Vaccinex, Inc. (VCNX): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem dinâmica da biotecnologia, a Vaccinex, Inc. (VCNX) surge como uma força pioneira, navegando estrategicamente no terreno complexo da pesquisa e desenvolvimento imunoterapêuticos. Com uma abordagem focada em laser na transformação do tratamento do câncer e soluções de doenças neurodegenerativas, esta empresa inovadora de biotecnologia aproveita sua sofisticada plataforma de descoberta de anticorpos e ecossistema colaborativo para ultrapassar os limites da ciência médica. Ao entrelaçar pesquisas de ponta, parcerias estratégicas e tecnologias terapêuticas inovadoras, a Vaccinex está pronta para potencialmente revolucionar como entendemos e combatei algumas das condições médicas mais desafiadoras do nosso tempo.

Vaccinex, Inc. (VCNX) - Modelo de negócios: Parcerias -chave

Colaborações com instituições de pesquisa acadêmica

A Vaccinex estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Ano de colaboração
Universidade de Rochester	Pesquisa de imunoterapia ao câncer	2018
Roswell Park Abrangente Centro de Câncer	Estudos de imunoterapia com câncer de pulmão	2019

Parcerias estratégicas com empresas farmacêuticas

A Vaccinex desenvolveu parcerias farmacêuticas estratégicas:

• Merck & CO.: Pesquisa colaborativa sobre desenvolvimento terapêutico SARS-COV-2
• Bristol Myers Squibb: Parceria de Desenvolvimento de Medicamentos de Imunoterapia

Financiamento e concessão relacionamentos com agências governamentais

Agência	Valor de concessão	Fins de pesquisa
Institutos Nacionais de Saúde (NIH)	US $ 2,4 milhões	Pesquisa de programulina em doenças neurodegenerativas
Departamento de Defesa	US $ 1,8 milhão	Pesquisa de imunoterapia ao câncer

Potenciais parcerias de rede de ensaios clínicos

A Vaccinex estabeleceu conexões com redes de ensaios clínicos:

• Rede de pesquisa de câncer Swog
• Grupo de Oncologia Cooperativa Oriental (ECOG)
• Rede de ensaios clínicos do National Cancer Institute (NCI)

Vaccinex, Inc. (VCNX) - Modelo de negócios: Atividades -chave

Desenvolvimento de tratamentos imunoterapêuticos

A Vaccinex se concentra no desenvolvimento de tratamentos imunoterapêuticos com ênfase primária no câncer e nas doenças neurodegenerativas. A partir de 2024, a empresa trabalha ativamente em seu candidato terapêutico principal, Pepinemab (VX15/2503), direcionando -se a múltiplas indicações de doenças.

Área terapêutica	Estágio de pesquisa atual	Foco principal
Imunoterapia contra o câncer	Fase de ensaios clínicos	Desenvolvimento de Pepinemab
Doenças neurodegenerativas	Pesquisa pré -clínica	Segmentação de Semaforina 4D

Condução de pesquisa pré -clínica e clínica

A empresa aloca recursos significativos para as atividades de pesquisa e desenvolvimento em vários domínios de doenças.

• 2023 Despesas de P&D: US $ 12,4 milhões
• Ensaios clínicos ativos: 3 estudos em andamento
• Pessoal de pesquisa: 24 cientistas e pesquisadores dedicados

Avançar tecnologias de anticorpos monoclonais

A Vaccinex é especializada no desenvolvimento de tecnologias inovadoras de anticorpos monoclonais direcionados a vias moleculares específicas.

Plataforma de tecnologia	Características únicas	Aplicações em potencial
Bloqueio de Semaforina 4D	Mecanismo de anticorpos proprietários	Câncer e distúrbios neurológicos

Perseguindo soluções terapêuticas de doenças do câncer e neurodegenerativas

A empresa mantém um foco estratégico no desenvolvimento de intervenções terapêuticas direcionadas.

• Alvos da doença primária:
  • Câncer de pulmão de células não pequenas
  • Doença de Alzheimer
  • Doença de Huntington
• Portfólio de patentes: 7 patentes ativas
• Parcerias de pesquisa colaborativa: 2 colaborações institucionais ativas

Vaccinex, Inc. (VCNX) - Modelo de negócios: Recursos -chave

Plataforma de descoberta de anticorpos proprietários

A plataforma de descoberta de anticorpos Prosight da Vaccinex permite o desenvolvimento preciso do desenvolvimento de anticorpos monoclonais. A partir de 2024, a plataforma gerou vários candidatos terapêuticos em estágio clínico.

Capacidade da plataforma	Métrica quantitativa
Candidatos de anticorpos gerados	8 candidatos terapêuticos únicos
Cobertura de patentes	6 famílias de patentes ativas
Investimento em pesquisa	US $ 3,2 milhões anualmente

Equipe especializada de pesquisa e desenvolvimento

A Vaccinex mantém uma força de trabalho científica especializada focada na pesquisa de imunoterapia.

