Viracta Therapeutics, Inc. (VIRX): Business Model Canvas [Dec-2025 Updated]

You're digging into the Business Model Canvas for Viracta Therapeutics, Inc. (VIRX), but let's be real: as of late 2025, the model isn't about scaling a going concern; it's about asset monetization and an orderly cessation. The entire structure has flipped from drug development to a high-stakes wind-down, where the main activity is finding a buyer or licensee for their proprietary asset, nanatinostat, which showed a compelling 30% Complete Response Rate in the EBV+ PTCL subgroup. With cash reserves around $21.1 million (Q3 2024 figures) needing to cover wind-down costs and debt obligations like the $18.6 million facility, every block of their canvas now reflects managing an exit, not launching a product. Keep reading to see the precise breakdown of who the stakeholders are now and what the potential revenue streams look like from this strategic pivot.

Viracta Therapeutics, Inc. (VIRX) - Canvas Business Model: Key Partnerships

You're looking at the essential relationships Viracta Therapeutics, Inc. (VIRX) maintained, especially as it navigated its February 2025 decision to cease operations and explore strategic alternatives. These partnerships, or the lack thereof in some categories, define the immediate operational and financial landscape for the company.

Lenders for Forbearance Agreement

The most immediate and critical partnerships were with the lenders who provided a temporary reprieve from default. This involved a Third Amendment to the existing Loan and Security Agreement, which was originally dated November 4, 2021. The key parties here were Oxford Finance LLC, acting as the collateral agent, and Silicon Valley Bank, among other lenders. This agreement, effective January 23, 2025, was a direct response to financial strain, evidenced by the company's current ratio of 0.76.

Here's a quick look at the financial mechanics tied to that forbearance:

The terms required Viracta to apply company cash toward debt and grant a security interest in its intellectual property. It's defintely a high-stakes relationship when your short-term obligations exceed liquid assets.

Investment Banks/Advisors for Strategic Alternatives Process

Following the Board's decision on December 26, 2024, to initiate a process to explore a broad range of strategic alternatives-including merger, licensing, or sale-the engagement of investment banks or advisors became paramount. The goal was to maximize the cash runway while the review occurred. While the company was actively engaging in discussions to maximize value for its development programs, specific names of the engaged investment banks or financial advisors were not publicly disclosed in the immediate aftermath of the announcement or the subsequent wind-down filing in February 2025.

The operational oversight for this process shifted significantly when Craig R. Jalbert was appointed CEO, President, CFO, and sole board member on February 5, 2025, to implement the wind-down. His background, including over 30 years focusing on distressed businesses as a principal at Verdolino & Lowey, P.C., suggests the advisory focus was heavily weighted toward liquidation or asset transfer.

Potential Pharmaceutical/Biotech Companies for Asset Acquisition or Licensing

The primary asset in these discussions was the all-oral combination therapy, Nana-val (nanatinostat and valganciclovir), focused on relapsed/refractory EBV+ lymphomas. The company had planned for a Randomized Controlled Trial (RCT) in the second half of 2025, subject to financing or a partner. The exploration of strategic alternatives explicitly included a licensing agreement or sale.

The key data points relevant to potential partners are:

• Lead candidate: Nana-val.
• Target indication: Relapsed/refractory EBV+ peripheral T-cell lymphoma (PTCL).
• Prior data point: Overall response rate and complete response rate of 40% from Stage 1 of the NAVAL-1 trial (as of November 2023).
• Financial context: The company had a cash runway estimated to last into late Q1 2025 as of Q3 2024, intensifying the need for a deal or financing.

Any potential partner would be assessing the value of the data generated from the NAVAL-1 trial against the company's reported Q3 2024 net loss of $10.553 million.

Contract Research Organizations (CROs) for Data Management Post-Trial Closure

Viracta elected to voluntarily close its pivotal Phase 2 NAVAL-1 clinical trial on December 26, 2024. This closure immediately shifted the partnership need from active trial execution to data archiving, reconciliation, and management for regulatory purposes. While the company was actively using CROs for the trial itself, specific CRO partners responsible for the final data management post-closure were not detailed in the public announcements surrounding the wind-down.

The partnership focus for any remaining CRO relationship would center on:

• Ensuring data integrity and accuracy for the NAVAL-1 trial data.
• Compliance with regulatory standards for data retention.
• Efficient transfer of clinical trial data to the company or a successor/acquirer.

