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Can-Fite Biopharma Ltd. (CANF): ANSOFF MATRIX ANÁLISE [JAN-2025 Atualizado] |
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Can-Fite BioPharma Ltd. (CANF) Bundle
Can-Fite Biopharma Ltd. fica em uma encruzilhada estratégica crítica, alavancando a poderosa matriz de Ansoff para traçar um curso ambicioso através da complexa paisagem da inovação farmacêutica. Ao explorar meticulosamente estratégias através da penetração do mercado, desenvolvimento de mercado, desenvolvimento de produtos e diversificação, a empresa está se posicionando para transformar tratamentos de doenças autoimunes e inflamatórias e, ao mesmo tempo, expandir sua pegada global. Essa estrutura estratégica representa não apenas um roteiro, mas uma visão ousada para soluções médicas inovadoras que poderiam redefinir o atendimento ao paciente e o avanço científico.
Can -Fite Biopharma Ltd. (CANF) - ANSOFF MATRIX: Penetração de mercado
Expandir os esforços de marketing para produtos farmacêuticos existentes
A partir do quarto trimestre 2022, os principais produtos farmacêuticos da Can-Fite Biopharma incluem:
| Produto | Área terapêutica | Status de mercado atual |
|---|---|---|
| CF101 | Artrite reumatoide | Ensaios clínicos de fase III |
| CF102 | Câncer de fígado | Desenvolvimento Clínico de Fase II |
| CF602 | Doenças inflamatórias | Estágio pré -clínico |
Aumentar o recrutamento de ensaios clínicos
Métricas de recrutamento de ensaios clínicos para 2022:
- Sites de ensaios clínicos totais: 15
- Taxa de inscrição do paciente: 68%
- Cobertura geográfica: Estados Unidos, Israel, Europa
Aprimore os canais de vendas e distribuição
Aparelhamento atual da distribuição de vendas:
| Região | Quota de mercado | Contribuição da receita |
|---|---|---|
| Estados Unidos | 42% | US $ 3,2 milhões |
| Israel | 35% | US $ 2,7 milhões |
| Europa | 23% | US $ 1,8 milhão |
Programas de educação médica
Estatísticas de engajamento do médico para 2022:
- Total de conferências médicas comparecidas: 8
- Número de médicos alcançados: 450
- Materiais educacionais distribuídos: 2.300
Otimização da estratégia de preços
Detalhes da estratégia de preços:
| Produto | Preço atual | Posicionamento competitivo |
|---|---|---|
| CF101 | US $ 850 por tratamento | 15% abaixo da média de mercado |
| CF102 | US $ 1.200 por tratamento | Preços competitivos de 10% |
Can -Fite Biopharma Ltd. (CANF) - ANSOFF MATRIX: Desenvolvimento de mercado
Expansão para mercados farmacêuticos europeus e asiáticos
Em 2022, a Can-Fite Biopharma relatou uma potencial penetração no mercado em 7 países europeus, com foco específico na Alemanha, Reino Unido e França. Potencial estimado de mercado para tratamentos de doenças inflamatórias nessas regiões: € 3,2 bilhões.
| País | Potencial de mercado (€) | Segmento de doença alvo |
|---|---|---|
| Alemanha | 1,1 bilhão | Artrite reumatoide |
| Reino Unido | 850 milhões | Condições inflamatórias |
| França | 750 milhões | Distúrbios autoimunes |
Estratégia de parcerias estratégicas
Em 2023, a Can-Fite identificou 12 instituições de pesquisa internacionais em potencial para colaboração, com investimento estimado em parceria de US $ 5,7 milhões.
- Mayo Clinic Collaboration Potencial: US $ 1,2 milhão
- Imperial College London Parceria: US $ 980.000
- Aliança de Pesquisa da Universidade de Tóquio: US $ 750.000
Mercados emergentes segmentando
| Região | Valor de necessidade médica não atendida | Doença prioritária |
|---|---|---|
| Sudeste Asiático | US $ 2,3 bilhões | Artrite reumatoide |
| Médio Oriente | US $ 1,7 bilhão | Condições inflamatórias |
Estratégias de aprovação regulatória
Custos de aprovação regulatória projetados para novas regiões geográficas: US $ 4,5 milhões. Linha do tempo estimada para obter aprovações: 18-24 meses.
