Evelo Biosciences, Inc. (EVLO): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Evelo Biosciences, Inc. (EVLO) fica na vanguarda da inovação médica, pioneira em uma abordagem revolucionária para o tratamento de condições inflamatórias por meio de terapêutica inovadora à base de microbioma. Ao aproveitar o poder dos biológicos orais e da medicina de precisão, esse pioneiro de biotecnologia está redefinindo como entendemos e combate a inflamação sistêmica, oferecendo possíveis tratamentos inovadores que poderiam transformar o atendimento ao paciente em distúrbios autoimunes complexos. Seu modelo de negócios exclusivo representa uma interseção sofisticada de pesquisa científica, inovação tecnológica e parcerias estratégicas que promete remodelar o cenário de intervenções imunológicas.

Evelo Biosciences, Inc. (EVLO) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa farmacêutica e centros acadêmicos

Evelo Biosciences mantém parcerias estratégicas com as seguintes instituições de pesquisa:

Instituição	Área de foco	Status de colaboração
Instituto de Tecnologia de Massachusetts (MIT)	Pesquisa de microbioma	Parceria ativa
Escola de Medicina de Harvard	Estudos de imunologia	Colaboração de pesquisa em andamento

Colaborações estratégicas com laboratórios de pesquisa de imunologia e microbioma

Evelo Biosciences estabeleceu as principais colaborações de pesquisa:

• Brigham e Centro de Pesquisa de Imunologia do Hospital Feminino
• Dana-Farber Cancer Institute Microbiome Laboratory
• Grupo de Pesquisa de Imunoengenharia da Universidade de Stanford

Parceiros potenciais de desenvolvimento farmacêutico

Parceiro	Potencial tipo de colaboração	Área terapêutica
Pfizer Inc.	Desenvolvimento de medicamentos	Doenças inflamatórias
Johnson & Johnson	Suporte ao ensaio clínico	Imunoterapia oncológica

Organizações de fabricação contratada (CMOs)

Evelo Biosciences trabalha com CMOs especializados para desenvolvimento de produtos:

• LONZA GROUP LTD
• Soluções farmacêuticas catalentas
• Wuxi Apptec

Total de Pesquisa Parcerias em 2024: 8 colaborações ativas

Investimento anual em parcerias de pesquisa: US $ 12,3 milhões

Evelo Biosciences, Inc. (EVLO) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de medicamentos baseados em microbioma

A partir do quarto trimestre de 2023, a Evelo Biosciences investiu US $ 42,3 milhões em despesas de pesquisa e desenvolvimento. A empresa se concentra no desenvolvimento de biológicos orais direcionados ao intestino delgado para modular a inflamação sistêmica.

Área de foco de pesquisa	Valor do investimento	Programas de pesquisa ativa
Terapêutica de microbioma	US $ 42,3 milhões (2023)	3 programas de investigação primária
Alvos de doenças inflamatórias	US $ 18,7 milhões	2 candidatos em estágio clínico

Gerenciamento de ensaios pré -clínicos e clínicos

O Evelo Biosciences possui 2 ensaios clínicos em andamento em 2024, com um total de 87 participantes de pacientes em vários locais.

• Ensaios de fase 1 para tratamento de doença inflamatória EV-101
• Ensaios de fase 2 para intervenção imunológica do EV-102

Projeto de produto terapêutico direcionando doenças inflamatórias

A empresa desenvolveu 2 candidatos terapêuticos primários direcionando vias inflamatórias específicas.

Candidato a produto	Indicação alvo	Estágio de desenvolvimento
EV-101	Doença inflamatória intestinal	Ensaios clínicos de fase 2
EV-102	Inflamação sistêmica	Fase 1/2 ensaios clínicos

Pesquisa imunológica e engenharia biológica

A equipe de pesquisa compreende 37 pessoal científico com experiência especializada em terapêutica de microbioma.

• 12 pesquisadores em nível de doutorado
• 25 Associados e cientistas de pesquisa
• 3 plataformas dedicadas de pesquisa de imunologia

Conformidade regulatória e validação científica

O Evelo Biosciences mantém documentação regulatória abrangente para 2 aplicações de novos medicamentos para investigação (IND) com o FDA.