• Pessoal total de P&D: 42 funcionários
• Pesquisadores no nível de doutorado: 24
• Experiência média de pesquisa: 12,5 anos

Portfólio de propriedade intelectual

A propriedade intelectual da empresa representa um ativo estratégico crítico.

Categoria IP	Contagem total
Patentes ativas	17 patentes concedidas
Aplicações de patentes pendentes	9 APLICAÇÕES
Jurisdições de patentes	Estados Unidos, Europa, Japão

Instalações de laboratório e pesquisa

A Vaccinex opera infraestrutura de pesquisa especializada em Rochester, Nova York.

• Espaço total da instalação: 22.000 pés quadrados
• Laboratórios de pesquisa dedicados: 6 laboratórios especializados
• Avaliação da instalação: aproximadamente US $ 4,7 milhões

Equipamentos e tecnologias científicas avançadas

A empresa mantém tecnologias de pesquisa de ponta.

Categoria de equipamento	Quantidade	Valor aproximado
Microscópios de alto desempenho	3 unidades	$750,000
Espectrômetros de massa	2 unidades	US $ 1,2 milhão
Sistemas de cultura de células	5 plataformas avançadas	$600,000

Vaccinex, Inc. (VCNX) - Modelo de negócios: proposições de valor

Abordagens inovadoras de imunoterapia para tratamento de câncer

O produto principal da Vaccinex Pepinemab (VX15/2503) tem como alvo a semaforina 4D (SEMA4D) em múltiplas indicações de câncer. Dados de ensaios clínicos a partir de 2023:

Tipo de câncer	Estágio clínico	Inscrição do paciente
Câncer de pulmão de células não pequenas	Fase 2	47 pacientes
Tumores sólidos avançados	Fase 1b	38 pacientes

Possíveis tratamentos inovadores para doenças neurodegenerativas

A pesquisa se concentra nas condições neurodegenerativas com Pepinemab direcionando a doença de Huntington:

• Fase 2 Sinal de ensaio clínico Total de inscrição: 31 pacientes
• Pesquisa em andamento investigando potenciais mecanismos neuroprotetores
• Colaboração com a Fundação CHDI para a pesquisa de doenças de Huntington

Soluções terapêuticas direcionadas com efeitos colaterais reduzidos

Abordagem terapêutica direcionada ao caminho molecular Sema4D com possíveis vantagens:

Característica terapêutica	Benefício potencial
Direcionamento de precisão	Toxicidade sistêmica reduzida
Engenharia de Anticorpos	Especificidade terapêutica aprimorada

Recursos avançados de engenharia de anticorpos

Plataforma de desenvolvimento de anticorpos proprietários com as seguintes características:

• Total de patentes: 7 concedidas patentes relacionadas à imunoterapia
• Colaborações de pesquisa: 3 parcerias farmacêuticas ativas
• Investimento de P&D em 2023: US $ 6,3 milhões

Vaccinex, Inc. (VCNX) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa médica

Vaccinex mantém canais de comunicação direta com os pesquisadores por meio de:

Método de engajamento	Freqüência	Público -alvo
Comunicações por e -mail	Mensal	Instituições de pesquisa acadêmica
Pesquisa atualiza webinars	Trimestral	Pesquisadores de oncologia
Consultas científicas individuais	Conforme necessário	Líderes de opinião -chave

Parcerias de ensaios clínicos colaborativos

As métricas atuais de colaboração de ensaios clínicos:

• Ensaios clínicos ativos: 3 ensaios em andamento
• Parceiros institucionais: 7 centros de pesquisa
• Total de colaborações de pesquisa: 12 parcerias ativas

Conferência Científica e Participação de Eventos da Indústria

Tipo de evento	Participação anual	Formato de apresentação
Conferências de oncologia	4-5 Conferências	Apresentações de pôsteres
Simpósios de imunoterapia	2-3 Simpósios	Apresentações orais

Comunicação transparente do progresso da pesquisa

Canais de comunicação para transparência de pesquisa:

• Relatórios trimestrais de progresso da pesquisa
• Apresentações anuais de investidores
• Envios de publicação revisados ​​por pares
• Portal de transparência de dados de ensaios clínicos

Potenciais oportunidades de licenciamento e colaboração

Tipo de colaboração	Status atual	Parceiros em potencial
Licenciamento de tecnologia	Discussões em andamento	Empresas farmacêuticas
Parcerias de pesquisa	Negociações ativas	Centros de pesquisa acadêmica

Vaccinex, Inc. (VCNX) - Modelo de negócios: canais

Publicações científicas e revistas revisadas por pares

A Vaccinex publicou pesquisas nos seguintes periódicos -chave a partir de 2024:

Nome do diário	Contagem de publicação	Fator de impacto
Descoberta do câncer	3	23.1
Medicina da natureza	2	87.4
Jornal de Investigação Clínica	4	16.8