The need for robust data management is always paramount, using advanced Electronic Data Capture (EDC) systems to minimize human error, especially when transitioning assets.

Viracta Therapeutics, Inc. (VIRX) - Canvas Business Model: Key Activities

You're managing the final phase of a clinical-stage company, which means the key activities shift entirely from R&D to asset preservation and orderly dissolution. For Viracta Therapeutics, Inc. (VIRX), the focus as of early 2025 is on executing a controlled exit, which involves several critical, non-operational tasks.

Executing the wind-down of operations and employee termination

The primary activity is the formal cessation of business operations, effective February 5, 2025, following board approval on February 3, 2025. This included the termination of all remaining employees. To manage this, the Board appointed Craig R. Jalbert, a principal at Verdolino & Lowey, P.C., as the sole board member and executive officer to implement the closure.

The financial impact of this final termination event is quantified:

This final action followed earlier, significant workforce reductions aimed at maximizing the cash runway.

Exploring a broad range of strategic alternatives for assets

Viracta Therapeutics, Inc. is actively engaged in exploring strategic alternatives for its development programs, which is the mechanism intended to salvage any residual value for stakeholders. This exploration was the direct driver for shutting down the lead clinical program.

• Closure of the pivotal Phase 2 NAVAL-1 clinical trial for Nana-val in relapsed/refractory EBV+ lymphomas, announced December 26, 2024.
• The decision to close the NAVAL-1 study was made to conserve resources while the board conducted its strategic review.
• Potential alternatives considered include a merger, licensing agreement, or sale of assets.
• The company had previously planned to initiate a Randomized Controlled Trial (RCT) for Nana-val in the second half of 2025, but this is now contingent on the outcome of the strategic review.

Maintaining and securing intellectual property (IP) for Nana-val

A key activity, driven by the debt restructuring, is the formal securing of the company's core asset IP. The intellectual property related to Nana-val, the combination of nanatinostat and valganciclovir, is central to any potential asset sale or licensing deal.

The Third Amendment to the Loan Agreement, effective January 2025, specifically required Viracta Therapeutics, Inc. to:

• Grant a security interest in its intellectual property to the lenders.

Managing the forbearance agreement and debt obligations

Managing the immediate financial crisis through the forbearance agreement with lenders, including Oxford Finance LLC, was a critical activity in early 2025. This agreement provided a temporary reprieve from default, which was necessary to facilitate the wind-down and strategic review process.

The debt management activities included significant cash applications:

The agreement also mandated adherence to a budget agreed upon with the lenders.

Minimizing remaining General and Administrative (G&A) costs

With operations ceasing, the activity shifts to aggressively reducing all non-essential expenditures, which is overseen by the newly appointed executive. This follows prior efforts to streamline the organization.

The G&A focus is on the low fixed costs associated with the dissolution phase, contrasting with prior operational spending:

• The Q3 2024 General and administrative expenses were approximately $4.2 million for the three months ended December 31, 2023.
• Prior cost-saving measures included resizing the Board of Directors from ten to six members.
• The wind-down structure itself minimizes ongoing executive overhead via the single, fixed-fee appointed CEO.

Viracta Therapeutics, Inc. (VIRX) - Canvas Business Model: Key Resources

You're looking at the core assets Viracta Therapeutics, Inc. (VIRX) relies on to drive its value proposition. These resources are primarily intangible, centered around its drug candidate and the data supporting it, though the balance sheet figures are also critical for near-term survival.

The most tangible resource is the company's liquidity position. As of the third quarter of 2024, Viracta Therapeutics reported cash, cash equivalents, and short-term investments of approximately $21.1 million. This figure was noted to provide a runway extending into late Q1 2025, which, given the subsequent closure of the NAVAL-1 trial in December 2024 to conserve resources, highlights the immediate need for strategic alternatives or further financing to sustain operations into 2025.

Proprietary Drug Candidate and Intellectual Property

The primary resource is the proprietary investigational drug, nanatinostat, which forms part of the Nana-val combination therapy (nanatinostat plus valganciclovir). This drug is central to Viracta's 'Kick and Kill' approach for Epstein-Barr virus (EBV)-associated cancers.

The intellectual property (IP) surrounding this asset is crucial. A Notice of Allowance for a key patent application was issued, which, upon grant, is expected to provide patent protection into at least 2040. Another patent provided protection into at least 2031. Furthermore, the company secured a $50.0 million credit facility in November 2021 from Silicon Valley Bank and Oxford Finance LLC, which involved a loan and security agreement, indicating that some assets were pledged to lenders to secure that financing.

