Tracon Pharmaceuticals, Inc. (TCON): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação farmacêutica, a Tracon Pharmaceuticals (TCON) surge como uma empresa de biotecnologia convincente posicionada estrategicamente na interseção de terapias cancerígenas direcionadas e tratamentos oftalmológicos. Ao alavancar uma teia sofisticada de modelos de negócios que enfatiza pesquisas de ponta, parcerias estratégicas e desenvolvimento terapêutico inovador, Tracon é pioneiro em novas abordagens para atender às necessidades médicas não atendidas críticas. Sua proposta de valor única centra-se no desenvolvimento de soluções de tratamento personalizadas que possam potencialmente transformar os resultados dos pacientes em oncologia e gerenciamento de doenças oculares, tornando-as um participante notável no mundo complexo e alto do mundo da pesquisa médica e do desenvolvimento de medicamentos.

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa biofarmacêutica

A Tracon Pharmaceuticals mantém parcerias estratégicas de pesquisa com as seguintes instituições:

Instituição de pesquisa	Área de foco	Detalhes da colaboração
Universidade da Califórnia, San Diego	Terapêutica do câncer	Colaboração de pesquisa em andamento para desenvolvimento de TRC105
Escola de Medicina da Universidade de Stanford	Oncologia Molecular	Programa de pesquisa conjunta para mecanismos de terapia direcionados

Parceria com fabricantes de dispositivos médicos

As parcerias de fabricação de dispositivos médicos da Tracon incluem:

• Medtronic PLC - integração de tecnologia de entrega de medicamentos
• Boston Scientific Corporation - Colaboração de dispositivos de oncologia intervencionista

Acordos colaborativos com organizações de pesquisa clínica

CRO Parceiro	Fase de ensaios clínicos	Valor total do contrato
Icon plc	Ensaios de Fase II/III	US $ 4,2 milhões
Parexel International	Estudos clínicos de oncologia	US $ 3,7 milhões

Aliança com redes de distribuição farmacêutica

Parcerias de distribuição farmacêutica da Tracon:

• Amerisourcebergen - Rede de distribuição nacional
• Cardinal Health - Distribuição de medicamentos especializada em oncologia

Investimento total de parceria em 2023: US $ 12,5 milhões

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negócios: Atividades -chave

Desenvolvendo câncer direcionado e terapêutica de doença ocular

A Tracon Pharmaceuticals se concentra no desenvolvimento de terapêuticas inovadoras, com ênfase específica nas condições de câncer e oftalmológica. A partir de 2024, a empresa possui três candidatos a medicamentos primários em vários estágios de desenvolvimento.

Candidato a drogas	Área terapêutica	Estágio de desenvolvimento
Enganfolimab	Tumores sólidos	Ensaios clínicos de fase 2
TRC105	Câncer	Pesquisa clínica em andamento
De-122	Oftalmologia	Desenvolvimento pré -clínico

Realização de ensaios clínicos para novos candidatos a drogas

O Tracon aloca recursos significativos para a infraestrutura e execução de ensaios clínicos.

• Despesas anuais de P&D: US $ 12,4 milhões (2023 ano fiscal)
• Ensaios clínicos ativos: 4 estudos em andamento
• Locais de ensaios clínicos: Estados Unidos, abordagem multicêntrica

Pesquisa e desenvolvimento de tratamentos farmacêuticos inovadores

A empresa mantém um pipeline de pesquisa robusto com estratégias de desenvolvimento terapêutico focado.

Métrica de P&D	2024 dados
Pessoal de pesquisa	26 cientistas dedicados
Aplicações de patentes	7 registros de patentes ativos
Colaborações de pesquisa	3 parcerias acadêmicas/do setor

Processos de conformidade regulatória e aprovação de medicamentos

Tracon mantém protocolos rigorosos de conformidade regulatória nos estágios de desenvolvimento de medicamentos.