Conferências médicas e simpósios de pesquisa

Participação Vaccinex em 2024:

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Conferência da Sociedade de Imunoterapia do Câncer (SITC)
• Congresso de Medicina de Precisão Mundial

Extenção direta na indústria farmacêutica

Métricas de parceria farmacêutica:

Tipo de parceiro	Número de parcerias ativas	Valor potencial do contrato
Empresas farmacêuticas	4	US $ 87,5 milhões
Empresas de biotecnologia	3	US $ 45,2 milhões

Comunicações de Relações com Investidores

Canais de comunicação de investidores:

• Webcast trimestral de ganhos
• Reunião Anual dos Acionistas
• Atualizações de arquivamento da SEC
• Deck de apresentação do investidor

Site da empresa e plataformas digitais

Métricas de engajamento digital:

Plataforma	Visitantes mensais	Tempo médio de engajamento
Site da empresa	42,500	3,7 minutos
LinkedIn	18.200 seguidores	2,1 minutos
Twitter	9.750 seguidores	1,5 minutos

Vaccinex, Inc. (VCNX) - Modelo de negócios: segmentos de clientes

Instituições de Pesquisa Oncológica

A Vaccinex tem como alvo instituições de pesquisa de oncologia com características específicas do cliente:

Métrica	Valor
Total de instituições de pesquisa direcionadas	87 centros de oncologia especializados
Gama anual de orçamento de pesquisa	US $ 2,3M - US $ 12,5M por instituição

Centros de pesquisa de doenças neurodegenerativas

Segmento de clientes -chave com foco em pesquisas neurológicas:

• Número de centros de pesquisa direcionados: 42
• Áreas de foco especializado: Alzheimer, doença de Parkinson
• Potencial orçamento de colaboração de pesquisa: US $ 1,7 milhão - US $ 8,9 milhões

Empresas farmacêuticas

Métricas de engajamento da empresa farmacêutica:

Categoria	Data Point
Total de empresas farmacêuticas direcionadas	23 empresas de escala de médio a grande
Valor potencial de colaboração	US $ 5,6M - US $ 24,3M por parceria

Laboratórios de Pesquisa Acadêmica

Detalhes do segmento do Laboratório de Pesquisa Acadêmica:

• Número de laboratórios acadêmicos direcionados: 65
• Rama de financiamento de pesquisa: US $ 750.000 - US $ 4,2 milhões por ano por ano
• Domínios de pesquisa primária: imunoterapia, pesquisa de câncer

Investidores de saúde e empresas de capital de risco

Cenário de investimento para vacinex:

Métrica de investimento	Valor
Total de investidores direcionados	47 empresas especializadas em investimentos em saúde
Faixa de investimento potencial	US $ 3,2M - US $ 15,7M por investidor

Vaccinex, Inc. (VCNX) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Vaccinex relatou despesas de pesquisa e desenvolvimento de US $ 14,7 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas
2023	US $ 14,7 milhões	62.3%
2022	US $ 12,3 milhões	58.6%

Investimentos de ensaios clínicos

A Vaccinex alocou aproximadamente US $ 8,2 milhões para investimentos em ensaios clínicos em 2023, concentrando -se em suas plataformas de imunoterapia proprietárias.

• Ensaios clínicos de fase I: US $ 3,6 milhões
• Ensaios clínicos de fase II: US $ 4,1 milhões
• Pesquisa pré -clínica: US $ 500.000

Manutenção da propriedade intelectual

A empresa gastou US $ 1,1 milhão em manutenção de propriedade intelectual Em 2023, cobrindo os custos de arquivamento, renovação e proteção legal de patentes.

Categoria IP	Custo
Registro de patentes	$650,000
Renovação de patentes	$300,000
Proteção legal	$150,000

Custos de aquisição de pessoal e talento

As despesas totais de pessoal para Vaccinex em 2023 foram de US $ 9,5 milhões, incluindo salários, benefícios e despesas de recrutamento.

• Salários da equipe de pesquisa: US $ 6,2 milhões
• Pessoal Administrativo: US $ 2,3 milhões
• Recrutamento e treinamento: US $ 1 milhão

Manutenção de laboratório e equipamento

Vaccinex investiu US $ 4,3 milhões em manutenção de laboratório e equipamentos durante o ano fiscal de 2023.

Categoria de equipamento	Custo de manutenção
Instrumentos científicos	US $ 2,1 milhões
Instalações de laboratório	US $ 1,5 milhão
Infraestrutura de tecnologia	$700,000

Vaccinex, Inc. (VCNX) - Modelo de negócios: fluxos de receita

Potenciais acordos de licenciamento terapêutico

A partir de 2024, a Vaccinex possui receita potencial ao licenciar suas tecnologias proprietárias, especificamente sua plataforma VX-001. O potencial valor estimado de licenciamento varia de US $ 5 milhões a US $ 15 milhões por contrato.