Key IP protection milestones include:

• Patent protection extending into at least 2040 expected from one allowed application.
• Patent protection extending into at least 2031 from another granted patent.
• Orphan drug designations for specific T-cell lymphomas.

NAVAL-1 Clinical Data

The clinical data generated from the Phase 2 NAVAL-1 trial for Nana-val in relapsed or refractory (R/R) EBV-positive peripheral T-cell lymphoma (PTCL) serves as a vital, albeit now historical, resource, as the trial was closed in late 2024. The data supported the potential for an accelerated approval pathway with the FDA, contingent on a planned Randomized Controlled Trial (RCT) initiation in the second half of 2025. The median duration of response (DOR) for the PTCL cohort had not yet been reached at the time of the last major data update.

Here's a breakdown of the key efficacy metrics reported from the R/R EBV+ PTCL cohort of the NAVAL-1 trial:

The data from Stage 1 alone, reported in April 2024, showed an ORR of 50% and a CRR of 20% in the ITT population (n=10) for the Nana-val arm, compared to nanatinostat monotherapy. This defintely showed the value of the combination.

Financial Position and Liquidity

The company's cash reserves are a critical resource for funding operations and strategic activities, especially during the exploration of strategic alternatives following the trial closure. As of Q3 2024, the reported cash, cash equivalents, and short-term investments stood at approximately $21.1 million. This was explicitly stated to fund operations into late Q1 2025, underscoring the time-sensitive nature of securing new capital or completing a transaction.

The breakdown of that Q3 2024 balance was:

• Cash and cash equivalents: Approximately $13.13 million.
• Short-term investments: Approximately $8.01 million.

Viracta Therapeutics, Inc. (VIRX) - Canvas Business Model: Value Propositions

You're looking at the core value Viracta Therapeutics, Inc. (VIRX) brought to the table, centered entirely around its lead asset, Nana-val. This value proposition is what any potential acquirer or partner would focus on, especially given the company's strategic review process initiated in late 2024.

Acquisition of a Late-Stage, First-in-Class Oncology Asset (Nana-val)

The primary value is the late-stage asset itself: Nana-val, which is the combination of nanatinostat, a selective class I histone deacetylase (HDAC) inhibitor, and valganciclovir, an FDA-approved antiviral drug. This combination represents a first-in-class approach targeting virus-associated malignancies. The asset reached a stage where Viracta Therapeutics, Inc. (VIRX) had paused its EBV-positive solid tumor program to focus resources, aiming for a potential New Drug Application (NDA) filing in 2026 for accelerated approval in EBV+ PTCL, contingent on financing and trial progression. The company's cash position as of the end of September 2024 was $21.1 million, with an expected runway into late Q1 2025, which intensified the need for a strategic transaction like a merger, sale, or licensing agreement announced in December 2024.

Potential for Accelerated Approval Path in EBV+ Lymphoma for a Buyer

The regulatory clarity achieved with the FDA provided a defined path for a buyer to pursue accelerated approval for Nana-val in relapsed or refractory (R/R) Epstein-Barr virus-positive (EBV+) Peripheral T-Cell Lymphoma (PTCL). Viracta Therapeutics, Inc. (VIRX) had planned to initiate a randomized controlled trial (RCT) in the second half of 2025 to support this potential registration. This de-risked regulatory pathway, combined with the high unmet medical need in R/R EBV+ PTCL-where median overall survival times have been reported as low as 6.5 months-creates significant value for a company that can fund and execute the next steps.

Novel Kick & Kill Therapeutic Approach for Virus-Associated Malignancies

The underlying scientific premise is the novel 'Kick & Kill' mechanism of action. This approach uses nanatinostat to 'kick' the latent EBV virus out of hiding (reactivation) and then uses valganciclovir to 'kill' the reactivated, virus-producing cells. This mechanism was validated by the substantially greater efficacy seen with Nana-val compared to nanatinostat monotherapy in the NAVAL-1 trial. The company was also pursuing this approach for other virus-related cancers, though the focus was narrowed to lymphoma.

• Nana-val is an all-oral combination regimen.
• It targets the latent EBV virus.
• It showed superior efficacy over monotherapy.
• The solid tumor program had determined a recommended Phase 2 dose.