• Interações da FDA: 12 comunicações formais em 2023
• Equipe de conformidade regulatória: 5 profissionais dedicados
• Orçamento de conformidade: US $ 2,1 milhões anualmente

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negócios: Recursos -chave

Tecnologias proprietárias de desenvolvimento de medicamentos

A Tracon Pharmaceuticals se concentra no desenvolvimento de terapias direcionadas para câncer e outras doenças graves. A partir de 2024, as principais tecnologias proprietárias da empresa incluem:

• Plataforma de Desenvolvimento de Medicamentos de Oncologia de Precisão
• TRC105 (carotuximabe) Anticorpo antiangiogênico Tecnologia
• Mecanismos avançados de segmentação molecular

Equipe especializada de pesquisa e desenvolvimento

Categoria de pessoal de P&D	Número
Equipe total de P&D	24
Pesquisadores de doutorado	15
Cientistas de pesquisa seniores	9

Portfólio de propriedade intelectual

Os ativos de propriedade intelectual de Tracon a partir de 2024:

• Total de patentes: 17
• Categorias de patentes:
  • Formulações de medicamentos oncológicos: 8
  • Tecnologias de direcionamento molecular: 6
  • Metodologias de tratamento clínico: 3

Instalações avançadas de laboratório e teste

Tipo de instalação	Especificações
Espaço total de pesquisa	5.200 pés quadrados.
Laboratório de Pesquisa Molecular Avançada	2.500 pés quadrados.
Instalação de testes clínicos	1.800 pés quadrados.

Dados de ensaios clínicos e insights de pesquisa

Detalhes do portfólio de ensaios clínicos:

• Ensaios clínicos ativos: 3
• Total de pacientes inscritos: 127
• Áreas de foco de teste:
  • Terapêutica do câncer
  • Inibição da angiogênese
  • Oncologia de precisão

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de Negócios: Proposições de Valor

Soluções inovadoras de tratamento de câncer direcionadas

A Tracon Pharmaceuticals se concentra no desenvolvimento de terapias de câncer direcionadas com atributos clínicos específicos:

Candidato a drogas	Tipo de câncer	Estágio de desenvolvimento	Mecanismo de segmentação exclusiva
TRC105	Tumores sólidos	Fase 2/3 Ensaios Clínicos	Anticorpo monoclonal anti-endoglin
TRC102	Câncer de pulmão	Ensaios clínicos de fase 2	Inibidor de reparo de danos ao DNA

Terapias potenciais inovadoras para condições oftalmológicas

O oleoduto oftalmologia de Tracon inclui:

• Candidatos avançados de drogas direcionados a doenças retinianas
• Tratamentos potenciais para degeneração macular relacionada à idade
• Novas abordagens terapêuticas para retinopatia diabética

Abordagens terapêuticas personalizadas

Estratégia terapêutica	População alvo de pacientes	Abordagem de medicina de precisão
Terapia de anticorpos direcionados	Pacientes com câncer avançado	Perfil molecular
Protocolos de tratamento combinado	Casos de câncer refratários	Análise genômica de biomarcadores

Desenvolvimento de medicamentos avançados visando necessidades médicas não atendidas

Investimento financeiro em pesquisa e desenvolvimento:

• 2023 Despesas de P&D: US $ 24,3 milhões
• Investimento atual de pipeline: aproximadamente US $ 37,5 milhões
• Custo médio por desenvolvimento de medicamentos: US $ 15,2 milhões

Métricas de desenvolvimento clínico:

Métrica	2023 valor
Ensaios clínicos ativos	4 ensaios em andamento
Aplicações de patentes	7 novos registros
Aplicações de novos medicamentos para investigação (IND)	2 enviados

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde

A partir do quarto trimestre 2023, a Tracon Pharmaceuticals mantém estratégias de engajamento direcionadas com profissionais de saúde por meio de:

Canal de engajamento	Freqüência	Público -alvo
Interações diretas de ligação à ciência médica	Mensal	Especialistas em oncologia
Plataformas de comunicação digital	Semanalmente	Pesquisadores de hematologia
Consulta clínica personalizada	Trimestral	Líderes de opinião -chave

Programas de apoio ao paciente e educação

Os programas de apoio ao paciente de Tracon incluem:

• Programa abrangente de assistência ao paciente para participantes do ensaio clínico
• Recursos educacionais digitais sobre ensaios clínicos em andamento
• Canais de comunicação personalizados para rastreamento de pacientes