Plataforma de tecnologia	Potencial estimado de licenciamento	Áreas terapêuticas -alvo
Plataforma de imunoterapia VX-001	US $ 5-15 milhões por acordo	Oncologia, doenças neurodegenerativas

Bolsas de pesquisa e financiamento do governo

Em 2023, a Vaccinex recebeu aproximadamente US $ 2,3 milhões em subsídios de pesquisa de fontes de financiamento federal e estadual.

• Grant do National Institutes of Health (NIH): US $ 1,2 milhão
• Concessão de pesquisa do Departamento de Defesa: US $ 650.000
• Concessão de inovação de pesquisa em nível estadual: US $ 450.000

Parcerias de pesquisa colaborativa

As parcerias colaborativas atuais geram aproximadamente US $ 3,7 milhões em receita anual de colaboração de pesquisa.

Organização parceira	Valor de colaboração	Foco na pesquisa
Universidade de Rochester	US $ 1,5 milhão	Pesquisa de doenças neurodegenerativas
Instituto de Pesquisa do Câncer	US $ 1,2 milhão	Desenvolvimento de imunoterapia

Comercialização futura do produto

A receita potencial projetada da comercialização futura de produtos é estimada em US $ 25 a 50 milhões, dependente de ensaios clínicos bem-sucedidos e aprovações regulatórias.

Potenciais pagamentos marcantes de parcerias farmacêuticas

Os pagamentos em potencial de parcerias farmacêuticas são estimadas entre US $ 10 e 20 milhões, com base em estágios de desenvolvimento pré-clínico e clínico.

Estágio marco	Intervalo de pagamento estimado
Desenvolvimento pré -clínico	US $ 5-8 milhões
Ensaios clínicos de fase I	US $ 7-12 milhões

Vaccinex, Inc. (VCNX) - Canvas Business Model: Value Propositions

You're looking at the core differentiators Vaccinex, Inc. (VCNX) brings to the table with its pipeline and discovery engine. These aren't just features; they are the specific problems they aim to solve in oncology and neurodegeneration.

Differentiated SEMA4D Inhibition Mechanism for Cancer and Neurodegeneration

The central value here is blocking Semaphorin 4D (SEMA4D). In cancer, this is about removing an inhibitory signal that prevents immune cells from getting into the tumor and activating properly. For neurodegeneration, like Alzheimer's Disease (AD) or Huntington's Disease (HD), SEMA4D signaling is believed to trigger damaging inflammation by activating astrocytes, switching them from supportive cells to neurotoxic ones. Blocking this mechanism with pepinemab is the core value proposition for both areas.

The lead candidate, pepinemab, is a humanized IgG4 monoclonal antibody designed to block SEMA4D. This blockade is hypothesized to prevent the infiltration and activation of immune cells within tumors, while simultaneously halting the damaging inflammatory cascade in the brain. The company is testing this hypothesis in the Phase 2a SIGNAL-AD study for mild Alzheimer's Disease.

Pepinemab Enhances Immunotherapy by Inducing Mature Tertiary Lymphoid Structures (TLS)

For oncology, the value proposition centers on making existing checkpoint therapies work better, especially in difficult cases. Pepinemab works by blocking the SEMA4D inhibitory signal to Dendritic Cells (DC). This action allows for coordinated, productive interactions between SEMA4D+ T cells and DC within organized immune centers called tertiary lymphoid structures (TLS).

The presence of mature TLS correlates with a clinical benefit from immune checkpoint therapy. Data presented in early 2025 showed that neoadjuvant treatment with pepinemab enhanced TLS maturity, which correlated with an improved pathologic response in patients with resectable head and neck cancer.

Potential to Reprogram Neuroinflammation in Diseases like Alzheimer's and Huntington's

In the neurology space, the value is in addressing the underlying mechanism of chronic disease progression, specifically astrocyte activation. By blocking SEMA4D, Vaccinex, Inc. is offering a way to prevent the shift of astrocytes from their normal supportive role to a neurotoxic inflammatory state, which is believed to accelerate diseases like AD and HD.

ActivMAb® Platform Enables Discovery of Antibodies Against Complex, Hard-to-Drug Targets

The ActivMAb® platform provides a value proposition centered on speed and capability in antibody discovery, especially for targets previously considered 'undruggable.' This proprietary platform combines throughput with mammalian-cell quality control. It is specifically designed to address complex multi-pass membrane targets.

Here's a look at the platform's quantitative capabilities:

Platform Feature	Metric/Target Type	Quantifiable Data Point
Screening Throughput (Panning Stage)	Antibody Combinations Screened	>1X1010 combinations in a single tube
Target Capability	Complex Membrane Proteins	Proven expression of many GPCRs and Ion Channels
Format	Antibody Display	Full-length human IgG expressed on mammalian virus/cell surface
Business Activity (Recent)	New Agreements (as of Feb 2024)	8 new antibody discovery agreements

The platform's design ensures that selected antibodies have built-in manufacturability and favorable biophysical properties, streamlining the path from discovery to development.

