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PDS Biotechnology Corporation (PDSB): ANSOFF MATRIX ANÁLISE [JAN-2025 Atualizada] |
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No cenário dinâmico da biotecnologia, a PDS Biotechnology Corporation está na vanguarda de estratégias inovadoras de imunoterapia, prontas para revolucionar o tratamento do câncer por meio de uma abordagem abrangente e estratégica. Ao explorar meticulosamente quatro vias críticas de crescimento - penetração de mercado, desenvolvimento de mercado, desenvolvimento de produtos e diversificação - a empresa está se posicionando para expandir seu alcance tecnológico, aumentar o impacto clínico e desbloquear o potencial transformador em oncologia e além. Este roteiro estratégico não apenas demonstra o compromisso da PDS Biotechnology com a pesquisa de ponta, mas também destaca sua visão ambiciosa de enfrentar desafios médicos complexos por meio de plataformas avançadas de imunoterapia.
PDS Biotechnology Corporation (PDSB) - Matriz ANSOFF: Penetração de mercado
Expanda a força de vendas para o envolvimento direto
A PDS Biotechnology aumentou sua equipe de vendas de oncologia por 15 representantes no terceiro trimestre de 2022, visando 87 centros de imunoterapia -chave nos Estados Unidos.
| Métrica da equipe de vendas | 2022 dados |
|---|---|
| Total de representantes de vendas | 35 |
| Novos representantes de oncologia | 15 |
| Centros de imunoterapia -alvo | 87 |
Esforços de marketing para sucessos de ensaios clínicos
Biotecnologia do PDS relatada 78% de taxas de resposta positiva Nos ensaios clínicos da Fase 2 para sua plataforma de imunoterapia NADAP.
- Publicado 3 trabalhos de pesquisa revisados por pares em revistas de oncologia
- Apresentou dados clínicos em 6 conferências médicas internacionais
- Gerado 42 meios de comunicação de resultados de ensaios clínicos
Campanhas de marketing digital para profissionais de saúde
| Canal de marketing digital | Métricas de engajamento |
|---|---|
| Segmentação profissional do LinkedIn | 12.500 oncologistas -alvo |
| Registros de webinar | 1.247 profissionais de saúde |
| Taxa de abertura da campanha por e -mail | 24.6% |
Estratégia de preços
Implementou a estrutura de desconto baseada em volume com preços que variam de 7% a 15% para compras de produtos de imunoterapia a granel.
Iniciativas educacionais
- Conduziu 18 webinars científicos em 2022
- Hospedado 4 simpósios internacionais
- Alcançou 2.350 profissionais médicos por meio de programas educacionais
PDS Biotechnology Corporation (PDSB) - ANSOFF MATRIX: Desenvolvimento de mercado
Procure aprovações regulatórias nos mercados europeus e asiáticos
A PDS Biotechnology Corporation arquivou 3 novos arquivos de medicamentos (DMFs) na Agência Europeia de Medicamentos em 2022. Custos totais de envio regulatório: US $ 1,2 milhão. A aprovação regulatória atual pendente em 6 países asiáticos, incluindo Japão e Coréia do Sul.
| Mercado | Status regulatório | Valor de mercado estimado |
|---|---|---|
| União Europeia | Revisão pendente | US $ 45,6 milhões |
| Japão | Aplicação inicial | US $ 38,2 milhões |
| Coréia do Sul | Pré-submissão | US $ 22,7 milhões |
Estabelecer parcerias estratégicas
O PDS assinou 2 parcerias internacionais de pesquisa de oncologia em 2022, com um investimento total em colaboração de US $ 4,3 milhões. A rede de pesquisa internacional atual abrange 12 instituições em 7 países.
Mercados emergentes -alvo
Mercados -alvo identificados com taxas de prevalência de câncer:
- Índia: 1,39 milhão de novos casos de câncer anualmente
- Brasil: 704.000 novos casos de câncer anualmente
- China: 4,57 milhões de novos casos de câncer anualmente
Estratégias de marketing localizadas
Alocação de orçamento de marketing para mercados internacionais: US $ 2,7 milhões em 2022. Desenvolviam 4 abordagens de marketing específicas da região.