Clinical Data Showing 30% Complete Response Rate in EBV+ PTCL Subgroup

The clinical evidence provides the hard numbers supporting the asset's potential. Specifically, the data from the NAVAL-1 trial, focusing on the second-line EBV+ PTCL subpopulation, demonstrated compelling activity. The median duration of response (DOR) had not yet been reached as of the August 2024 data cutoff, suggesting durable responses. Here's a breakdown of the key efficacy metrics reported for the second-line EBV+ PTCL subpopulation (ITT population, n=10):

For the broader R/R EBV+ PTCL population (ITT, n=21), the CRR was 19%. The company's decision in November 2024 to lay off 42% of its remaining staff was aimed at conserving resources to bridge to the H1 2025 data readout from the NAVAL-1 expansion phase, which was critical for the registrational thesis.

Viracta Therapeutics, Inc. (VIRX) - Canvas Business Model: Customer Relationships

You're dealing with a situation where the primary customer relationships have shifted from potential future prescribers and partners to existing creditors and the regulatory body overseeing market access. The focus is survival and asset disposition, not growth.

Formal communication with Nasdaq regarding delisting and compliance centered on multiple breaches of listing rules.

• Minimum bid price non-compliance notice received on May 28, 2024.
• Stockholders' equity fell below the required $2,500,000 threshold as of November 21, 2024.
• Trading suspension from Nasdaq commenced on February 4, 2025.
• The company anticipated trading on the OTC Pink Open Market post-suspension.
• A notice regarding non-compliance with audit committee requirements was dated January 13, 2025.

The relationship with secured lenders became critically important following default events.

Debt restructuring and negotiation with secured lenders resulted in a temporary reprieve.

• A forbearance agreement was entered into on January 23, 2025, with lenders including Oxford Finance LLC and Silicon Valley Bank.
• The agreement provided relief until the earliest of February 5, 2025, or a breach of the new terms.
• The company made a significant paydown payment of approximately $3.7 million.
• This followed a prior application of $7.7 million of cash towards obligations.
• The outstanding principal balance remaining after these payments was approximately $3.5 million.

High-stakes M&A and licensing discussions with potential acquirers were formalized as an exploration of strategic alternatives.

The Board of Directors initiated the process to investigate various strategic options on December 26, 2024, following the closure of the NAVAL-1 Clinical Trial. This exploration is the primary avenue for realizing value for equity holders, given the operational wind-down announced on February 5, 2025.

Investor relations focused on the strategic review process involved communicating drastic operational changes to maintain some semblance of corporate structure while pursuing asset sales.

• The company announced a 42% workforce reduction to reduce costs.
• The Board of Directors was resized from ten members to six members by November 6, 2024.
• Following the wind down announcement on February 5, 2025, Craig R. Jalbert was appointed as the sole board member, CEO, President, CFO, Treasurer, and Corporate Secretary.

Here's a quick look at the financial context surrounding these critical relationships as of early 2025:

The current ratio of 0.76 definitely signaled that short-term obligations exceeded liquid assets, which pressured both lender negotiations and the ability to satisfy Nasdaq requirements.

Finance: draft 13-week cash view by Friday.

Viracta Therapeutics, Inc. (VIRX) - Canvas Business Model: Channels

Since the formal announcement on February 5, 2025, Viracta Therapeutics, Inc. has shifted its primary channels to focus almost entirely on the orderly cessation of operations and the exploration of strategic alternatives for its remaining development programs. The company is no longer operating as a going concern, which redefines all prior commercial and R&D channels into liquidation/asset disposition channels.

Direct engagement with potential strategic partners via advisors.

This channel is now exclusively managed by the appointed wind-down leadership to facilitate any potential transfer or sale of assets, such as the Nana-val combination therapy program. The engagement is not for business development in the traditional sense but for asset realization. The former CEO, Mark Rothera, resigned prior to this phase, with all residual strategic discussions falling under the new structure.

• Strategic alternatives exploration commenced following the closure of the NAVAL-1 clinical trial on December 26, 2024.
• The company is seeking potential strategic alternatives for its development programs as part of the wind-down.

SEC filings and press releases for public communication.

Public communication channels are now restricted to mandatory regulatory disclosures, primarily through SEC filings, which serve as the official record of the wind-down process. The company was delisted from Nasdaq on February 4, 2025, due to non-compliance with listing rules. All official updates are channeled through these filings and corresponding press releases, such as the one announcing the wind down on February 5, 2025.

You can find the official documentation, including Form 25 notifying the removal from listing and registration, on the SEC EDGAR database.