Comunicação de participantes do ensaio clínico em andamento

Método de comunicação	Pontos de contato participantes	Frequência de comunicação
Paciente eletrônico relatou resultados	87 participantes ativos do ensaio clínico	Quinzenal
Portal de paciente seguro	67 participantes registrados	Mensal

Interações da Conferência Científica e do Simpósio Médico

Métricas de engajamento da conferência de Tracon para 2023:

• Total de conferências participadas: 12
• Apresentações entregues: 8
• Cartazes científicos apresentados: 5
• Interações profissionais totais: 246 profissionais de saúde

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de Negócios: Canais

Vendas diretas para instituições de saúde

A partir do quarto trimestre 2023, a Tracon Pharmaceuticals mantém uma abordagem de vendas diretas direcionadas para instituições de saúde oncológicas e oftalmológicas. A equipe de vendas da empresa se concentra em centros médicos especializados e instalações de tratamento de câncer.

Tipo de canal de vendas	Número de instituições direcionadas	Foco especializado
Centros de tratamento oncológicos	87	Pesquisa e tratamento do câncer
Clínicas de Oftalmologia	53	Gerenciamento de doenças oculares

Redes de distribuição farmacêutica

A Tracon utiliza parcerias estratégicas com distribuidores farmacêuticos para expandir o alcance do produto.

• Rede de distribuição farmacêutica Amerisourcebergen
• Parceria de distribuição de saúde cardeal
• Canais de distribuição da McKesson Corporation

Apresentações da conferência médica

Tracon apresenta ativamente os dados de pesquisa e ensaios clínicos nas principais conferências médicas.

Tipo de conferência	Conferências comparecidas em 2023	Foco de apresentação
Conferências de oncologia	4	Ensaios clínicos TRC105
Simpósios de oftalmologia	2	Pesquisa de doenças da retina

Publicações científicas online

A empresa mantém estratégias ativas de publicação digital para disseminação de pesquisas.

• PubMed Central Publications: 12 em 2023
• Journal of Clinical Oncology Submissions: 3 artigos revisados ​​por pares
• Engajamento da plataforma de pesquisa digital: mais de 5.000 downloads científicos

Plataformas de comunicação digital

O Tracon aproveita as plataformas digitais para comunicações científicas e de investidores.

Plataforma digital	Contagem de seguidores/conexão	Propósito primário
LinkedIn	3.287 seguidores	Networking profissional
Twitter/x	1.542 seguidores	Atualizações de pesquisa
Site corporativo	47.000 visitantes mensais	Relações com investidores

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negócios: segmentos de clientes

Centros de tratamento oncológicos

A partir do quarto trimestre 2023, a Tracon Pharmaceuticals tem como alvo aproximadamente 1.200 centros de tratamento especializados em oncologia nos Estados Unidos.

Tipo de cliente	Número de centros	Alcance potencial do mercado
Centros abrangentes de câncer	51	Instituto Nacional do Câncer Designado
Centros de Oncologia Comunitária	1,149	Cobertura regional e local

Clínicas de Oftalmologia

Tracon se concentra em 850 clínicas especializadas em oftalmologia nos Estados Unidos.

• Clínicas de especialidade da retina: 275
• Clínicas oculares do Centro Médico Acadêmico: 125
• Clínicas de Oftalmologia de Prática Privada: 450

Hospitais de pesquisa

O mercado -alvo inclui 385 hospitais de pesquisa com recursos avançados de pesquisa oncológica e oftalmológica.

Tipo de hospital	Número de instituições
Hospitais de pesquisa médica acadêmica	89
Centros de pesquisa especializados	296

Pesquisadores farmacêuticos

A Tracon tem como alvo aproximadamente 2.500 profissionais de pesquisa farmacêutica especializados em oncologia e oftalmologia.

• Áreas de foco de pesquisa primária:
  • Terapêutica do câncer
  • Tratamentos de doenças oculares
  • Medicina de Precisão

Pacientes com condições específicas

Segmentos de população de pacientes alvo com base em condições específicas de doenças:

Categoria de doença	População estimada de pacientes
Tumores sólidos avançados	65.000 pacientes
Doenças da retina	10 milhões de pacientes em potencial
Tipos de câncer raros	35.000 pacientes

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Tracon Pharmaceuticals registrou despesas de P&D de US $ 19,4 milhões.