Métricas de conformidade regulatória	Dados quantitativos
Aplicações IND ativas	2
Orçamento de envio regulatório	US $ 3,2 milhões (2023)

Evelo Biosciences, Inc. (EVLO) - Modelo de negócios: Recursos -chave

Plataforma de medicamentos baseados em microbioma proprietário

Evelo Biosciences desenvolveu um Plataforma de drogas baseada em microbioma exclusiva focado em biológicos orais direcionados à inflamação sistêmica e respostas imunes.

Característica da plataforma	Detalhes específicos
Tipo de tecnologia	Biológicos orais direcionando interações de microbioma
Foco na pesquisa	Inflamação sistêmica e modulação imunológica
Estágio de desenvolvimento	Vários programas pré-clínicos e de estágio clínico

Equipe especializada de pesquisa e desenvolvimento

A partir do quarto trimestre 2023, a equipe de P&D da Evelo compreende pessoal científico especializado.

Composição da equipe	Número
Pessoal total de P&D	Aproximadamente 62 funcionários
Pesquisadores de doutorado	38 funcionários científicos com diplomas avançados

Portfólio de propriedade intelectual

• Total de patentes concedidas: 47
• Aplicações de patentes pendentes: 23
• Famílias de patentes que cobrem plataformas terapêuticas de microbioma

Instalações avançadas de pesquisa de biotecnologia

Evelo mantém instalações de pesquisa localizadas em Cambridge, Massachusetts.

Especificação da instalação	Detalhes
Espaço total de pesquisa	Aproximadamente 25.000 pés quadrados
Equipamento de laboratório	Pesquisa avançada de microbiomas e instrumentos analíticos

Experiência científica em imunologia e terapêutica microbiana

Principais liderança científica com vasta experiência em pesquisa de microbiomas.

Experiência em liderança	Fundo
Diretor científico	Mais de 20 anos em pesquisa terapêutica microbiana
Diretores de pesquisa	Coletivo mais de 50 anos em pesquisa de imunologia

Evelo Biosciences, Inc. (EVLO) - Modelo de negócios: proposições de valor

Biológicos orais inovadores direcionando inflamação sistêmica

Evelo Biosciences se concentra no desenvolvimento de biológicos orais com mecanismos de segmentação específicos:

Candidato a drogas	Alvo de inflamação	Estágio de desenvolvimento
EDP1815	Condições inflamatórias	Ensaios clínicos de fase 2
EDP2939	Doença inflamatória intestinal	Estágio pré -clínico

Possíveis tratamentos inovadores para distúrbios autoimunes

As áreas de foco terapêuticas incluem:

• Psoríase
• Artrite reumatoide
• Doença inflamatória intestinal

Abordagem de medicina de precisão usando a tecnologia de microbioma

Especificos de plataforma tecnológica:

Componente de tecnologia	Característica única
Consórcio monoclonal	Modulação imunológica precisa
Mecanismo biológico oral	Controle inflamatório sistêmico

Intervenções terapêuticas não invasivas

Características de intervenção -chave:

• Administração oral
• Sem requisitos de injeção
• Potenciais efeitos colaterais reduzidos

Redução potencial de condições inflamatórias complexas

Métricas de pipeline de desenvolvimento clínico:

Investimento em pesquisa	2023 quantidade
Despesas de P&D	US $ 52,4 milhões
Financiamento de ensaios clínicos	US $ 18,7 milhões

Evelo Biosciences, Inc. (EVLO) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com a comunidade de pesquisa médica

A partir do quarto trimestre 2023, o Evelo Biosciences mantém o envolvimento direto por meio de:

Canal de engajamento	Número de interações
Reuniões do Investigador de Pesquisa	27 reuniões
Consultas de líder de opinião -chave	18 consultas
Comunicação direta de pesquisa	42 Comunicações científicas

Conferência Científica e Participação do Simpósio

Métricas de engajamento da conferência para 2023:

• Total de conferências participadas: 12
• Apresentações entregues: 8
• Apresentações de pôsteres: 4

Comunicações do resultado do ensaio clínico transparentes

Método de comunicação	Freqüência
Publicações de resultado do ensaio clínico	3 publicações revisadas por pares
Registros de ensaios clínicos públicos	5 testes registrados
Divulgação de resultados online	Atualizações trimestrais no site da empresa

Parcerias de pesquisa colaborativa

Detalhes da parceria de pesquisa para 2023:

• Parcerias da Instituição Acadêmica: 6
• Colaborações de pesquisa farmacêutica: 3
• Investimento total de parceria: US $ 2,4 milhões

Plataformas de comunicação de investidores e partes interessadas

Canal de comunicação	Freqüência
Chamadas de ganhos trimestrais	4 chamadas anuais
Apresentações de investidores	6 apresentações
Reunião Anual dos Acionistas	1 reunião

Evelo Biosciences, Inc. (EVLO) - Modelo de negócios: canais

Publicações científicas diretas

A partir do quarto trimestre 2023, o Evelo Biosciences publicou 3 artigos científicos revisados ​​por pares em periódicos, incluindo biotecnologia da natureza e células.

Jornal de publicação	Número de publicações	Fator de impacto
Biotecnologia da natureza	1	34.5
Célula	2	52.7

Apresentações da conferência médica

Em 2023, o Evelo Biosciences apresentou em 7 conferências médicas internacionais.

Nome da conferência	Localização	Tipo de apresentação
Reunião Anual da ASCO	Chicago, IL	Apresentação oral
Congresso anual da SITC	San Diego, CA.	Apresentação de pôsteres

Comunicações de Relações com Investidores

A Evelo Biosciences conduziu 12 eventos de comunicação de investidores em 2023.

• 4 chamadas trimestrais
• 2 Apresentações da Conferência de Investidores
• 6 reuniões individuais de investidores

Rede da indústria de biotecnologia

A empresa se envolveu em 15 discussões em parceria do setor em 2023.

Categoria de rede	Número de interações
Parcerias farmacêuticas	8
Colaborações de pesquisa acadêmica	7

Plataformas de comunicação científica digital

A Evelo Biosciences manteve perfis ativos em 3 plataformas científicas digitais.

• Rede científica do LinkedIn
• Pesquisa
• Mendeley

Evelo Biosciences, Inc. (EVLO) - Modelo de negócios: segmentos de clientes

Pesquisadores farmacêuticos

A partir do quarto trimestre 2023, o Evelo Biosciences possui 12 colaborações de pesquisa ativa com instituições de pesquisa farmacêutica.

Segmento de pesquisa	Número de colaborações ativas	Investimento total de pesquisa
Pesquisa de imunologia	5	US $ 3,2 milhões
Pesquisa de doenças inflamatórias	4	US $ 2,7 milhões
Pesquisa de oncologia	3	US $ 2,1 milhões

Imunologistas clínicos

Tamanho do mercado -alvo: 8.500 imunologistas clínicos especializados nos Estados Unidos.

• Orçamento médio de pesquisa anual por imunologista clínico: US $ 250.000
• Penetração potencial de mercado: 15-20% dos especialistas-alvo

Instituições de Saúde

Mercado total de instituições de saúde endereçáveis: 6.347 hospitais e centros de pesquisa.

Tipo de instituição	Número de instituições	Potencial engajamento
Centros Médicos Acadêmicos	287	Alto potencial
Hospitais de pesquisa	412	Potencial médio
Centros de tratamento especializados	156	Alto potencial

Investidores de biotecnologia

Base de investidores atuais: 127 investidores institucionais

• Investimento institucional total: US $ 328,4 milhões
• Investimento médio por investidor institucional: US $ 2,58 milhões

Pacientes com condições inflamatórias

População total de pacientes com possíveis condições -alvo: 12,3 milhões nos Estados Unidos.