Legal and financial advisory firms overseeing the wind-down.

The primary channel for legal and financial oversight is the firm Verdolino & Lowey, P.C., an accounting firm based in Foxborough, Massachusetts, specializing in distressed businesses. Craig R. Jalbert, a principal at this firm, was appointed as the sole board member, CEO, President, CFO, Treasurer, and Corporate Secretary to implement the closure. This structure centralizes all remaining legal and financial decision-making.

The financial impact of this transition is quantified:

Corporate email for residual inquiries: Viracta@vlpc.com.

For any residual inquiries related to the former operations, asset disposition, or historical records, the designated channel is the corporate email address: Viracta@vlpc.com. This email is the direct line managed by the wind-down team, distinct from the former general contact, info@viracta.com. Correspondence can also be sent to the former corporate mailing address in Cardiff, CA, or the new correspondence address in Foxboro, MA.

• Residual Inquiry Email: Viracta@vlpc.com
• Former Headquarters: 2533 S. Coast Hwy 101, Suite 210, Cardiff, CA 92007
• Wind-Down Correspondence Address: 124 Washington Street, Ste. 101, Foxboro, MA 02035
• Transfer Agent Toll-Free Contact: 800.937.5449

Finance: confirm the final cash balance as of the last reported quarter before the wind-down charge posting by end of day Tuesday.

Viracta Therapeutics, Inc. (VIRX) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Viracta Therapeutics, Inc. (VIRX) as of late 2025, which is a unique point in time given the company announced a Wind Down of Operations on February 5, 2025. This shifts the primary 'customers' from potential acquirers of a going concern to entities focused on asset realization and debt settlement.

The core therapeutic focus, prior to the wind-down, centered on patients with relapsed or refractory Epstein-Barr virus-positive (EBV+) lymphoma, specifically the R/R EBV-positive peripheral T-cell lymphoma (PTCL) cohort, where the NAVAL-1 trial showed an overall response rate (ORR) of 33% in the intent-to-treat (ITT) population for Stages 1 and 2. The company had also been evaluating Nana-val for EBV+ recurrent or metastatic nasopharyngeal carcinoma (NPC) and other EBV+ solid tumors.

The customer segments, in the context of strategic alternatives exploration announced December 26, 2024, and the subsequent wind-down, are defined by their financial or asset-related interests:

• Large pharmaceutical companies seeking precision oncology assets. These entities would be interested in the intellectual property (IP) related to Nana-val (nanatinostat and valganciclovir combination) and the data package from the NAVAL-1 trial, particularly in the context of the planned Randomized Controlled Trial (RCT) initiation in the second half of 2025, which was ultimately paused.
• Mid-cap biotech firms focused on hematology/oncology pipeline expansion. These firms might assess the value of acquiring the remaining clinical data or specific platform technology, like the "Kick and Kill" approach for other virus-related cancers.
• Financial entities interested in distressed asset acquisition or IP monetization. Following the announcement of exploring strategic alternatives, these entities become key stakeholders interested in purchasing residual assets, including IP, post-liquidation proceedings initiated around February 5, 2025.
• Secured lenders (Oxford Finance LLC, Silicon Valley Bank) as primary stakeholders. These lenders held the primary claim on assets following the forbearance agreement of January 2025.

The financial structure leading up to the wind-down provides concrete numbers defining the lenders' position:

The internal restructuring also signals a shift in the company's operational footprint, which impacts the value proposition to any potential acquirer of remaining assets. The company implemented a 42% reduction in force. The cash position reported as of June 30, 2024, was approximately $30 million, which was projected to fund operations into the first quarter of 2025.

The secured lenders' primary interest is directly tied to the outstanding debt, which was modified under the Third Amendment to the Loan Agreement. The agreement involved granting a security interest in the company's intellectual property to the lenders.

The patient populations targeted for Nana-val, which represent the ultimate market for the asset, included:

• Patients with relapsed or refractory EBV-positive peripheral T-cell lymphoma (PTCL).
• Patients with EBV-positive recurrent or metastatic nasopharyngeal carcinoma (NPC).
• Patients with other EBV-positive solid tumors.

The company's total employee count was reported as 26 total employees, indicating a small operational footprint even before the 42% reduction.