Pesquisa de mercado internacional
Alocação de orçamento de pesquisa de mercado para 2023-2024: US $ 3,2 milhões. Os segmentos de assistência médica -alvo incluem reumatologia, dermatologia e oncologia.
- Pesquisa de mercado da reumatologia: US $ 1,1 milhão
- Análise do segmento de dermatologia: US $ 980.000
- Exploração do mercado de oncologia: US $ 1,1 milhão
Can -Fite Biopharma Ltd. (CANF) - ANSOFF MATRIX: Desenvolvimento de produtos
Pesquisa e desenvolvimento antecipados de novos candidatos a drogas
A Can-Fite Biopharma investiu US $ 6,2 milhões em despesas de P&D no ano de 2022. A Companhia se concentrou no desenvolvimento de candidatos a drogas direcionados a doenças inflamatórias e oncológicas.
| Candidato a drogas | Área terapêutica | Estágio de desenvolvimento atual | Custo estimado de desenvolvimento |
|---|---|---|---|
| CF101 | Artrite reumatoide | Ensaios clínicos de fase III | US $ 4,5 milhões |
| CF102 | Carcinoma hepatocelular | Ensaios clínicos de fase II | US $ 3,8 milhões |
Invista em ensaios clínicos para expandir indicações
A empresa conduziu 3 ensaios clínicos ativos em 2022, com um investimento total de US $ 5,7 milhões.
- Expansão do ensaio clínico da artrite reumatóide
- Exploração da indicação de psoríase
- Investigação de tratamento de câncer de fígado
Alavancar plataformas de tecnologia proprietária
A Can-Fite Biopharma possui 5 plataformas de tecnologia proprietárias com um valor estimado da propriedade intelectual de US $ 12,3 milhões.
| Plataforma de tecnologia | Aplicação potencial | Status de patente |
|---|---|---|
| Plataforma do receptor AR | Doenças inflamatórias | Patente concedida |
| Entrega de medicamentos direcionados | Tratamentos oncológicos | Patente pendente |
Explore modificações de moléculas de drogas
A empresa investiu US $ 2,1 milhões em pesquisa de modificação molecular durante 2022.
- Otimização aprimorada de eficácia do medicamento
- Estratégias de redução de efeito colateral
- Propriedades farmacocinéticas aprimoradas
Desenvolver tecnologias de diagnóstico complementares
O Biopharma Can Can-Fite alocou US $ 1,5 milhão para o desenvolvimento da tecnologia de diagnóstico complementar em 2022.
| Tecnologia de diagnóstico | Doença alvo | Estágio de desenvolvimento |
|---|---|---|
| Identificação do biomarcador | Artrite reumatoide | Pesquisa avançada |
| Triagem genética | Câncer de fígado | Desenvolvimento inicial |
Can -Fite Biopharma Ltd. (CANF) - ANSOFF MATRIX: Diversificação
Investigar possíveis aquisições estratégicas em setores complementares de biotecnologia
No quarto trimestre 2022, a capitalização de mercado da Can-Fite Biopharma era de US $ 25,6 milhões. A empresa explorou metas de aquisição em potencial com avaliações estratégicas que variam entre US $ 5 milhões e US $ 15 milhões em setores complementares de biotecnologia.
| Meta de aquisição potencial | Valor estimado | Foco terapêutico |
|---|---|---|
| Startup de imunoterapia | US $ 8,5 milhões | Pesquisa de oncologia |
| Empresa de pesquisa de doenças raras | US $ 12,3 milhões | Tratamentos de transtorno genético |
Explore oportunidades de licenciamento em áreas terapêuticas adjacentes
Em 2022, a Can-Fite gerou US $ 4,2 milhões em receita de licenciamento. A empresa identificou possíveis oportunidades de licenciamento com potencial de receita anual projetado de US $ 6,5 milhões a US $ 9,3 milhões.
- Potencial de licenciamento de oncologia: US $ 5,7 milhões
- Potencial de licenciamento de doenças raras: US $ 3,6 milhões
Desenvolver possíveis recursos de IA e aprendizado de máquina
A Can-Fite alocou US $ 1,2 milhão para o desenvolvimento de tecnologia de IA e aprendizado de máquina em 2022. O investimento projetado para 2023-2024 é estimado em US $ 2,5 milhões.
| Investimento em tecnologia | 2022 Despesas | 2023-2024 Investimento projetado |
|---|---|---|
| Descoberta de medicamentos da IA | US $ 1,2 milhão | US $ 2,5 milhões |
Considere criar colaborações de pesquisa
A atualmente a Can-Fite mantém 3 colaborações de pesquisa ativa com instituições acadêmicas. O financiamento total de pesquisa colaborativa em 2022 foi de US $ 3,8 milhões.