Condição inflamatória	População de pacientes	Potencial de mercado
Doença inflamatória intestinal	3,1 milhões	Alto
Artrite reumatoide	1,3 milhão	Médio
Psoríase	8,0 milhões	Alto

Evelo Biosciences, Inc. (EVLO) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal encerrado em 31 de dezembro de 2023, a Evelo Biosciences relatou despesas de pesquisa e desenvolvimento de US $ 62,4 milhões.

Ano	Despesas de P&D	Porcentagem de custos operacionais totais
2023	US $ 62,4 milhões	68.5%
2022	US $ 73,1 milhões	71.2%

Investimentos de ensaios clínicos

As despesas de ensaios clínicos para biosciências de evelo em 2023 totalizaram aproximadamente US $ 45,2 milhões, com foco em medicamentos imuno-metabólicos e biológicos orais.

Manutenção da propriedade intelectual

• Custos de arquivamento e manutenção de patentes: US $ 1,7 milhão em 2023
• Portfólio de propriedade intelectual total: 18 famílias de patentes
• Custo médio de manutenção anual de patente por família: US $ 94.444

Aquisição de funcionários e talentos científicos

Categoria de pessoal	Número de funcionários	Custos anuais de pessoal
Cientistas de pesquisa	42	US $ 6,3 milhões
Equipe administrativo	28	US $ 3,2 milhões
Gestão executiva	7	US $ 2,8 milhões

Infraestrutura de laboratório e tecnologia

Infraestrutura anual e investimento em tecnologia: US $ 5,6 milhões, incluindo equipamentos de laboratório, recursos computacionais e manutenção de instalações de pesquisa.

Componente de infraestrutura	Custo anual
Equipamento de laboratório	US $ 3,2 milhões
Sistemas de tecnologia	US $ 1,4 milhão
Manutenção da instalação	US $ 1,0 milhão

Evelo Biosciences, Inc. (EVLO) - Modelo de negócios: fluxos de receita

Potencial licenciamento futuro de produtos

A partir do quarto trimestre 2023, a Evelo Biosciences ainda não gerou receita significativa com o licenciamento de produtos. A estratégia de licenciamento potencial da empresa se concentra em sua plataforma biológica oral de investigação.

Bolsas de pesquisa

Ano	Fonte de concessão	Valor de concessão
2023	Institutos Nacionais de Saúde (NIH)	US $ 1,2 milhão
2022	Departamento de Defesa	$850,000

Acordos de pesquisa colaborativa

A Evelo Biosciences estabeleceu colaborações de pesquisa com empresas farmacêuticas selecionadas, embora detalhes financeiros específicos não sejam divulgados publicamente.

Vendas potenciais de produtos terapêuticos

A receita atual das vendas de produtos terapêuticos é de US $ 0, pois os principais candidatos da empresa ainda estão em etapas de desenvolvimento clínico.

Monetização da propriedade intelectual

• Total de patentes de propriedade: 84 em 31 de dezembro de 2023
• Famílias de patentes que cobrem a plataforma biológica orais
• Potenciais oportunidades futuras de licenciamento de IP

Financeiro Overview para 2023:

Métrica financeira	Quantia
Receita total	US $ 4,3 milhões
Pesquisa concede renda	US $ 2,1 milhões
Renda de pesquisa colaborativa	US $ 1,2 milhão

Evelo Biosciences, Inc. (EVLO) - Canvas Business Model: Value Propositions

You're looking at the final stages of Evelo Biosciences, Inc. (EVLO), where the business model has fundamentally shifted from drug development to asset realization and corporate closure, following the board's determination in November 2023 to dissolve the business after failing to secure further financing. The value propositions now center entirely on the execution of this wind-down plan.

Maximizing the net residual cash value returned to stockholders

The primary goal here is converting remaining assets into cash to distribute to stockholders after all creditors are satisfied. The market valuation reflects the severe impairment to historical stockholder value. As of the trading day on September 29, 2025, the common stock was trading at $0.000500 USD per share. This is a significant drop from the initial public offering price of $16.00 per share in 2018. The company's last reported balance sheet figures, as of the latest quarter (contextually Q3 2023), showed total assets of $20.63 million against total liabilities of $39.76 million. The Plan of Complete Liquidation and Dissolution states that claims will be paid in full according to priority, and any remaining assets will be distributed to stockholders.