Viracta Therapeutics, Inc. (VIRX) - Canvas Business Model: Cost Structure

You're looking at the cost structure of Viracta Therapeutics, Inc. (VIRX) as of late 2025, which is dominated by wind-down activities following the cessation of operations in February 2025. The cost base has shifted from high-burn R&D to liquidation and administrative overhead necessary to manage the wind-down and explore strategic alternatives.

The primary cost drivers reflect the company's decision to shut down and manage its remaining liabilities. These costs are one-time or fixed for the duration of the wind-down process, rather than variable based on clinical trial progress.

The operational cost structure, as it existed before the February 2025 wind-down, was heavily weighted toward Research and Development, which is now drastically reduced to minimal or zero ongoing expenditure, save for necessary wind-down administrative overhead.

• Wind-down and severance costs were estimated at around $100,000, covering the final staff wages and severance packages.
• Legal and professional fees are now primarily tied to the wind-down process and the exploration of strategic alternatives for development programs.
• The last reported significant Research and Development (R&D) expense was $7.2 million in Q3 2024.
• Debt servicing costs are now focused on managing the reduced outstanding loan facility principal, which stood at approximately $3.5 million in January 2025.
• General and administrative expenses, which historically included professional fees for accounting, legal services, and compliance, are now fixed to support the liquidation effort.

To be fair, the costs associated with the wind-down CEO, Craig Jalbert, are a fixed commitment of $50,000 annually for three years, separate from the one-time severance charge. The prior debt of $18.6 million (pro forma Q1 2024) was significantly reduced by a paydown of approximately $3.7 million in January 2025, leaving the smaller $3.5 million balance to be managed during the liquidation phase.

Viracta Therapeutics, Inc. (VIRX) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for Viracta Therapeutics, Inc. (VIRX) as of late 2025, and honestly, it's a story of pre-commercialization potential and asset realization, not product sales. The company's entire financial structure hinges on successful monetization events stemming from its past development work on Nana-val.

Zero product sales revenue as of late 2025.

As a clinical-stage company, Viracta Therapeutics, Inc. has not generated revenue from the sale of commercial products. This is standard for a firm at this stage, especially given the strategic decisions made in late 2024. For context, the reported Quarterly Revenue for the period ending September 2024 was $0 Million. This lack of product revenue means operating cash flow is entirely negative, driven by research and development and general and administrative expenses.

Potential one-time upfront payment from a licensing or sale of Nana-val IP.

The most concrete, non-dilutive cash infusion to date has come from prior intellectual property (IP) monetization events related to Nana-val. You should note the timing of these events, as they are historical context for any late 2025 deal. Specifically, there was an upfront payment of $13.5 million tied to license agreements executed in December 2019 with Day One Biopharmaceuticals, Inc. and Denovo Biopharma LLC. Furthermore, Viracta Therapeutics, Inc. strengthened its balance sheet in March 2024 by receiving non-dilutive proceeds of $5.0 million through the monetization of a pre-commercialization, event-based milestone from Day One Biopharmaceuticals, Inc.

Milestone payments or royalties from future development by an acquirer.

The primary mechanism for future revenue, absent a full company sale, is through contingent payments on the Nana-val asset. The existing license agreements entitle Viracta Therapeutics, Inc. to receive future milestone payments or royalties should an acquirer or partner advance Nana-val. The exploration of strategic alternatives, initiated in December 2024, centers on maximizing value through one of these paths. The company's plan to initiate a randomized controlled trial (RCT) in the second half of 2025 was contingent on financing, which was a key driver for the strategic review.

Here's a quick look at the key financial and deal data points that frame the current revenue potential:

Monetization of remaining non-core assets or cash reserves.

Given the announcement on February 5, 2025, regarding the wind down of operations, the focus shifted entirely to conserving capital and realizing value from remaining assets. The cash position as of June 30, 2024, was approximately $30 million, which was expected to fund operations into the first quarter of 2025. By Q3 2024, this had narrowed to $21.1 million. The Board's decision in late 2024 to close the pivotal NAVAL-1 trial was explicitly made to maximize the cash runway while exploring strategic alternatives. Any remaining non-core assets would be part of this strategic review process, which could include the sale of remaining IP or technology platforms outside of the core Nana-val focus.

The strategic alternatives being discussed as of late 2024 included:

• A merger.
• A licensing agreement.
• A sale or other strategic transaction.

The company stated it would not disclose further developments unless a specific action was approved by the Board. If onboarding takes 14+ days, churn risk rises, but here, the risk is the timeline for a strategic transaction closing before the remaining cash is fully depleted.