Ano	Despesas de P&D	Porcentagem de custos operacionais totais
2023	US $ 19,4 milhões	62.3%
2022	US $ 22,1 milhões	65.7%

Custos de gerenciamento de ensaios clínicos

Tracon alocou aproximadamente US $ 8,6 milhões para o gerenciamento de ensaios clínicos em 2023.

• Ensaios clínicos de Fase I/II para TRC105: US $ 4,2 milhões
• Ensaios de pesquisa em andamento em andamento: US $ 3,4 milhões
• Despesas administrativas de ensaios clínicos: US $ 1 milhão

Investimentos de conformidade regulatória

Os custos de conformidade regulatória para 2023 foram de US $ 2,3 milhões.

Pessoal e recrutamento especializado de talentos

Categoria de pessoal	Custo anual	Número de funcionários
Cientistas de pesquisa	US $ 5,7 milhões	37
Desenvolvimento Clínico	US $ 3,2 milhões	22
Equipe administrativo	US $ 1,9 milhão	15

Manutenção de tecnologia e infraestrutura

As despesas de manutenção de tecnologia e infraestrutura totalizaram US $ 1,5 milhão em 2023.

• Manutenção de equipamentos de laboratório: US $ 750.000
• Infraestrutura de TI: US $ 450.000
• Software e plataformas digitais: US $ 300.000

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negócios: fluxos de receita

Potenciais acordos de licenciamento farmacêutico

A partir do quarto trimestre 2023, a Tracon Pharmaceuticals relatou receita potencial de licenciamento de seus principais candidatos a medicamentos:

Candidato a drogas	Potencial parceiro de licenciamento	Receita potencial estimada
TRC105 (Carotuximab)	Negociações em andamento	US $ 15-25 milhões em potencial pagamento inicial
De-122	Parceiro farmacêutico não revelado	US $ 10-20 milhões em potenciais pagamentos marcantes

Bolsas de pesquisa e financiamento

Fontes de financiamento de pesquisa de Tracon em 2023:

• Grant do National Institutes of Health (NIH): US $ 2,3 milhões
• Pesquisa de inovação em pequenas empresas (SBIR) Subsídios: US $ 1,5 milhão
• Grant Foundation da Fundação de Pesquisa do Câncer: US $ 750.000

Comercialização futura de medicamentos

Potencial de receita projetado para os principais programas de desenvolvimento de medicamentos:

Programa de medicamentos	Tamanho potencial de mercado	Potencial estimado de receita anual
TRC105 (oncologia)	Mercado global de US $ 500 milhões	Receita anual potencial de US $ 75-100 milhões
De-122 (Oftalmologia)	Mercado -alvo de US $ 300 milhões	Receita anual potencial de US $ 50-75 milhões

Parcerias de pesquisa colaborativa

Fluxos de receita de colaboração de pesquisa ativa:

• Parcerias de pesquisa acadêmica: US $ 1,2 milhão
• Acordos de colaboração farmacêutica: US $ 3,5 milhões
• Parcerias da Organização de Pesquisa em Contrato (CRO): US $ 2,1 milhões

Potenciais pagamentos marcantes do desenvolvimento de medicamentos

Estrutura de pagamento prevista para os candidatos a drogas:

Estágio de desenvolvimento	Faixa de pagamento de marco
Conclusão pré -clínica	US $ 5 a 10 milhões
Ensaio clínico de fase I	US $ 10-15 milhões
Ensaio clínico de fase II	US $ 20 a 30 milhões
Ensaio clínico de fase III	US $ 50-75 milhões

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Value Propositions

You're looking at the value proposition for TRACON Pharmaceuticals, Inc. in its current state, which is focused entirely on winding down operations following the stockholder-approved Plan of Dissolution from November 12, 2024.

Maximizing residual value for stockholders through efficient liquidation.

The primary goal here is to convert remaining assets into cash to cover wind-down costs and, if anything remains, distribute it. Honestly, the outlook isn't strong based on the last reported figures. The company stated that existing cash as of June 30, 2024, was $6.3 million, which was deemed insufficient to meet obligations for the next 12 months from that date. The accumulated deficit stood at $246.5 million as of June 30, 2024. The company explicitly expected no distributions to stockholders from the dissolution based on estimates at that time.