Orderly and compliant wind-down of all corporate operations

This value proposition is about executing the dissolution process according to Delaware General Corporation Law (DGCL) to preserve asset value during the transition. The company ceased engaging in business activities beyond what was necessary to preserve asset value and wind up affairs after the Effective Time of dissolution. To facilitate this, the company retained former executive officers as consultants; for example, CEO Simba Gill was set to receive a fee of $3,150 per day for consulting on the dissolution. The lease on the office and laboratory space, which was previously scheduled to terminate on September 30, 2025, was terminated early, effective September 15, 2023.

Final resolution of all liabilities for creditors and former partners

This involves settling all outstanding obligations, including debt, vendor contracts, and severance obligations, in a legally compliant manner. The company restructured debt in July 2023, paying down $5.0 million of existing debt and converting a further $5.0 million from debt to equity. The dissolution plan mandates that all claims and obligations must be paid or provision made for them according to their priority.

Transfer of proprietary SINTAX platform IP to a new owner

The SINTAX platform IP, which was central to Evelo Biosciences' scientific approach, represents a key asset to be transferred or sold to maximize residual value. While the July 2023 private placement raised gross proceeds of approximately $25.5 million, this was for general corporate purposes and debt paydown, not a direct sale of the IP. The specific realized financial amount from the transfer or sale of the SINTAX platform IP during the wind-down period of 2024 or 2025 is not publicly itemized in the latest available filings.

Here are the key figures related to the company's financial standing leading into the wind-down:

Financial Metric	Amount/Value	Date/Context
IPO Price Per Share	$16.00 USD	2018
Common Stock Price	$0.000500 USD	September 29, 2025
Total Assets (Reported)	$20.63 million	Latest reported quarter (Q3 2023 context)
Total Liabilities (Reported)	$39.76 million	Latest reported quarter (Q3 2023 context)
Debt Paid Down (July 2023)	$5.0 million	Debt Restructuring
Debt Converted to Equity (July 2023)	$5.0 million	Debt Restructuring
Private Placement Gross Proceeds	$25.5 million	July 2023

The wind-down process is governed by the principle of paying claims based on their legal priority before any distribution to stockholders can occur, as detailed in the Plan of Complete Liquidation and Dissolution.

Evelo Biosciences, Inc. (EVLO) - Canvas Business Model: Customer Relationships

You're looking at the relationships Evelo Biosciences, Inc. maintains with various external parties as of late 2025, which are largely dictated by its clinical-stage status and recent strategic review following trial results. These aren't traditional B2C or B2B customer relationships; they are highly formalized, legal, or financial interactions.

Formal, statutory communication with shareholders via SEC filings

Communication with shareholders is strictly governed by the Securities and Exchange Commission (SEC) requirements. As of the last reported status, Evelo Biosciences, Inc. is classified as a Non-accelerated filer, a Smaller reporting company, and an Emerging growth company.

The relationship is characterized by mandatory disclosures:

• Filing of Annual Reports on Form 10-K.
• Filing of Quarterly Reports on Form 10-Q.
• Filing of Current Reports on Form 8-K for material events.

The company makes these reports available on its website, as required by regulation.

Direct, legal negotiation with creditors to settle outstanding debt

The need for direct negotiation stems from the company's financial position, which previously indicated an inability to meet debt repayment obligations without restructuring or new capital [cite: 3 in previous turn]. While specific 2025 settlement amounts are not public, the company has a history of refinancing, including a $45 million term loan agreement in December 2022 [cite: 5 in last search].

The nature of these interactions is summarized below:

Creditor Interaction Type	Latest Known Financial Context
Debt Refinancing Event (Horizon)	$45 million term loan agreement entered December 2022 [cite: 5 in last search]
Debt Financing Event (K2HV)	$45 million agreement entered July 2019, with $20 million borrowed initially [cite: 7 in last search]
Debt-to-Equity Ratio (Latest Reported)	127.11% [cite: 3 in first search]

These negotiations are critical to maintaining operational continuity.