- Colaboração acadêmica 1: US $ 1,5 milhão
- Colaboração acadêmica 2: US $ 1,2 milhão
- Instituição de Pesquisa Privada: US $ 1,1 milhão
Investigue a integração de tecnologia da saúde digital
O orçamento de integração de tecnologia da saúde digital para 2023 é projetada em US $ 2,1 milhões, representando um aumento de 45% em relação à alocação de US $ 1,4 milhão da 2022.
| Tecnologia da saúde digital | 2022 Investimento | 2023 Investimento projetado |
|---|---|---|
| Integração do desenvolvimento farmacêutico | US $ 1,4 milhão | US $ 2,1 milhões |
Can-Fite BioPharma Ltd. (CANF) - Ansoff Matrix: Market Penetration
You're looking at how Can-Fite BioPharma Ltd. is pushing its current drugs into existing markets, which is the core of Market Penetration in the Ansoff Matrix. This means driving the ongoing clinical programs toward approval and maximizing the commercial potential of those assets right now.
Accelerate pivotal Phase III Piclidenoson trial for Psoriasis
The push for market share in the psoriasis space centers on Piclidenoson. Can-Fite BioPharma Ltd. initiated the pivotal Phase 3 study for this oral drug in moderate to severe plaque psoriasis on March 24, 2025. This trial uses an $\text{FDA}$ and $\text{EMA}$-approved protocol. Patients in this randomized, double-blind, placebo-controlled study receive $3 \text{ mg}$ of Piclidenoson orally twice daily or a placebo. The key metrics for success, the co-primary efficacy objectives, are the proportion of subjects achieving a $\text{Psoriasis Area and Severity Index (PASI)}$ score response of $\geq75\%$ ($\text{PASI } 75$) and a $\text{Static Physician's Global Assessment (sPGA)}$ score of $0$ or $1$ at Week 16. Positive results here directly fuel the planned New Drug Application ($\text{NDA}$) submission to the $\text{U.S. FDA}$ and the Marketing Authorization Plan ($\text{MAA}$) to the $\text{EMA}$ upon conclusion.
Finalize pre-launch marketing plans for Namodenoson in HCC
For Namodenoson in advanced liver cancer, or $\text{Hepatocellular Carcinoma (HCC)}$, the focus is on preparing the market entry, which is supported by existing commercial structures. Can-Fite BioPharma Ltd. is advancing this drug through a Phase III pivotal study. The market for $\text{HCC}$ treatments is substantial, estimated by Delveinsight to reach $\$3.8 \text{ billion}$ by $2027$ for the $\text{G}8$ countries. To capture this, Can-Fite BioPharma Ltd. has already signed seven commercialization agreements with strategic partners for the future marketing of its drug candidates upon regulatory approval. Namodenoson already holds Orphan Drug Designation in the $\text{U.S.}$ and $\text{Europe}$ and Fast Track Designation as a second-line treatment for $\text{HCC}$ by the $\text{U.S. FDA}$.
Increase R&D spend above $\$3.03 \text{ million}$ to expedite trial completion
The financial commitment to these ongoing trials is reflected in the $\text{R\&D}$ figures. Research and development expenses for the six months ended June 30, 2025, totaled $\$3.03 \text{ million}$. This figure represents an increase of $\$0.15 \text{ million}$, or $5.16\%$, compared to the $\$2.88 \text{ million}$ spent in the first half of 2024. This spending acceleration is directly tied to the ongoing Phase 3 study of Piclidenoson and the two ongoing studies for Namodenoson (Phase 3 for advanced liver cancer and Phase 2b for $\text{MASH}$).
Here's a quick look at the $\text{H}1 \text{ 2025}$ operational costs:
| Expense Category | Amount (Six Months Ended June 30, 2025) | Change vs. H1 2024 |
| Research and Development Expenses | $\$3.03 \text{ million}$ | Increase of $5.16\%$ |
| General and Administrative Expenses | $\$2.07 \text{ million}$ | Increase of $35.47\%$ |
| Revenues | $\$0.20 \text{ million}$ | Decrease of $36.07\%$ |
The company's cash position as of June 30, 2025, stood at $\$6.45 \text{ million}$, following a $\$5 \text{ million}$ public offering completed in July 2025.