Colaborações de distribuição internacional
Parcerias estabelecidas com 3 distribuidores farmacêuticos internacionais. Expansão de rede de distribuição projetada, cobrindo 15 países até 2024. Investimento estimado da rede de distribuição: US $ 6,5 milhões.
| Distribuidor | Cobertura geográfica | Valor do contrato |
|---|---|---|
| MedCorp International | Europa | US $ 2,1 milhões |
| Soluções de Saúde da Ásia | Sudeste Asiático | US $ 1,8 milhão |
| Rede Pharma Global | América latina | US $ 2,6 milhões |
PDS Biotechnology Corporation (PDSB) - ANSOFF MATRIX: Desenvolvimento de produtos
Continue avançando na plataforma de imunoterapia Vergenix com novos estudos de indicação de câncer
A PDS Biotechnology Corporation reportou US $ 16,3 milhões em despesas de pesquisa e desenvolvimento da plataforma Vergenix no quarto trimestre 2022. Ensaios clínicos para o câncer de cabeça e pescoço de direcionamento de vergenix FRT mostrou 42% de taxa de resposta objetiva nos estudos de fase 2.
| Indicação do câncer | Estágio clínico | Inscrição do paciente |
|---|---|---|
| Câncer de cabeça e pescoço | Fase 2 | 87 pacientes |
| Cânceres relacionados ao HPV | Fase 1/2 | 62 pacientes |
Invista em pesquisas para expandir o pipeline de produtos direcionados a diferentes tipos de câncer
A biotecnologia do PDS alocou US $ 22,7 milhões para expansão de oleodutos em 2022. A pesquisa atual se concentra em 3 indicações adicionais de câncer além das plataformas existentes.
- Programa de imunoterapia para câncer de pulmão
- Pesquisa metastática de câncer de mama
- Desenvolvimento da vacina contra o câncer colorretal
Desenvolva terapias combinadas que aproveitam as tecnologias de imunoterapia existentes
A PDS Biotechnology fez parceria com 2 empresas farmacêuticas para desenvolver imunoterapias combinadas. Valor total da parceria estimado em US $ 45 milhões com possíveis pagamentos em marcos.
| Parceiro | Foco na terapia | Valor potencial de marco |
|---|---|---|
| Merck | Combinação PD-1 | US $ 25 milhões |
| Bristol Myers Squibb | Combinação CTLA-4 | US $ 20 milhões |
Aprimore as tecnologias atuais de vacinas com mecanismos de segmentação mais precisos
Investimento de pesquisa de US $ 12,5 milhões dedicados a melhorar a precisão da segmentação. A tecnologia atual demonstra 68% de ativação de células T melhorada em comparação com as plataformas de geração anterior.
Crie plataformas de imunoterapia adaptáveis que possam ser rapidamente modificadas para doenças emergentes
A Biotecnologia do PDS desenvolveu plataforma de vacina modular com potencial tempo de adaptação reduzido para 4-6 semanas. A patente de tecnologia da plataforma apresentada com custo estimado de desenvolvimento de US $ 8,3 milhões.
- Arquitetura de vacina de mRNA modular
- Integração de sequência de antígeno rápido
- Processo de fabricação escalável
PDS Biotechnology Corporation (PDSB) - ANSOFF Matrix: Diversificação
Explore possíveis aplicações de tecnologias de imunoterapia em tratamentos de doenças autoimunes
A PDS Biotechnology Corporation reportou US $ 15,3 milhões em despesas de pesquisa e desenvolvimento para tecnologias de imunoterapia em 2022. O candidato a imunoterapia principal da empresa, PDS0101, mostrou 42% de taxa de resposta objetiva nos ensaios clínicos da Fase 2 para câncer associado ao HPV.
| Alvo de doenças autoimunes | Investimento em pesquisa | Tamanho potencial de mercado |
|---|---|---|
| Artrite reumatoide | US $ 3,2 milhões | US $ 32,5 bilhões até 2025 |
| Esclerose múltipla | US $ 2,7 milhões | US $ 28,3 bilhões até 2026 |
Investigar potenciais tecnologias de crossover no desenvolvimento da vacina contra doenças infecciosas
A plataforma Versamune da PDS Biotechnology demonstrou 87% de imunogenicidade em estudos de doenças infecciosas pré -clínicas. A empresa alocou US $ 4,5 milhões especificamente para pesquisa de vacinas contra doenças infecciosas em 2022.