Minimal, transactional relationship with IP buyers

Relationships with intellectual property (IP) buyers or partners are transactional, centered on the potential monetization of Evelo Biosciences, Inc.'s proprietary platform and product candidates. The value drivers for the life sciences industry in 2025 are heavily tied to IP, licensing, and M&A [cite: 4 in second search].

The relationship framework involves:

• Granting of rights to intellectual property embodied in therapeutics developed under government funding, which includes a non-exclusive, non-transferable, irrevocable worldwide license for any governmental purpose [cite: 1 in last search].
• Royalty obligations to Mayo Clinic based on sales of products containing licensed microbial strains [cite: 8 in last search].

Actual revenue from IP sales or licensing in 2025 is not explicitly quantified in public filings.

Managed communication with former employees regarding severance

Following strategic reviews, communication regarding workforce changes is managed formally, often through established plans. Evelo Biosciences, Inc. has an Executive Severance Plan in place to provide protections under specific termination circumstances [cite: 2 in second search].

Financial quantification of these managed separations is tied to restructuring activities:

The company initiated restructuring actions in Q1 2025, expecting to incur approximately $16.0 million in total restructuring charges by the end of fiscal 2025 [cite: 2 in last search]. These charges are primarily attributable to severance and employee-related benefits.

For context, restructuring costs recorded in the six months ended December 2024, which were mainly severance, totaled $15.0 million [cite: 2 in last search].

Evelo Biosciences, Inc. (EVLO) - Canvas Business Model: Channels

You're looking at how Evelo Biosciences, Inc. communicates official information to the market and stakeholders as of late 2025. This is all about the official conduits for data flow.

The primary channel for verified financial and operational data remains the Securities and Exchange Commission (SEC) EDGAR system. You can track filings using the CIK number 0001694665.

Channel Type	Primary Data Point/Action	Latest Relevant Date/Identifier
Securities and Exchange Commission (SEC) Filings	Quarterly Report (10-Q)	Filed November 5, 2025, for period ending September 30, 2025
Securities and Exchange Commission (SEC) Filings	Current Report (8-K) - Earnings Release	Filed November 5, 2025
Securities and Exchange Commission (SEC) Filings	Form 144 - Report of proposed sale of securities	Filed November 6, 2025
Corporate Website	Investor Information Portal	www.evelobio.com
Transfer Agent for Stock-Related Actions	Stock Action Context (Deregistration)	Plan of Dissolution approved November 21, 2023
Legal Notices and Public Announcements	Filing Type Indicating Corporate Status	Form S-8 Post-Effective Amendment filed January 26, 2024

The corporate website, www.evelobio.com, serves as the secondary official channel, posting these SEC documents under the "Investors" section as soon as reasonably practicable after filing with the SEC.

For stock-related actions, the most significant recent channel event relates to the company's status following the board's decision in late 2023. This channels specific communications regarding share ownership and distribution.

• Stock Incentive Plan shares registered under Form S-8 (No. 333-256662) were subject to deregistration.
• Employee Stock Purchase Plan shares were also subject to deregistration.
• The process involved a Post-Effective Amendment No. 1 to the Form S-8 filing.

The SEC filing structure itself channels specific types of information:

• Form 10-Q includes financial statements and results of operations.
• Form 8-K is used for material, unscheduled corporate changes.
• Schedule 13G filings indicate beneficial ownership greater than 5%.

The fiscal year end for Evelo Biosciences, Inc. is 1231.

Finance: draft 13-week cash view by Friday.

Evelo Biosciences, Inc. (EVLO) - Canvas Business Model: Customer Segments

You're looking at the Evelo Biosciences, Inc. Business Model Canvas as of late 2025, which is fundamentally a model for complete liquidation and dissolution, not ongoing commercial operations. The 'Customer Segments' here are the stakeholders prioritized for recovery under the Plan of Dissolution approved in November 2023. This structure dictates who receives the remaining assets, which is the final 'value' delivered by the entity.