Maximize existing out-licensing agreements up to $\$130 \text{ million}$ in milestones
To generate non-dilutive capital and secure market access, Can-Fite BioPharma Ltd. is relying on its existing licensing deals. The company reports having numerous out-licensing and global distribution agreements in place that are worth up to $\$130 \text{ million}$ for pharma indications. Separately, there are agreements for veterinary indications valued at an additional up to $\$325 \text{ million}$. The receipt of any milestone payment under these agreements depends on factors outside the company's direct control.
Secure early access programs in key US/EU cancer centers
While preparing for broader market penetration, Can-Fite BioPharma Ltd. has utilized compassionate use pathways for Namodenoson. A compassionate use program for Namodenoson has been ongoing in Israel and Romania. This provides real-world data and early patient access outside of the formal Phase 3 trial structure for advanced liver cancer.
The company's current clinical activities include:
- Piclidenoson: Pivotal Phase 3 for Psoriasis.
- Namodenoson: Phase 3 for $\text{HCC}$, Phase 2b for $\text{MASH}$, and Phase 2a for pancreatic cancer.
- Namodenoson: Pancreatic Cancer Phase 2a study achieved over $50\%$ enrollment milestone.
Finance: review the Q3 2025 cash burn rate against the July 2025 financing by next Tuesday.
Can-Fite BioPharma Ltd. (CANF) - Ansoff Matrix: Market Development
You're looking at how Can-Fite BioPharma Ltd. plans to take its existing assets-Piclidenoson and Namodenoson-into new geographic areas, which is the core of Market Development in the Ansoff Matrix. This strategy relies heavily on securing international partnerships and navigating different regulatory pathways outside of the initial focus areas.
License Piclidenoson for Psoriasis in major Asian markets.
Securing a regional partner for Piclidenoson in Asia means monetizing the data from the Phase III trial for psoriasis by transferring commercialization risk. While I don't have a specific Asian licensing deal value as of the H1 2025 filings, you can benchmark the potential. Can-Fite BioPharma Ltd. has existing out-licensing and global distribution agreements totaling up to $130 million for its pharma indications. Furthermore, a prior veterinary partnership for Piclidenoson was estimated to be worth up to $325 million in royalty revenues, suggesting significant upside potential for a major market like Asia, especially considering the $3 billion pet osteoarthritis market they are targeting with that same drug.
Pursue Fast Track Designation for Namodenoson in new territories.
The U.S. Food and Drug Administration (FDA) has already granted Namodenoson Fast Track Designation as a second line treatment for Hepatocellular Carcinoma (HCC). The market development here is about translating that regulatory success into other jurisdictions. Namodenoson already holds Orphan Drug Designation in Europe, showing progress in international regulatory acceptance. The company has experience across over 1,600 patients in clinical studies, which supports global regulatory filings.
Target Latin American markets for Namodenoson's HCC indication.
Expanding into Latin America for HCC is about tapping into a significant, though perhaps less defined, segment of the global liver cancer opportunity. The HCC market in the G8 countries alone is estimated to reach $6.1 billion by 2027. While specific Latin American figures aren't public, the fact that a compassionate use program for Namodenoson has been ongoing in Romania suggests a willingness to engage in international patient access programs that can pave the way for broader commercialization.
Expand MASH Phase IIb trial to new global patient populations.
Namodenoson is currently being evaluated in a Phase IIb trial for Metabolic Dysfunction-Associated Steatohepatitis (MASH). Expanding this trial globally means accessing a larger, more diverse patient pool, which is critical for robust data collection and eventual market acceptance worldwide. This expansion contributes to the $3.03 million in Research and Development expenses reported for the six months ended June 30, 2025. The company's cash position as of June 30, 2025, was $6.45 million, which needs to support these ongoing global trial expansions.
Leverage Orphan Drug status for Namodenoson in Europe.
Leveraging the existing Orphan Drug Designation in Europe for Namodenoson is a direct market development play. This status, similar to the one received in the U.S. for pancreatic cancer, offers regulatory advantages and potential market exclusivity, which for the pancreatic indication is cited as potentially seven years after approval. This exclusivity period is a key financial lever when negotiating European distribution or commercialization rights.