Offering a Novel Approach for Immunologically Cold Tumors

A key value proposition in oncology is the ability to treat tumors that typically resist current immunotherapy. Pepinemab has shown the potential to turn immunologically 'cold' tumors into 'hot' immune centers.

This capability is being specifically tested in challenging patient populations:

• Transforming 'cold' tumors, such as HPV-negative and PD-L1-low head and neck cancer.
• Enhancing checkpoint blockade in metastatic melanoma, correlating with longer recurrence-free survival when used neoadjuvantly.
• Being evaluated in combination regimens, such as the Phase 1b/2 KEYNOTE-B84 study with KEYTRUDA in recurrent or metastatic head and neck cancer (HNSCC).
• Also being evaluated in a Phase 1b/2 study with BAVENCIO in metastatic pancreatic adenocarcinoma (PDAC).

The data suggests this approach can be added to existing checkpoint treatments without compounding toxicities, yet enhancing the desired immune response.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Customer Relationships

You're looking at Vaccinex, Inc. (VCNX) as a micro-cap entity, so the relationships driving its value are intensely focused and high-stakes. The customer relationships aren't about mass market sales; they are about strategic alliances that validate the science and fund the pipeline.

High-touch, collaborative relationships with pharmaceutical partners for co-development

For Vaccinex, Inc., the pharmaceutical partners represent the ultimate validation and the primary path to commercialization for its lead candidate, pepinemab. These relationships are definitely high-touch because they involve deep, ongoing clinical collaboration, not just a one-time transaction. You see this in the ongoing work with major players.

For instance, Vaccinex, Inc. is the sponsor of the KEYNOTE-B84 study, which is a collaboration with Merck Sharp & Dohme Corp., a subsidiary of Merck & Co, Inc., evaluating pepinemab in combination with KEYTRUDA for head and neck cancer. Separately, there is a clinical evaluation of pepinemab with avelumab (BAVENCIO®), provided by Merck KGaA, Darmstadt, Germany, for advanced non-Small Cell Lung Cancer (NSCLC). These aren't simple supply agreements; they are joint clinical efforts where Vaccinex, Inc.'s scientific input on SEMA4D inhibition is critical.

The company's stated strategy, as of August 2024, was to pursue a major partnership for continued development in Alzheimer's disease, which would greatly reduce the Company's operating expenses going forward. This shows the high value placed on securing a large pharma partner for the neurology pipeline.

Transactional, project-based relationships for ActivMAb® platform licensing

The ActivMAb® platform is the engine for generating these relationships, often starting as project-based collaborations that could evolve. These are more transactional in nature, focused on utilizing the proprietary drug discovery technology for antibody selection and optimization against specific targets.

Historically, Vaccinex, Inc. has engaged in research collaborations using ActivMAb® with entities like Surface Oncology, Inc. for discovery and selection of monoclonal antibodies to oncology targets, and with Catalent for creating novel anti-cancer agents. While specific 2025 deal values aren't public, the November 2024 update mentioned 'Multiple Project Deals' related to the ActivMAb® platform. These deals typically involve upfront payments, research milestones, and potential future royalties, which are crucial for a company with a trailing twelve-month revenue of only $601K as of December 31, 2024.

Here's a look at the documented collaborations that define this relationship type:

Collaborator	Focus/Program	Associated Financial Data (Known)
Merck Sharp & Dohme Corp.	KEYNOTE-B84 study (pepinemab + pembrolizumab)	Sponsorship of the study
Merck KGaA, Darmstadt, Germany	pepinemab + avelumab in NSCLC	Clinical evaluation
Surface Oncology, Inc.	ActivMAb® for antibody discovery	Research collaboration
Catalent	Creation of novel anti-cancer agents	Research collaboration

Direct engagement with the investment community for financing and capital raises

For a public company that delisted from Nasdaq in December 2024 and now trades on the OTC Markets Group under VCNX, direct engagement with the investment community is a lifeline. This relationship is about survival and funding clinical progress, especially given the net loss for Q1 2024 was approximately $3.9 million.

Vaccinex, Inc. has raised a total funding of $15.1M over 12 rounds since its founding. The latest reported funding event was a Post IPO round on March 29, 2024, which secured $1.75M. As of November 2025, the market capitalization is hovering around $1.66 million to $1.87 million. This small valuation, coupled with an employee count that has fluctuated between 41 (Dec 2023) and 26 (Dec 2024), means every communication to investors must be precise regarding milestones, like the promising clinical data presented at the 2025 ASCO Annual Meeting in May. Insider ownership is high, at 51.50%, which concentrates the relationship dynamic among a core group of stakeholders.