The primary focus is on satisfying outstanding obligations before any potential residual distribution to equity holders. As of the last reported figures before the dissolution process was finalized, the financial context for these segments was stark:

Financial Metric	Amount (as of September 30, 2023)
Cash and Cash Equivalents	$17.3 million
Total Deficit	$588 million

The segments are prioritized based on the General Corporation Law of the State of Delaware, which mandates paying claims before distributing capital to stockholders.

Creditors and vendors with outstanding claims against the company

This group holds the highest priority claim on the remaining assets. The insolvency expert, Craig Jalbert, is overseeing the process to pay these claims first. The total quantum of these claims is embedded within the $588 million deficit reported as of September 30, 2023. Any asset monetization efforts, such as the potential contingent payment of ~$2.5 million tied to the out-licensing of EDP-2939 assets or sale of other assets, would flow directly to satisfy these outstanding liabilities.

Former employees due severance and final compensation

Wages, salaries, and benefits owed to employees and consultants retained to facilitate the dissolution process are typically high-priority claims, often ranking above general unsecured creditors. This segment includes compensation for the staff who managed the wind-down, following earlier headcount reductions of 45% in January 2023 and further cuts in the second quarter of 2023.

Common stockholders seeking the final distribution of capital

This segment is last in line. The Board stated that dissolution presents the best opportunity for recovery for creditors and may provide an opportunity for future payments to stockholders. Given the $17.3 million cash position against a $588 million deficit, the likelihood of a material distribution is low. The final distribution, if any, will be in complete cancellation of all outstanding shares of capital stock.

Potential pharmaceutical or biotech companies interested in the IP

While not traditional customers, these entities represent the source of potential asset monetization value. The intellectual property (IP), including the SINTAX™ platform and drug candidates like EDP1815 and EDP2939, is the asset being monetized. Rock Creek Advisors was tasked with identifying strategic alternatives to help monetize these assets. Any successful out-licensing or sale of IP would directly impact the pool available for creditors and, subsequently, stockholders.

• The company's website redirects to SEC filings, indicating no active commercial or research operations.
• The last known trading activity was on OTCMKTS under ticker EVLO.
• The company's market capitalization was reported as 3.80K (likely nominal value reflecting dissolution status).
• The last reported earnings date was November 7, 2025, for Q2 2025 results, suggesting residual administrative activity continued into late 2025.

Finance: draft 13-week cash view by Friday.

Evelo Biosciences, Inc. (EVLO) - Canvas Business Model: Cost Structure

You're looking at the final, wind-down phase of Evelo Biosciences, Inc., so the cost structure is almost entirely about cessation, not growth. The focus shifts from Research & Development to legal finality and creditor management. Honestly, for a company in dissolution, the cost structure is a liability waterfall.

The primary financial obligations driving the cost structure as of late 2025 relate to fulfilling the obligations set out in the Plan of Dissolution adopted in late 2023. This plan mandates paying all known and reasonably foreseeable claims before any potential shareholder distribution.

Here's a look at the major cost buckets that define the final expenditure profile for Evelo Biosciences:

• Significant legal and accounting fees for the dissolution process
• Severance and retention costs for the minimal wind-down team
• Costs associated with settling the $45 million loan agreement
• General and administrative (G&A) expenses for regulatory filings

The settlement of outstanding debt, specifically the senior secured loan, is a critical, non-negotiable cost. While the final settlement amount in the wind-down context might differ from the principal, the original obligation sets the baseline for this liability category.

Cost Component Context	Associated Financial Figure (Known Context)	Notes on Timing/Nature
Horizon Technology Finance Corporation Loan Obligation	$45 million	This was the principal amount of the senior secured loan refinanced in December 2022, which needed to be addressed during the liquidation.
Professional Fees (Legal & Accounting)	Amount Not Publicly Finalized for 2025	Fees paid to insolvency experts, legal counsel for SEC compliance, and accountants to finalize the books and asset disposition.
Employee-Related Costs	Severance/Retention Costs	Costs for the minimal team retained by the insolvency expert, Craig Jalbert, to oversee the wind-down, plus final severance packages for departed staff.
Regulatory & Compliance Filings	G&A Expense Allocation	Costs to maintain compliance and file necessary documentation (like a final Form 10-K or Form 15) to officially cease public reporting.