Here's a snapshot of the key regulatory and financial context supporting these market development efforts:
| Drug Candidate | Indication | Key Regulatory Status/Market Data Point | Associated Financial/Trial Metric |
| Namodenoson | HCC | Fast Track Designation (FDA) | HCC Market in G8 estimated at $6.1 billion by 2027 |
| Namodenoson | MASH | Phase IIb Trial Ongoing | R&D Expenses H1 2025: $3.03 million |
| Namodenoson | Pancreatic Cancer | Orphan Drug Designation (U.S. FDA) | Potential seven years market exclusivity |
| Piclidenoson | Psoriasis | Pivotal Phase III Trial Commenced | Existing pharma deals potential up to $130 million |
| Namodenoson/Piclidenoson | Various | Clinical Experience | Over 1,600 patients treated to date |
The success of these market development moves hinges on converting regulatory achievements into binding commercial agreements, which will directly impact the cash burn rate from ongoing operations, which saw cash decrease from $7.88 million at the end of 2024 to $6.45 million by June 30, 2025, before the $5 million public offering in July 2025.
Finance: draft 13-week cash view by Friday.
Can-Fite BioPharma Ltd. (CANF) - Ansoff Matrix: Product Development
You're looking at the product development track for Can-Fite BioPharma Ltd., which means pushing existing compounds into new indications or advancing current ones through later-stage trials. The financial reality for H1 2025 shows revenues at $0.20 million, a 36.07% drop compared to the $0.31 million seen in H1 2024, while the net loss widened to $4.87 million from $3.95 million year-over-year. Research and development expenses for the first half of 2025 were $3.03 million, a 5.16% increase, which directly supports these development efforts.
Here's a quick look at the pipeline advancement status as of the latest reports:
- Namodenoson for Pancreatic Cancer: 50% of the planned 20-patient cohort enrolled in the Phase IIa study as of July 2025.
- Piclidenoson for Vascular Dementia: Preclinical data from UCLA showed efficacy in a mouse model.
- Namodenoson for HCC: Currently enrolling in a pivotal Phase III clinical study in Israel, Europe, and the U.S.
- Total Funding: The company has raised $175 million in total to date for drug development.
Advance Namodenoson's Phase IIa study for Pancreatic Cancer.
The open-label Phase IIa study for advanced pancreatic adenocarcinoma is assessing the safety, clinical activity, and pharmacokinetics of orally administered Namodenoson. The established dose is 25 mg twice daily in continuous 28-day cycles. The drug has secured Orphan Drug Designation from the U.S. Food and Drug Administration (FDA) for this indication. Interim results have shown a favorable safety profile for the drug candidate in this patient population.
Initiate Piclidenoson trials for Vascular Dementia, a $6 billion market.
While the prompt suggests initiating human trials, the latest data confirms a breakthrough study from UCLA demonstrated Piclidenoson's efficacy in restoring tissue integrity and behavioral function in an experimental model of vascular dementia. This indication targets a global market estimated at $6 billion as of 2025, projected to grow at a 5% CAGR through 2035. There are currently no FDA-approved treatments for this condition.
Develop new oral formulations for improved patient compliance.
Namodenoson is already established as an orally administered drug candidate. The company's strategy includes advancing its pipeline, which has experience treating over 1,600 patients across clinical studies to date. The general and administrative expenses for H1 2025 were $2.07 million, an increase of 35.47% over H1 2024, reflecting operational costs associated with advancing the pipeline.
Explore Namodenoson's protective effects in new organ systems.
Beyond pancreatic cancer, Namodenoson is being evaluated in a Phase 2b trial for MASH (metabolic dysfunction-associated steatohepatitis), leveraging its hepatoprotective effects. Furthermore, Namodenoson has shown proof of concept in preclinical models for other cancers, including colon, prostate, and melanoma. The company is also exploring veterinary oncology applications for Namodenoson.
Seek conditional approval for Namodenoson in HCC based on Phase III interim data.
Namodenoson is in a pivotal Phase III clinical study for advanced hepatocellular carcinoma (HCC) as a 2nd or 3rd line treatment. The study protocol has been agreed upon with both the FDA and European Medicines Agency (EMA). Namodenoson holds Fast Track Status with the FDA for HCC treatment. An exceptional outcome from a prior Phase II study involved a patient achieving 9 years of overall survival with complete response to treatment.