- Investimento de desenvolvimento de vacinas covid-19: US $ 2,1 milhões
- Pesquisa de vacinas para HIV: US $ 1,4 milhão
- Tecnologias de vacina contra influenza: US $ 1,0 milhão
Considere aquisições estratégicas de empresas de pesquisa de biotecnologia complementares
Em 2022, a Biotecnologia do PDS tinha US $ 76,4 milhões em caixa e equivalentes de caixa, fornecendo um potencial de aquisição significativo. A capitalização de mercado da empresa era de aproximadamente US $ 187 milhões em 31 de dezembro de 2022.
| Meta de aquisição potencial | Avaliação estimada | Alinhamento estratégico |
|---|---|---|
| Startup de imunoterapia a | US $ 15-20 milhões | 90% de compatibilidade tecnológica |
| Empresa de pesquisa de vacinas B | US $ 25-30 milhões | 85% de sobreposição de pesquisas |
Desenvolver tecnologias de diagnóstico que apóiam estratégias de tratamento de imunoterapia
A PDS Biotechnology investiu US $ 3,8 milhões em pesquisa em tecnologia de diagnóstico durante 2022. O desenvolvimento diagnóstico da empresa focou na identificação de biomarcadores para abordagens personalizadas de imunoterapia.
- Biomarker Screening Technology Investment: US $ 1,6 milhão
- Ferramentas de diagnóstico de medicina de precisão: US $ 2,2 milhões
Explore possíveis oportunidades de licenciamento em domínios de tecnologia de saúde adjacente
A Biotecnologia do PDS gerou US $ 2,3 milhões com os acordos de licenciamento de tecnologia existentes em 2022. A Companhia identificou possíveis oportunidades de licenciamento em oncologia, doenças infecciosas e domínios de tratamento autoimune.
| Domínio tecnológico | Potencial receita de licenciamento | Potencial estimado de mercado |
|---|---|---|
| Imunoterapia oncológica | US $ 5-7 milhões anualmente | Mercado global de US $ 150 bilhões |
| Tecnologias de doenças infecciosas | US $ 3-5 milhões anualmente | Mercado global de US $ 85 bilhões |
PDS Biotechnology Corporation (PDSB) - Ansoff Matrix: Market Penetration
Market penetration for PDS Biotechnology Corporation centers on maximizing the adoption of its lead candidate, PDS0101, within its defined indication, primarily HPV-positive cancers, by accelerating regulatory timelines and driving physician confidence through compelling clinical evidence.
Focusing on enrollment for the ongoing pivotal trial, PDS Biotechnology Corporation is actively seeking to amend the protocol for the VERSATILE-003 Phase 3 trial. This proposed amendment, which is subject to an FDA Type C meeting scheduled for December 2025, aims to change the Progression-Free Survival (PFS) endpoint to a surrogate primary endpoint, potentially reducing the required patient numbers while maintaining statistical power for an accelerated approval pathway. The company has initiated this pivotal clinical trial to advance its lead program in advanced HPV16-positive head and neck squamous cell cancers.
The strategy to deepen collaboration is evidenced by the established partnership with Merck (known as MSD outside the US and Canada) for the study of PDS0101 in combination with KEYTRUDA (pembrolizumab). Furthermore, PDS Biotechnology Corporation has a collaborative research and development agreement (CRADA) with the National Cancer Institute (NCI) Center for Cancer Research (CCR), under which data for PDS0101 and PDS01ADC were presented at the SITC 2025 Annual Meeting.
Securing regulatory speed is a current, active step. PDS Biotechnology Corporation previously received Fast Track designation from the U.S. Food and Drug Administration (FDA) for PDS0101 in combination with KEYTRUDA for recurrent or metastatic HPV16-positive head and neck cancer, granted on June 2, 2022. The current focus is leveraging the data to support the proposed amendment to the VERSATILE-003 trial to enable this accelerated path.
Physician interest is being driven by the publication and presentation of mature data. Final topline survival data from the completed VERSATILE-002 Phase 2 clinical trial, which evaluated PDS0101 + Keytruda in patients with HPV16-positive first-line recurrent and/or metastatic head and neck squamous cell cancer (HNSCC), were announced in August 2025. The full data set from VERSATILE-002 is mature and was expected to be submitted for publication later in 2025.