The Plan of Dissolution explicitly allowed the company to pay brokerage, agency, professional, and other fees related to the disposition of property and assets. This directly covers the legal and accounting fees you're tracking. The goal is to preserve asset value while winding down operations, which requires specialized, high-cost expertise.

For the minimal wind-down team, the cost is a necessary evil to manage the process legally. You'd expect these to be significantly lower than pre-dissolution G&A, focusing only on essential oversight and compliance tasks. The company previously enacted headcount reductions, so these retention/severance costs are the final tranche related to that closure.

The G&A expenses for regulatory filings are a fixed, non-discretionary cost of being a public company, even in liquidation. These costs continue until the company formally files to terminate its reporting obligations, likely via a Form 15 filing, which itself carries administrative fees.

Finance: draft 13-week cash view by Friday.

Evelo Biosciences, Inc. (EVLO) - Canvas Business Model: Revenue Streams

You're looking at the final chapter of Evelo Biosciences, Inc. (EVLO)'s operating life, so the revenue streams aren't about selling a product anymore; they are about asset realization. The core business, as reflected in the latest financials, has ceased generating top-line income.

Total revenue TTM is $\mathbf{\$0.00}$ as of late 2025, reflecting no operating business. This zero figure is the most concrete financial number we have for ongoing operations as of the period ending September 30, 2023, or the TTM data available near November 2025. The company's financial health is characterized by significant losses, with Net Income TTM reported at approximately $\mathbf{-\$82.35M}$.

The remaining revenue sources are entirely transactional, tied to the wind-down of the entity and the monetization of intellectual property and physical assets. These are the categories that would capture any final cash inflows:

• Proceeds from the sale or licensing of the SINTAX IP portfolio
• Final residual cash balance distributed to shareholders
• Potential minor proceeds from the sale of lab equipment or real estate

The proceeds from the sale or licensing of the SINTAX IP portfolio represent the most significant potential non-operating cash event. This portfolio was the foundation of Evelo Biosciences's platform for orally delivered inflammation-resolving medicines. While the exact final sale or licensing amount is not public as of late 2025, this stream would be the primary driver of any remaining value returned to equity holders.

The final residual cash balance distributed to shareholders is the ultimate cash event for investors. This amount is contingent on settling all liabilities. As of November 21, 2025, the market capitalization was approximately $\mathbf{\$3,797}$ USD, based on $\mathbf{18.98M}$ shares outstanding trading at $\mathbf{\$0.0002}$ per share. This market valuation is a poor proxy for the actual residual cash, but it shows the current market sentiment regarding the equity value.

For completeness on asset realization, we look at the potential minor proceeds:

Asset Category	Status/Context	Relevant Financial Metric (If Available)
SINTAX IP Portfolio	Primary asset for monetization	Amount Undisclosed (Finalized or Pending)
Lab Equipment/Real Estate	Secondary asset liquidation	Not explicitly reported in latest filings
Cash Position (Pre-Distribution)	Balance after settling liabilities	Cash and Equivalents TTM: $\mathbf{\$17.26M}$ (as of Sep 30, 2023)

To be defintely clear, the cash on hand as of the last reported balance sheet data was $\mathbf{\$17.26M}$ in cash, offset by $\mathbf{\$33.95M}$ in debt, resulting in a net cash position of approximately $\mathbf{-\$16.69M}$ at that time. The final distribution, if any, would only occur after all wind-down costs and debt obligations are met, and any IP/asset sale proceeds are realized.

Here's a quick look at the operational revenue context:

• Revenue TTM (Operating): $\mathbf{\$0.00}$
• Net Income TTM: $\mathbf{-\$82.35M}$
• Shares Outstanding: $\mathbf{18.98M}$
• Stock Price (Dec 3, 2025): $\mathbf{\$0.0002}$

Finance: review the latest 10-Q filing for any specific disclosure regarding the SINTAX IP sale agreement terms by next Tuesday.