Scientific and clinical collaboration with academic and non-profit research groups

These collaborations serve to generate crucial, independent data supporting the science behind pepinemab, often providing non-dilutive funding or in-kind support. This is a key way Vaccinex, Inc. manages its R&D expenses, which totaled around $3.4 million in Q1 2024.

You can see concrete examples of this support:

• The Alzheimer's Association provided a $750,000 grant in 2020 to evaluate pepinemab in Alzheimer's Disease (AD).
• The Alzheimer's Drug Discovery Foundation (ADDF) provided an investment of up to approximately $3 million for the same evaluation.
• Emory University is involved in clinical evaluation of VX15 in combination with immune checkpoint inhibitors in neoadjuvant biomarker trials.
• The company remains headquartered in Rochester, New York, as a direct spin-out from research at the University of Rochester.

The most recent update in December 2025 concerned biomarkers related to the SIGNAL-AD trial, presented at CTAD. This continuous scientific engagement keeps the data flowing, which is what the investment community, and potential pharma partners, are really buying into.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Channels

You're looking at how Vaccinex, Inc. (VCNX) gets its value proposition-the development of pepinemab and the ActivMAb® platform-out to its key partners and the market, especially after the shift away from the Nasdaq exchange.

Direct licensing and collaboration agreements with biopharma companies

Vaccinex, Inc. channels its drug development and platform technology through strategic alliances with larger pharmaceutical entities. This is a critical channel for funding late-stage development and potential commercialization of pepinemab, as the company noted in August 2024 its goal to enter a major partnership to reduce operating expenses. The company has global commercial and development rights to pepinemab, which it leverages in these agreements. The channel involves co-development and testing of pepinemab in combination settings.

Key collaborations active as of late 2025 include:

• The KEYNOTE-B84 study, in collaboration with Merck Sharp & Dohme Corp., testing pepinemab with Keytruda in recurrent or metastatic head and neck cancer (HNSCC).
• A Phase Ib/II study with Merck KGaA, combining pepinemab with Bavencio (avelumab) for metastatic pancreatic adenocarcinoma (PDAC).
• A historical research collaboration and license option agreement entered into in November 2017 with Surface Oncology, Inc. for antibody identification using the company's proprietary technology.

Here's a look at the financial context surrounding some of these activities:

Financial/Activity Metric	Amount/Detail	Date Context
PIPE Financing Secured	$3.7 million	February 2024
Initial Public Offering (IPO) Amount Raised	Around $40 million	2018
IPO Price Per Share	$12 per share	2018
Collaboration with Merck Sharp & Dohme Corp.	Sponsor of KEYNOTE-B84 study	2025 data context

Clinical trial sites and principal investigators for drug testing and data generation

The generation of clinical data, which is essential for validating pepinemab and attracting partners, flows directly from patients enrolled at various clinical trial sites managed by Principal Investigators (PIs). Vaccinex, Inc. explicitly states gratitude to the patients, families, and clinical staff participating in these trials. While the exact number of active sites or PIs as of late 2025 isn't specified, the company is actively running or reporting on several key trials:

• SIGNAL-AD Phase 1b/2 trial for Alzheimer's Disease (AD).
• SIGNAL Phase 2 study for Huntington's Disease (HD), which was completed.
• Ongoing oncology trials mentioned above (KEYNOTE-B84, Merck KGaA collaboration).

Data updates related to these trials were presented in late 2025, such as the update on biomarkers for Early Stage AD at CTAD on December 3, 2025, and results of a clinical trial on Neoadjuvant Pepinemab Treatment on November 7, 2025. This data flow is the primary output of this channel.

Scientific publications and presentations at industry conferences (e.g., ASCO, AACR)

Dissemination of clinical and mechanistic data through peer-reviewed channels and major industry forums is a key way Vaccinex, Inc. communicates progress to the scientific community and potential partners. This acts as a validation channel for their science.

Key dissemination events in 2025 included:

• Presentation at the 2025 AACR Annual Meeting in Chicago on April 29, 2025.
• Presentation at the 2025 ASCO Annual Meeting on June 1, 2025.

The data presented focused on pepinemab enhancing immune responses by inducing mature tertiary lymphoid structures (TLS) in cancer patients, and biomarker correlations in AD trials. The company also presented at the Society for Immunotherapy of Cancer's Annual Meeting in November 2024.

Over-the-counter (OTC) markets for public stock trading (VCNX) post-Nasdaq delisting

Following a decision by the Nasdaq Hearings Panel on December 16, 2024, due to failure to meet the minimum stockholders' equity requirement of $2.5 million, trading of Vaccinex, Inc. common stock was suspended on Nasdaq effective December 18, 2024. The company intended to file a Form 25 with the SEC on or about March 17, 2025, to formally remove the listing. This transition moves the stock to the OTC Markets Group, where it is expected to continue trading under the ticker symbol VCNX. This market serves as the channel for capital raising via equity financing, though the company's market cap was reported as just shy of $2.5 million near the time of the delisting announcement. The share price was $3.82 by the start of December 2024.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Customer Segments

You're looking at the core groups Vaccinex, Inc. (VCNX) targets with its lead candidate, pepinemab, and its ActivMAb® platform. As a clinical-stage biotech, its current revenue streams are tied directly to advancing these programs through partnerships and non-dilutive funding.

