjustment for returns or other factors.

Operating expenses show significant investment in market reach and future pipeline development, alongside rising administrative overhead.

Selling Expenses were a notable outlay in the first quarter of 2025. For the three-month period ended February 28, 2025, these expenses totaled $6.470 million, which was an increase of 13.5% compared to the $5.701 million reported in the first quarter of Fiscal 2024. Higher compensation expense, due to lower vacancies and hiring for market preparation of Ionis in-licensed products, was the primary driver for this increase.

Research and Development (R&D) expenses reflect a shift in focus following the cessation of early-stage activities. For the six-month period ended May 31, 2025, R&D expenses were $5.583 million. This compares to $8.477 million for the same six-month period in Fiscal 2024. The decrease in the first quarter of Fiscal 2025 was largely attributed to lower spending on life-cycle management projects and lower activity in the oncology program, partially offset by the recognition of non-refundable federal tax credits.

General and Administrative (G&A) expenses saw a substantial year-over-year increase in the first half of 2025. For the six-month period ended May 31, 2025, G&A expenses reached $9.710 million, up from $6.846 million in the comparable period of Fiscal 2024. This increase was partly due to costs associated with a sale process.

Here's a snapshot of key operating expense components for the first half of 2025 (six months ended May 31, 2025) compared to the prior year:

Government chargebacks and rebates present an evolving cost factor, especially concerning Medicare reimbursement. The Inflation Reduction Act (IRA) has introduced new financial dynamics. For instance, in the second quarter of Fiscal 2025, higher government rebates were noted, related to new Medicare rebates under the IRA. This factor contributed to a year-over-year decrease in EGRIFTA SV® sales in Q2 2025.

The impact of the IRA on government-related costs includes:

• Higher government rebates (related to new Medicare rebates under the IRA).
• Government rebates, chargebacks and others were stable for Trogarzo® in Q2 2025 compared to Fiscal 2024.
• The IRA provisions, such as the $2,000 out-of-pocket cap starting in 2025, are reshaping Medicare Part D.

The contractual COGS for Trogarzo® is a fixed percentage, which simplifies forecasting for that specific product line, but the G&A increase due to the sale process is a temporary, yet significant, cost driver. Finance: draft 13-week cash view by Friday.

Theratechnologies Inc. (THTX) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Theratechnologies Inc. as of late 2025, right as the company transitioned to private ownership following the acquisition announcement. The core of the revenue generation, as seen through the second quarter, remains product sales, but the future stream is heavily influenced by the recent M&A activity.

The primary, realized revenue streams are derived from the commercialization of its existing HIV portfolio products:

• Net sales of EGRIFTA SV/WR, which generated $11,131,000 in Q2 2025.
• Net sales of Trogarzo, which amounted to $6,598,000 in Q2 2025.

Looking at the consolidated performance leading up to the acquisition closing in the fourth quarter, the top-line momentum was recovering after the earlier supply disruption. Total consolidated revenue for the first six months of 2025 was $36.8 million.

Here is a breakdown of the product sales performance for the second quarter of Fiscal 2025:

Beyond direct product sales, Theratechnologies Inc. had contingent and potential future revenue streams built into its structure, which are now primarily governed by the acquisition agreement:

• Contingent Value Rights (CVR) payments: These are now tied to the performance of the EGRIFTA and Trogarzo franchises under the new ownership, with a maximum aggregate payment of $65 million over a 36-month period post-closing. As of September 24, 2025, the fair market value of each CVR was determined to be US$0.80, with a maximum potential payout of US$1.19 per share. Since the acquisition closed in late Q4 2025, actual CVR revenue recognized in 2025 is likely minimal or zero, as payments are milestone-based and post-closing.
• Licensing and milestone payments: Historically, this stream involved potential payments from in-licensing deals. For example, historical agreements included royalty obligations of between 5% and 15% of revenues received from sublicence agreements, and a past milestone payment of CA$50 (paid in May 2021) for an oncology product. No specific new licensing or milestone revenue for 2025 is explicitly detailed in the latest reports, as the focus shifted to the sale.

The structure is definitely shifting from product sales dominance to contingent, performance-based payments post-acquisition.