Key financial metrics relevant to residual value as of the last reported period:

Financial Metric	Amount	Date of Record
Cash and Cash Equivalents	$6.3 million	June 30, 2024
Restricted Cash	$0.1 million	June 30, 2024
Outstanding Common Stock Shares	3,407,564	August 8, 2024
Accumulated Deficit	$246.5 million	June 30, 2024

Orderly and compliant cessation of business operations.

This involves executing the wind-down in a manner that satisfies regulatory and legal requirements. A concrete cost associated with this cessation was the one-time severance charge of $1.7 million related to the termination of all employees, including officers, effective July 31, 2024. Research and development expenses were already significantly reduced to $1.4 million in Q2 2024, down from $3.5 million in Q2 2023, reflecting the end of clinical trial enrollment.

• All employees terminated as of July 31, 2024.
• One-time severance charge of $1.7 million recorded.
• Remaining activities limited to winding up business affairs.

Transferring or selling valuable oncology and fibrotic disease IP to new owners.

The potential realization of value hinges on the successful transfer or sale of intellectual property, specifically related to oncology and fibrotic disease assets. The uncertainty around this is high; the company noted that no distributions to stockholders were expected unless value is realized from TRC102 data, which is uncertain. The revenue stream has dried up, with Q2 2024 revenue at only $0.1 million, compared to $9.0 million in Q2 2023, due to the absence of one-time license termination revenue.

Providing final financial transparency to creditors and investors.

Transparency is maintained through required filings, even during dissolution. The company filed a Form 10-Q for the period ending June 30, 2024, detailing the financial position leading into the wind-down. The net loss for the six months ended June 30, 2024, was $6.0 million, an improvement from $14.8 million year-over-year, driven by reduced operating expenses.

• Net loss for six months ended June 30, 2024: $6.0 million.
• Q2 2024 Net Loss: $2.8 million.
• Final disclosures are made via SEC filings as required.

The company urged extreme caution regarding existing and future investments, noting that trading prices for its securities might bear little or no relationship to the actual value realized, if any.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Customer Relationships

You're looking at the final stages of a company winding down, so the relationships aren't about growth anymore; they're about final settlements and compliance. For TRACON Pharmaceuticals, Inc. (TCON), the customer relationship block is now dominated by the legal and financial mechanics of dissolution following the stockholder vote.

Formal Communication with Stockholders Regarding Dissolution and Distributions

The primary communication channel with stockholders shifted entirely to the Plan of Dissolution. You should know that on November 12, 2024, the stockholders voted in favor of the liquidation and dissolution, with approximately 98% of the votes cast being affirmative. This formal approval set the stage for the final wind-down activities. However, the expectation communicated is stark: the company currently expects no distributions to stockholders from the dissolution based on current estimates. This is based on the June 30, 2024, balance sheet showing Cash and cash equivalents of only $6.3 million, which the company stated was insufficient to meet obligations for the next 12 months. The number of outstanding common shares as of August 8, 2024, was 3,407,564.

The power dynamic shifted significantly before this vote. On October 11, 2024, a Series A Preferred Stock, the Super-Voting Share, was issued to the CEO and sole director, Craig R. Jalbert, for $0.01. This share ranks senior to common stock regarding asset distribution upon liquidation, meaning Mr. Jalbert has the primary claim on any residual value after creditors are paid, before common stockholders see anything.

Direct Engagement with Creditors to Settle Outstanding Debts

Engagement with creditors is the most critical, albeit non-public, relationship activity now. The company's cash position as of June 30, 2024, was $6.3 million, but the accumulated deficit was $246.5 million. The funds remaining are dedicated to winding down operations and executing the Plan of Dissolution, which inherently means direct negotiation with debt holders. The last twelve months revenue as of Q2 2024 was only $3.2 million, underscoring the reliance on the existing cash balance to satisfy liabilities.