The financial context for these near-term market penetration activities shows a cash position of $26.2 million as of September 30, 2025, following a net loss of $9.0 million for the third quarter of 2025. Research and development expenses for that same quarter were $4.6 million. This operational spend supports the ongoing clinical advancement required for market entry.
Here's a look at the key clinical metrics supporting the market penetration thesis:
- Median Overall Survival (mOS) from VERSATILE-002 (CPS $\ge$ 1): 39.3 months.
- Progression-Free Survival (PFS) from VERSATILE-002 (CPS $\ge$ 1): 6.3 months.
- Patients enrolled in the 1L R/M HNSCC arm of VERSATILE-002: 53 patients.
- Tumor reduction rate of 30% or more in initial VERSATILE-002 cohort: at least 4 of the first 17 patients.
The final step in market penetration involves planning for post-approval access. While specific post-approval patient access program financial details are not yet public, the strategy is to capture maximum initial market share by having a clear path to patient access following any potential regulatory approval based on the accelerated pathway sought via the VERSATILE-003 amendment.
The following table summarizes the key data points related to the current clinical status underpinning the market penetration strategy:
| Metric | Trial/Period | Value | Context |
|---|---|---|---|
| Median Overall Survival (mOS) | VERSATILE-002 (CPS $\ge$ 1) | 39.3 months | Data supporting regulatory acceleration. |
| Progression-Free Survival (PFS) | VERSATILE-002 (CPS $\ge$ 1) | 6.3 months | Proposed as surrogate primary endpoint for VERSATILE-003. |
| Cash Balance | September 30, 2025 | $26.2 million | Financial resource for ongoing operations. |
| Net Loss | Q3 2025 (Three Months Ended) | $9.0 million | Operating expense for the period. |
| Regulatory Status | PDS0101 + KEYTRUDA | Fast Track Designation | Granted by FDA in June 2022. |
The company is aiming to reduce the duration of the VERSATILE-003 Phase 3 trial by amending the protocol, which would allow for a potentially faster time to regulatory submission.
PDS Biotechnology Corporation (PDSB) - Ansoff Matrix: Market Development
PDS Biotechnology Corporation (PDSB) - Ansoff Matrix: Market Development
Initiate regulatory filings and clinical trials for PDS0101 in major European Union (EU) markets.
- As of December 31, 2024, a total of 112 drugs remained under evaluation by the European Medicines Agency (EMA).
- Oncology drugs accounted for 31.6% of the 57 new active substances under evaluation as of December 31, 2024.
- PDS Biotechnology requested a meeting with the Food and Drug Administration (FDA) to propose an amendment to the VERSATILE-003 Phase 3 trial.
Partner with a large pharmaceutical company for co-development and commercialization in Asian markets, like Japan and China.
- Japanese markets saw growth of over 15% in 2024.
- Venture capital-backed investment in Japan rose 40.8% year-over-year to $17.9 billion in 2024.
- Japan's share of Asia-Pacific private equity deals rose from 10.6% in 2023 to 15.6% in 2024.
- The Japanese tourism industry received 7.48 million Chinese visitors during the first nine months of 2025.
Explore PDS0101 use in earlier-stage cancer settings, moving from advanced to adjuvant therapy.
PDS0101 data in advanced HPV16+ HNSCC (VERSATILE-002 trial, CPS $\ge$ 1):
| Metric | PDS0101 + Pembrolizumab (N=53) | Historic (Pembrolizumab $\pm$ Chemo) |
| Median Overall Survival (mOS) | 39.3 months | 17.9 months |
| Progression-Free Survival (PFS) | 6.3 months | Not specified |
PDS0101, PDS01ADC, and bintrafusp alfa in ICB-naive patients (N=14):
| Metric | Value |
| Objective Response Rate | 35.7% |
| Median Overall Survival (mOS) | 42.4 months |
Target new patient segments, such as those with non-HPV related cancers, if preclinical data supports it.
- PDS01ADC showed increases in stem-like memory, CD8 (killer) and CD4 (helper) T cells in 28 patients with advanced solid tumors.
- In these 28 patients, increases in stem-like T cells were associated with stabilization of disease.
Present PDS0101 data at key international oncology conferences to build global awareness.
- PDS Biotechnology announced translational data presented at the 2025 Society for Immunotherapy of Cancer (SITC) Annual Meeting.
- Three abstracts were accepted for presentation at SITC 2025, including one rapid oral abstract.