Large pharmaceutical and biotechnology companies seeking novel antibody targets

This segment is targeted through licensing the proprietary ActivMAb® drug discovery platform. Vaccinex, Inc. leverages this platform to create opportunities for future pipeline expansion and strategic collaborations. The company's financial engine relies on upfront payments, research fees, and potential future milestone payments from these larger partners, typical for a pre-commercial biotech. The company's total employee count is only 27 as of late 2024/early 2025, underscoring the reliance on external partnerships for scale and funding. The trailing twelve-month revenue as of December 31, 2024, was $601K.

Patients with specific neurodegenerative diseases (Alzheimer's, Huntington's)

Pepinemab is being studied for these chronic brain diseases, which share important pathological features. Very few impactful treatment options exist for these conditions, which affect an estimated 6.5 million Americans combined for Alzheimer's and Huntington's disease. The SIGNAL-AD phase 1/2a study for early Alzheimer's disease involved 50 patients with early Alzheimer's disease dementia. Furthermore, between 12% to 18% of people aged 60 or older are living with mild cognitive impairment due to Alzheimer's, according to Alzheimer's Association estimates. Vaccinex, Inc. is actively planning for a phase 3 trial in Huntington's disease.

• Alzheimer's Disease (AD) Phase 1/2a study enrollment completed May 2023.
• Huntington's Disease (HD) Phase 2 clinical trial recently completed.
• Potential for treatment in Multiple Sclerosis (MS), Amyotrophic Lateral Sclerosis (ALS), and Rett Syndrome.

Patients with various cancers (Head and Neck, Melanoma, NSCLC)

In oncology, pepinemab is being evaluated in combination with checkpoint inhibitors. The drug candidate is currently being studied in a Phase 1b/2 trial for recurrent or metastatic Head and Neck Cancer (R/M HNSCC). Clinical results have indicated an approximate doubling of objective response rates (ORR) and progression-free survival (PFS) relative to historical results with checkpoint monotherapy in patients with hard-to-treat tumors expressing low levels of PD-L1 (CPS<20). The drug is also being studied in Non-Small Cell Lung Cancer (NSCLC).

• Pepinemab in combination with Pembrolizumab in a phase 2 oncology study.
• Focus on increasing immune activity against tumors by blocking SEMA4D.
• Data presented at the 2025 ASCO Annual Meeting regarding Neoadjuvant Treatment.

Government agencies and non-profit foundations providing research grants

Non-dilutive grant funding is a key component of Vaccinex, Inc.'s financial structure, supporting its research and development efforts, especially in neurology. For its Alzheimer's research specifically, the company received $4.75 million from the Alzheimer's Drug Discovery Foundation and $0.75 million from the Alzheimer's Association. This totals $5.5 million in specific grant funding mentioned for the AD program. The company reported net losses of -$18.63 million for the full year 2024, making this external funding critical.

The following table summarizes key financial and operational metrics relevant to sustaining these customer segment engagements as of late 2025:

Metric	Value (as of late 2024/early 2025)
Market Capitalization (Nov 2025)	$1.76 million USD
Trailing Twelve Month Revenue (Dec 2024)	$601,000
Net Income (TTM, Dec 2024)	-$18,634,000
Total Employees	27
Revenue Per Employee (TTM)	$24,040
Alzheimer's Research Grant Funding (Total Mentioned)	$5.5 million
Shares Outstanding	2.68 million

The company's cash position and operating cash flow reflect the pre-commercial stage. In the last 12 months, operating cash flow was -$16.19 million, resulting in a free cash flow of -$16.21 million.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Cost Structure

You're looking at the expense side of Vaccinex, Inc.'s (VCNX) operations as of late 2025. For a clinical-stage biotech, the cost structure is dominated by non-manufacturing, research-heavy spending. Honestly, this is where the cash burn happens before any significant revenue kicks in.

Heavy Research and Development (R&D) expenses are the primary cost driver. For the full fiscal year 2023, Vaccinex, Inc. reported R&D expenses totaling $16.6 million. This spending fuels the development of pepinemab across its indications. By the third quarter of 2024, R&D expenses for that quarter were $3.2 million, down from $4.4 million in Q3 2023, reflecting strategic shifts in trial activity.

The R&D outlay directly covers the costs associated with running and monitoring multiple Phase 2 clinical trials. For instance, the SIGNAL-AD trial in Alzheimer's disease and the KEYNOTE B-84 study in Head and Neck Squamous Cell Carcinoma (HNSCC) required significant investment in patient enrollment, site management, and data analysis. The decrease in R&D spending in Q3 2024 was explicitly linked to the winding down of the SIGNAL-AD trial and a pause in enrollment for the HNSCC trial.