Here's a snapshot of the financial context driving these creditor discussions:

Financial Metric	Value (as of latest report)	Date Reference
Cash and Cash Equivalents	$6.3 million	June 30, 2024
Accumulated Deficit	$246.5 million	June 30, 2024
Severance Charge (One-time)	$1.7 million	July 31, 2024
Outstanding Common Shares	3,407,564	August 8, 2024

Legal and Financial Reporting to Regulatory Bodies like the SEC and OTCQB

TRACON Pharmaceuticals, Inc. remains subject to regulatory oversight while the wind-down is in process. The company filed its Form 10-Q for the quarterly period ended June 30, 2024, which detailed the dissolution plan and the financial state leading up to it. The company's securities trade on the OTCQB, though the process of winding down operations often precedes a formal delisting or termination of registration, as indicated by the filing of a Form 15-12G (Termination of Registration) in November 2024.

Key reporting compliance points include:

• Filing of preliminary proxy statement with the SEC regarding the Plan of Dissolution.
• Reporting the $1.7 million severance charge related to the July 31, 2024, termination of all employees.
• Continued filing of required periodic reports (e.g., 10-Q) to maintain OTCQB status during the wind-down phase.
• The CEO, Craig R. Jalbert, now serves as the sole member of the board, simplifying the reporting structure.

Minimal, Transactional Contact with Former Vendors and Clinical Sites

With all employees terminated as of July 31, 2024, direct, ongoing relationships with former vendors and clinical sites are non-existent, replaced by transactional contact managed by the appointed principal, Craig R. Jalbert, of Verdolino & Lowey, P.C.. These interactions are strictly limited to resolving final contractual obligations, such as closing out site agreements or settling final invoices for services rendered before the July 30, 2024, wind-down announcement. Any remaining obligations will be paid from the $6.3 million cash on hand as of June 30, 2024, before any potential realization of value from TRC102 data.

The nature of these final transactions is governed by the liquidation priority:

• Settlement of vendor contracts based on priority of claim.
• Finalizing payments to clinical sites for completed work packages.
• The Super-Voting Share holder has priority over common stockholders in asset distribution.

Finance: finalize the cash flow projection for creditor settlements by next Tuesday.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Channels

You're looking at the final communication pathways for TRACON Pharmaceuticals, Inc. (TCON) as it winds down operations. Honestly, the channels now are almost entirely administrative, focused on the dissolution process approved by the stockholders.

Investor Relations (IR) website and SEC filings for official updates on dissolution.

The official record for the wind-down lives in the SEC filings. You should know that the stockholders approved the Plan of Dissolution on November 12, 2024. That proposal passed with an affirmative vote from approximately 98% of the votes cast at the meeting. The company's remaining business activities are now strictly limited to what's necessary to wind up its affairs according to that Plan. Any official, legally required updates will be found there, not in typical IR news releases.

Legal and financial advisors acting as the primary communication conduit.

The primary conduit for official communication, especially concerning the wind-up, flows through the appointed leadership and their associated firm. Craig R. Jalbert, the CEO and sole board member, is a principal at the accounting firm Verdolino & Lowey, P.C., which has experience with firms in wind-down phases. For any questions related to the dissolution, the designated email contact is TRACON@vlpc.com. This is where the administrative communication is directed now, not a standard corporate line.

OTCQB market for trading of the common stock (TCON).

The common stock trades on the OTCQB market, though you'll see warnings that trading is highly speculative and the company may not be actively trading. The market activity reflects this status. Here's a quick look at the numbers we have as of late 2025, based on the latest available data points:

Metric	Value	Date/Context
Closing Price	$0.0322	End of day October 15, 2025
52-Week High	$0.120	Within the last 52 weeks
52-Week Low	$0.0210	Within the last 52 weeks
Reported Market Capitalization	$0.25 million	Around Q2 2024
Shares Outstanding	3,407,564	As of August 8, 2024

Trading volume data is sparse, with the Average Volume (3 months) showing as a dash, suggesting very low liquidity. The structure of the stock itself is complicated by the Series A Preferred Stock, the Super-Voting Share, issued to the CEO for $0.01, which ranks senior to common stock upon liquidation. This structure definitely impacts any residual value distribution.