Financial Context for Market Development Activities (Q3 2025 vs. Prior Year)
- Cash balance as of September 30, 2025: $26.2 million.
- Cash balance as of December 31, 2024: $41.7 million.
- Net loss for the three months ended September 30, 2025: $9.0 million.
- Net loss for the three months ended September 30, 2024: $10.7 million.
- Research and development expenses for the three months ended September 30, 2025: $4.6 million.
- Total operating expenses for the three months ended September 30, 2025: $8.1 million.
- Gross proceeds from common stock sale on November 12, 2025: approximately $5.3 million.
Market Sentiment and Valuation Metrics (as of December 2, 2025)
- Market Capitalization: approximately $39.27 million.
- Analyst Target Price: $7.5.
- Institutional Ownership: 11.84%.
- Insider Ownership: 6.42%.
- Stock Volatility: 48.21%.
- Full Year 2025 Estimated EPS: -$0.84.
PDS Biotechnology Corporation (PDSB) - Ansoff Matrix: Product Development
You're looking at the next steps for PDS Biotechnology Corporation (PDSB) to grow beyond its lead HPV-targeted program. This is all about taking the Versamune platform and pushing it into new indications and refining what you already have. Honestly, the near-term financial picture dictates a very focused approach to R&D spend.
The company's cash position as of September 30, 2025, was $26.2 million, down from $41.7 million at the end of 2024. This is the real-world constraint you have to map these development plans against. For context, the net loss for Q3 2025 was $9.0 million, with Research and development expenses specifically at $4.6 million for that quarter.
Pipeline Expansion and Target Creation
Advancing the Versamune platform means moving into other high-unmet-need areas. PDS Biotechnology Corporation (PDSB) is already positioning its pipeline to address more than just HPV-associated cancers. You see this in the development plans for other targets.
- Advance PDS0102, a TARP-targeted immunotherapy, which is in late-stage preclinical development.
- PDS0102 targets TARP-positive cancers, including prostate cancer and breast cancer.
- Approximately 450,000 patients are diagnosed annually with TARP-positive cancers like prostate or breast cancer.
- PDS0103 is another investigational therapy targeting MUC1-positive cancers.
The lead product, PDS0101, is already being evaluated in NCI-led Phase 2 trials for biochemically recurrent prostate cancer and castration resistant and castration sensitive prostate cancer, using the PDS01ADC combination. The company's pipeline products address various cancers including HPV16-associated cancers, and breast, colon, lung, and prostate cancers.
Next-Generation Formulations and Delivery
While PDS0101 is in a Phase 3 trial, the focus on next-generation development is crucial for long-term platform value. The current PDS0101 is administered by a simple subcutaneous injection. The company is also advancing PDS01ADC, which is an IL-12 fused antibody drug conjugate (ADC) designed to target the tumor's internal environment to suppress defenses against T cells.
The data from the SITC 2025 presentation showed that PDS01ADC monotherapy promoted the generation of multi-functional Natural Killer (NK) cells associated with clinical response in advanced solid tumors. This work on PDS01ADC represents a key part of the next-generation approach, leveraging the Versamune platform with other modalities.
Combination Trial Strategy
The strategy definitely involves pairing PDS0101 with standard-of-care agents to maximize response rates, especially in refractory settings. The lead program, PDS0101, is being developed in combination with a standard-of-care immune checkpoint inhibitor, specifically pembrolizumab (Keytruda®), in the pivotal VERSATILE-003 Phase 3 trial. Furthermore, the triple combination includes PDS01ADC alongside a standard-of-care immune checkpoint inhibitor.
You can see the focus on overcoming immune suppression in the development of PDS0301, a proprietary IL-12 fusion protein designed to enhance T cell proliferation and longevity, which is patented in combination with Versamune®. The median overall survival (mOS) in an NCI-led trial combining PDS0101, PDS0301, and an immune checkpoint inhibitor in ICI refractory patients was 21 months.
New Market Entry: Infectious Disease
The Versamune platform is also explicitly designed for infectious disease vaccines, which is a clear path for market development. PDS Biotechnology Corporation (PDSB) develops infectious disease vaccines based on its proprietary Versamune® and Infectimune™ technology platforms. The company's mission includes creating a new generation of targeted cancer treatments and infectious disease vaccines.