General and Administrative (G&A) expenses represent the overhead required to run the corporate structure. In FY 2023, these costs were $6.9 million. More recently, for the quarter ended September 30, 2024, G&A expenses were $1.4 million. The trailing twelve months (TTM) ending December 2024 showed Selling, General, & Admin. Expense at $6.79 Mil.

Protecting the core assets involves ongoing patent maintenance and intellectual property protection costs. While a specific dollar amount for Vaccinex, Inc.'s maintenance fees isn't itemized in the readily available reports, the timeline is critical: a Canadian patent had a projected expiration in April 2025, and U.S. patents were projected for October 2025 and November 2026. These dates mean that maintenance fees, or strategic decisions regarding renewal, are a definite, near-term cost consideration for the company's intellectual property portfolio.

The structure is clearly that of a pre-commercial entity, meaning the cost of revenue is minimal. This is supported by the low revenue figures reported. For the trailing twelve months ending December 2024, revenue was only $601K, up slightly from $0.57 Million USD in 2023. Furthermore, the company reported a gross profit margin of -4101.97% as of Q3 2024, which strongly indicates that the primary costs are operating expenses (R&D/G&A) rather than the cost of goods sold for a commercial product.

Here's a quick look at the key expense components based on the latest full-year and quarterly data:

Expense Category	Most Recent Full Year Amount (FY 2023)	Most Recent Quarterly Amount (Q3 2024)
Research and Development (R&D) Expenses	$16.6 million	$3.2 million
General and Administrative (G&A) Expenses	$6.9 million	$1.4 million
Trailing Twelve Month Revenue (TTM ended Dec 2024)	N/A	$601K

The costs Vaccinex, Inc. faces are concentrated in these areas:

• Funding clinical sites for pepinemab trials.
• Salaries for scientific and management personnel.
• Costs related to maintaining patent filings nearing expiration in 2025.
• Professional fees contributing to G&A.
• Costs associated with financing activities and compliance filings.

Finance: draft 13-week cash view by Friday.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Revenue Streams

You're looking at the financial reality of a clinical-stage biotech, so the revenue streams for Vaccinex, Inc. are not about mass-market sales yet. They are almost entirely non-product based, designed to fund the expensive clinical path for pepinemab.

Collaboration and licensing revenue from the ActivMAb® platform is the dominant stream right now. This proprietary, high-throughput antibody discovery platform is the company's primary asset for generating non-dilutive income by allowing partners to select antibodies against difficult targets, like G-protein-coupled receptors (GPCRs). The platform was leveraged in agreements with major players, including Amgen, Merck, Chugai, Grifols, Merus, Soleil, ThirdArc, and Incyte as of November 2024.

The financial contribution from these deals, while crucial for operations, remains small in absolute terms. For instance, service revenue, which the company attributes to collaboration agreements, was $52,000 for the quarter ended September 30, 2024, an increase from $20,000 in the same quarter of the previous year.

Here's a quick look at the scale of the recognized revenue:

Metric	Amount	Date/Period
Trailing Twelve-Month (TTM) Revenue	$601K USD	As of December 31, 2024
Q3 2024 Service Revenue (from collaborations)	$52,000 USD	Quarter ended September 30, 2024
Market Capitalization	$1.76 Million USD	As of November 2025

Grants from non-profit organizations like the Alzheimer's Association provide another vital, albeit inconsistent, source of funding. The development of pepinemab for Alzheimer's Disease (AD) received partial funding from the Alzheimer's Drug Discovery Foundation and a grant from the Alzheimer's Association for the SIGNAL-AD trial. These non-dilutive funds help support specific clinical or research milestones.

Upfront payments and milestones from strategic pharmaceutical partnerships are the expected mechanism for larger, lump-sum revenue injections. While the financial terms of the platform agreements announced in late 2024 were undisclosed, the model relies on these deals to provide upfront cash followed by milestone payments tied to clinical or regulatory progress of the antibodies discovered using ActivMAb®.

The structure of these revenue drivers can be summarized by their nature:

• Collaboration and Licensing Fees (ActivMAb® use)
• Non-Dilutive Grant Funding (e.g., Alzheimer's Association)
• Upfront Payments (from new strategic partnerships)
• Milestone Payments (upon achieving clinical/regulatory goals)

Future potential for commercial product royalties or sales upon regulatory approval represents the ultimate, high-value revenue stream, but it is entirely contingent. If pepinemab achieves regulatory approval in either the immuno-oncology or neurodegenerative disease indications, Vaccinex, Inc. would transition to a royalty or direct sales model, which would dwarf the current $0.6 Million USD TTM revenue base. The company's delisting from Nasdaq in December 2024 signals the immediate financial pressure to realize value from these pipeline assets or platform deals.