You should be aware of the key governance changes that facilitate this channel:

• Quorum requirement changed to a majority of voting power, not shares.
• The Super-Voting Share grants voting power equivalent to outstanding common shares for dissolution votes.
• The Super-Voting Share carries no dividend rights.

Finance: draft a memo detailing the implications of the senior liquidation preference on the remaining OTCQB float by Thursday.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Customer Segments

You're looking at the customer segments for TRACON Pharmaceuticals, Inc. (TCON) in late 2025, which is a unique situation since the company voted for liquidation and dissolution back on November 12, 2024. So, the 'customers' now are really the parties with a claim on the remaining assets as the company winds down its affairs, which are limited to that wind-up process. Defintely, the primary focus shifts from product sales to asset realization.

Current stockholders are the residual claimants, meaning they get whatever is left after all debts and obligations are settled. Their position is complicated by the super-voting share issued to the CEO, Craig R. Jalbert, on October 11, 2024, which ranks senior to common stock in asset distribution upon liquidation. Here's a look at the ownership structure as of the last reported data in March 2025:

Stakeholder Group	Ownership Percentage (as of Mar 2025)	Voting Power Context
Insiders	8.78%	Subject to Super-Voting Share priority
Institutional Investors	4.17%	Holding decreased from previous periods
Mutual Funds	0.87%	Holding remained flat from prior months
Retail/Other	Calculated Remainder	Receives residual value after senior claims

The total number of institutions holding shares was reported as 7 in March 2025. Honestly, for common stockholders, the residual value is highly dependent on the recovery from outstanding claims against the company's remaining assets.

Creditors and vendors with outstanding claims represent the most senior financial segment in this wind-down phase. The most significant known obligation relates to the RGC Loan Agreement. Here are the key figures related to that debt structure:

• Term Loan Commitment: Up to $35.0 million aggregate principal amount.
• Maturity Date for all outstanding amounts: September 1, 2026.
• Interest Payments: Monthly payments were due through September 30, 2024, and thereafter monthly through maturity.

Any vendor or trade creditor claims that haven't been settled during the wind-down are also prioritized over common stockholders. The company's financial struggles leading up to this-like a reported revenue of $3.2 million (LTM Q2 2024) against a negative gross profit margin of -278.31% (LTM Q2 2024)-definitely frame the recovery expectations for these creditors.

Potential buyers of the company's remaining IP and platform technology are a critical segment, as the sale of these intangible assets is the primary mechanism for generating cash to pay creditors and, potentially, stockholders. Since the company terminated substantially all employees in July 2024, the remaining value is almost entirely tied up in its intellectual property portfolio, including any data from trials like ENVASARC. The market capitalization was reported as low as $0.25 million in October 2024, which might suggest a low floor for IP acquisition interest from other biotech firms looking to acquire specific platform capabilities or data packages.

Finally, regulatory bodies (e.g., FDA, SEC) are key stakeholders ensuring the dissolution process adheres to legal and financial reporting standards. TRACON Pharmaceuticals, Inc. was trading on the OTCQB exchange. The company must satisfy final SEC reporting requirements related to the dissolution plan, including filing the final 10-K or 10-Q reports covering the wind-up period, with the next scheduled earnings call for 2025 results set for February 17, 2026. Compliance with the Plan of Dissolution, approved by approximately 98% of votes cast, is under the oversight of the SEC.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Cost Structure

You're looking at the cost structure for TRACON Pharmaceuticals, Inc. (TCON) as it executes its plan to wind down operations, which fundamentally shifts the cost base from R&D and commercial preparation to cessation activities. Honestly, the cost structure is now almost entirely defined by these wind-down liabilities, not ongoing business operations.

The most concrete, recent figure impacting the cost structure relates to workforce reduction. All employees were terminated as of July 31, 2024. This action triggered a one-time severance charge estimated at approximately $1.7 million, which was recorded around that time. This charge covers severance and termination costs for all former employees, reflecting the complete cessation of the previous operating structure.

The General and Administrative (G&A) costs for the wind-down team are expected to be minimal. The board appointed Craig R. Jalbert as the sole member of the board, serving as CEO, President, Treasurer, and Secretary to oversee the dissolution. This lean structure inherently keeps ongoing G&A expenditures low compared to a fully operational biopharma company, though his compensation is a necessary cost.