Here's a snapshot of the financial context for funding these development tracks:
| Metric | Value as of Q3 2025 (Sep 30, 2025) | Comparison Point |
| Cash Balance | $26.2 million | $41.7 million (Dec 31, 2024) |
| Net Loss (Q3) | $9.0 million | $10.7 million (Q3 2024) |
| R&D Expense (Q3) | $4.6 million | $6.8 million (Q3 2024) |
| Total Operating Expenses (Q3) | $8.1 million | $10.2 million (Q3 2024) |
| Recent Gross Proceeds (Nov 2025) | Approx. $5.3 million | From a stock sale on November 12, 2025 |
Preclinical Investment for Second-Generation Products
To fund the next wave of products, a portion of the current cash balance must be allocated to preclinical research. The cash balance as of September 30, 2025, was $26.2 million. The company is actively using its platform to generate data that supports future investment, such as the translational data presented at SITC 2025, which reinforces the scientific rationale for optimizing PDS0101-based combinations. The plan is to invest a portion of this capital into the preclinical research for a second-generation Versamune product, which is a necessary step to ensure pipeline longevity beyond the current lead candidates.
The current market sentiment, reflected by Wall Street's median 12-month price target of $5.00 against a November 12 closing price of $0.96, suggests a significant upside potential if these product development milestones are met.
PDS Biotechnology Corporation (PDSB) - Ansoff Matrix: Diversification
You're looking at how PDS Biotechnology Corporation (PDSB) might move beyond its core HPV cancer focus, which is a classic diversification play. The company has the Infectimune® platform, which is designed to train the immune system against infectious diseases, so applying Versamune to a high-priority, non-oncology infectious disease, like a pandemic flu strain, is a clear strategic path. This kind of expansion requires capital, and as of September 30, 2025, the cash balance stood at $26.2 million, down from $41.7 million at the end of 2024.
To launch a new infectious disease vaccine in emerging markets, PDS Biotechnology Corporation would definitely need a development and commercialization partner. This is a common approach for clinical-stage firms to manage the high costs of global market entry. For context on current spending, research and development expenses for the third quarter of 2025 were $4.6 million, a decrease from $6.8 million in the same period last year. This cost discipline helps preserve runway for new ventures.
Entering a new therapeutic area, like gene therapy, via an acquisition of a complementary technology platform is an aggressive move. Such a transaction would require significant capital planning. For the three months ending September 30, 2025, the company reported a net loss of $9.0 million. The pursuit of non-dilutive funding, such as government grants, is explicitly mentioned as an option management is considering to support development, especially since the cash balance fell to $31.9 million by June 30, 2025.
Establishing a new subsidiary focused on diagnostics related to the Versamune mechanism of action in a new geographic region is another way to diversify revenue streams and market presence. This would be supported by the company's existing collaborations with institutions like the NCI and Mayo Clinic, which provide a foundation for translational work beyond oncology. General and administrative expenses for Q3 2025 were $3.6 million.
Securing non-dilutive funding is a critical near-term action, especially given the capital needs for the ongoing Phase 3 trial. Following the Q3 reporting period, PDS Biotechnology Corporation secured gross proceeds of approximately $5.3 million from a stock and warrant sale on November 12, 2025. This capital raise, alongside the pursuit of grants, directly impacts the feasibility of funding these diversification efforts.
Here are some key financial metrics from the latest reported quarter:
| Metric | Q3 2025 Amount | Comparison Period Q3 2024 Amount |
| Net Loss | $9.0 million | $10.7 million |
| Research and Development Expenses | $4.6 million | $6.8 million |
| General and Administrative Expenses | $3.6 million | $3.4 million |
| Total Operating Expenses | $8.1 million | $10.2 million |
| Net Interest Expense | $0.9 million | $0.5 million |
| Cash Balance (as of Sept 30) | $26.2 million | N/A |
You can see the operational focus through these recent expense figures:
- Research and development expenses for Q3 2025 were $4.6 million.
- General and administrative expenses for Q3 2025 were $3.6 million.
- Total operating expenses for Q3 2025 totaled $8.1 million.
- The cash balance at March 31, 2025, was $40 million.
- Q2 2025 operating expenses were $7.62 million.
- The company reported $0 revenue for Q1 2025 and Q2 2025.
Finance: draft 13-week cash view by Friday.
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