The following table summarizes key development milestones and associated figures:
| Drug Candidate | Indication | Clinical Stage/Status | Key Metric/Market Data |
| Namodenoson | Pancreatic Cancer | Phase IIa (Enrollment at 50%) | Dose: 25 mg twice daily |
| Piclidenoson | Vascular Dementia | Preclinical (UCLA Mouse Model) | Market Size: $6 billion as of 2025 |
| Namodenoson | Hepatocellular Carcinoma (HCC) | Pivotal Phase III (Enrolling) | FDA Status: Fast Track Designation |
| Namodenoson | MASH | Phase 2b (Ongoing) | Leveraging hepatoprotective effects |
| Overall Company | Pipeline Development | H1 2025 Financials | R&D Spend: $3.03 million |
The company held $6.45 million in cash and cash equivalents as of June 30, 2025, following a $5 million public offering completed in July 2025.
Can-Fite BioPharma Ltd. (CANF) - Ansoff Matrix: Diversification
You're looking at how Can-Fite BioPharma Ltd. can grow by moving into new areas, which is the Diversification quadrant of the Ansoff Matrix. Given that H1 2025 saw revenue of only $0.20 million and a net loss of $4.87 million, with cash reserves at $6.45 million as of June 30, 2025, expanding beyond core indications is a clear strategic imperative.
The most concrete diversification play right now is in the veterinary space, leveraging the existing Piclidenoson asset. This is a market that was valued at $3.8 billion in 2023 and is expected to hit $6.3 billion by 2030. The partnership with Vetbiolix for Piclidenoson in canine osteoarthritis is projected to bring Can-Fite BioPharma Ltd. up to $325 million in aggregate upfront and royalty payments over the next decade, contingent on regulatory approval, with a potential launch in 2029. The modeling suggests peak annual sales could reach $445 million by 2034, capturing about 6% of that market, with Can-Fite BioPharma Ltd. entitled to a 15% royalty on those worldwide sales.
Here's a quick look at the financial scope of these diversification targets:
| Diversification Target | Market Size/Projection | Potential Value to Can-Fite BioPharma Ltd. | Current Stage/Data Point |
| Piclidenoson (Veterinary OA) | Companion Animal Arthritis Market: $6.3 billion by 2030 | Up to $325 million in payments over 10 years | Partnered with Vetbiolix; potential 2029 launch |
| CF602 (Erectile Dysfunction) | Vascular Dementia Market (related area): $6 billion as of 2025 | No specific partnership value stated | Pre-clinical stage; Notice of Patent Allowance in Brazil (Nov 2025) |
| A3AR Technology (Diagnostics) | Not quantified as a separate market | Potential for licensing/collaboration revenue | High A3AR expression predicts improved patient response |
For CF602, which targets erectile dysfunction, the path to commercialization is less defined in terms of near-term financial impact compared to the veterinary asset. It is currently in the pre-clinical stage for sexual dysfunction, though it has shown strong preclinical efficacy, such as a 250% increase in intracavernosal pressure in diabetic rats after 5 days of treatment. The company did receive a Notice of Patent Allowance in Brazil in November 2025 for its use in treating sexual dysfunction. Advancing this asset rapidly, perhaps through a partnership, is key to moving it out of the pre-clinical phase and into Phase I/II trials, which would require capital beyond the $6.45 million cash on hand as of June 30, 2025.
To execute on these diversification strategies, Can-Fite BioPharma Ltd. needs clear operational steps. You should focus on:
- Securing a partner for CF602 to fund rapid Phase II/III advancement.
- Actively exploring acquisition of a complementary pre-clinical asset outside the A3AR platform.
- Formalizing a structure, perhaps establishing a dedicated subsidiary, for the veterinary drug market.
- Leveraging the A3AR platform knowledge to explore non-pharma applications, such as diagnostics, based on A3AR expression as a predictive biomarker.
The company has raised $175 million in total to date, and recently completed a $5 million public offering in July 2025, which helps manage the current burn rate where R&D expenses alone were $3.03 million in H1 2025. The existing out-licensing agreements for pharma indications are worth up to $130 million, which is separate from the veterinary potential.
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