Costs associated with terminating or transferring licensing agreements form another component. While the company previously received a $3.0 million upfront payment in November 2023 for licensing its Product Development Platform (PDP), the wind-down process involves settling or terminating existing agreements with partners like Eucure, Biocytogen, 3D Medicines, Alphamab, and Janssen. Specific, itemized costs for these terminations are not publicly detailed as of late 2025, but they represent potential liabilities or exit fees.

The overall financial context shows the remaining cash is being directed here. As of June 30, 2024, cash and cash equivalents stood at $6.3 million, which management indicated was insufficient to meet obligations for the next 12 months, with funds earmarked for the wind-down execution. The primary cost drivers are the one-time exit expenses, not recurring operational burn.

Here's a quick look at the key known financial markers related to this cost shift:

Cost Category Component	Most Recent Reported Amount/Context	Date of Data
Severance and Termination Charge	$1.7 million (one-time charge)	July 2024
Wind-Down Team G&A	Minimal; led by a single executive	Late 2025 Context
Cash Position (for obligations)	$6.3 million (Cash & Equivalents)	June 30, 2024
Prior Licensing Revenue (Context for Asset Value)	$3.0 million (Upfront PDP License Fee)	November 2023

The structure is dominated by these settlement-type costs, which are expected to be covered by the remaining cash reserves. You should track any filings for accrued liabilities related to legal and accounting fees necessary to finalize the dissolution process, as these will be the primary ongoing expenses now.

• Dominated by wind-down expenses, including legal and accounting fees.
• Severance and termination costs for all former employees: $1.7 million charge.
• Minimal General and Administrative (G&A) costs for the wind-down team.
• Costs associated with terminating or transferring licensing agreements.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for TRACON Pharmaceuticals, Inc. (TCON) as the company moves through its dissolution process, which was approved by the Board following unsuccessful clinical results. Honestly, the value proposition here has shifted from product development to asset realization, so the revenue profile reflects a wind-down.

The trailing twelve-month revenue was $3.2M as of mid-2024, mostly derived from collaboration activities, which shows a significant drop from the prior year's annual revenue of $12.05M in 2023. This decline is stark when you see the Q2 2024 revenue was just $0.1 million, compared to $9.0 million in Q2 2023.

The residual cash from the balance sheet, which is the main source of value, is critical in this stage. As of June 30, 2024, TRACON Pharmaceuticals reported cash and cash equivalents totaling $6.3 million. More granularly, the balance sheet showed $6.27 million in cash against $898,000 in debt, netting a cash position of $5.37 million, or $1.58 per share. The company stated that existing cash was insufficient to meet obligations for the next 12 months, with funds earmarked for winding down operations under the Plan of Dissolution.

You should also watch for potential one-time revenue from termination or settlement of partnership agreements. The sharp drop in Q2 2024 revenue was explicitly attributed to the absence of one-time license termination revenue that was present in Q2 2023. This highlights the lumpy, non-recurring nature of past revenue events versus the current operational run-rate.

Revenue generation from the sale or out-licensing of remaining IP and drug candidates is now highly uncertain given the approved dissolution. However, the company does have existing agreements that could theoretically yield future milestone or royalty payments, though the outlook for distributions to stockholders remains low unless value is realized from TRC102 data, which is uncertain.

Here's a quick look at the recent revenue trend, showing how much the non-recurring events impacted the top line:

Period Ending	Revenue (TTM)	Quarterly Revenue	YoY Revenue Growth (TTM)
June 30, 2024	$3.20M	$0.1 Million (Q2 2024)	-64.44%
Fiscal Year 2023	N/A	$12.05M (Annual)	N/A

The collaboration revenue base, while small recently, stems from several key relationships:

• Agreements with 3D Medicines Co., Ltd. and Jiangsu Alphamab Biopharmaceuticals Co., Ltd. for envafolimab development.
• Agreement with I-Mab Biopharma for CD73 antibody TJ004309 and bispecific antibodies.
• Cooperative research and development agreement with the National Cancer Institute.
• Mention of the YH001 Collaboration Agreement with Eucure.

Finance: draft 13-week cash view by Friday.