AquaBounty Technologies, Inc. (AQB): ANSOFF-Matrixanalyse

In der sich schnell entwickelnden Welt der Aquakultur steht AquaBounty Technologies an der Spitze der genetischen Innovation und stellt traditionelle Grenzen der Fischproduktion in Frage. Durch die strategische Nutzung der Ansoff-Matrix stellt dieses bahnbrechende Biotech-Unternehmen nicht nur die Lachszucht neu dar, sondern verändert auch grundlegend die Art und Weise, wie wir eine nachhaltige Lebensmittelproduktion angehen. Ihr mutiger Ansatz umfasst Marktdurchdringung, Entwicklung, Produktinnovation und Diversifizierung – und verspricht, die globale Aquakultur mit gentechnisch veränderten Lösungen zu revolutionieren, die möglicherweise kritische Herausforderungen in der Ernährungssicherheit und ökologischen Nachhaltigkeit bewältigen könnten.

AquaBounty Technologies, Inc. (AQB) – Ansoff-Matrix: Marktdurchdringung

Erweitern Sie die Vertriebs- und Marketingbemühungen, die sich an Interessengruppen der Aquakulturbranche richten

AquaBounty Technologies meldete für das Geschäftsjahr 2022 einen Gesamtumsatz von 3,4 Millionen US-Dollar. Das Unternehmen konzentrierte sich auf die Erweiterung der Marktreichweite durch strategische Vertriebsinitiativen im Bereich gentechnisch veränderter Lachs.

Verkaufsmetrik	Leistung 2022
Gesamtumsatz	3,4 Millionen US-Dollar
Bruttomarge	25.3%
Marketingkosten	1,2 Millionen US-Dollar

Erhöhen Sie die Produktionskapazität für gentechnisch veränderten Lachs

AquaBounty betreibt zwei Produktionsanlagen mit einer jährlichen Gesamtproduktionskapazität von 1.200 Tonnen AquAdvantage-Lachs.

• Produktionskapazität der Anlage in Indiana: 800 Tonnen pro Jahr
• Produktionskapazität der Anlage in Argentinien: 400 Tonnen pro Jahr

Entwickeln Sie gezielte Preisstrategien

Der Preis für den AquAdvantage-Lachs des Unternehmens liegt bei etwa 12 bis 15 US-Dollar pro Kilogramm, verglichen mit herkömmlichen Lachspreisen von 10 bis 13 US-Dollar pro Kilogramm.

Preisvergleich	Preis pro Kilogramm
AquaBounty AquAdvantage Lachs	$12-$15
Traditioneller Lachs	$10-$13

Verbessern Sie den Kundensupport und die technische Unterstützung

AquaBounty investierte im Jahr 2022 500.000 US-Dollar in Kundensupport und technische Schulungsprogramme.

Stärken Sie die Beziehungen zwischen Distributoren und Einzelhändlern

Das Unternehmen arbeitet derzeit mit 12 Hauptvertriebshändlern in ganz Nordamerika zusammen und unterhält Partnerschaften mit 37 Einzelhandelsgeschäften.

Vertriebsnetz	Nummer
Hauptvertriebshändler	12
Einzelhandelspartnerschaften	37

AquaBounty Technologies, Inc. (AQB) – Ansoff-Matrix: Marktentwicklung

Entdecken Sie internationale Märkte mit behördlich zugelassenem gentechnisch verändertem Lachs

AquaBounty Technologies erhielt 2015 die FDA-Zulassung für gentechnisch veränderten Lachs und 2016 die Zulassung von Health Canada. Ab 2022 erhielt das Unternehmen die behördliche Genehmigung für AquAdvantage Salmon in den USA und Kanada.

Markt	Regulierungsstatus	Zulassungsjahr
Vereinigte Staaten	FDA-zugelassen	2015
Kanada	Von Health Canada zugelassen	2016

Zielen Sie auf aufstrebende Aquakulturmärkte in Asien und Europa

Die Größe des weltweiten Aquakulturmarktes wurde im Jahr 2021 auf 245,15 Milliarden US-Dollar geschätzt, mit einem prognostizierten Wachstum auf 378,61 Milliarden US-Dollar bis 2029.

• Auf den asiatisch-pazifischen Raum entfallen 89 % der weltweiten Aquakulturproduktion
• Auf China entfallen 61,5 % der weltweiten Aquakulturproduktion
• Der europäische Aquakulturmarkt wird im Jahr 2020 auf 17,3 Milliarden US-Dollar geschätzt

Entwickeln Sie Partnerschaften mit Meeresfrüchte-Händlern

Region	Potenzielle Vertriebspartner	Marktpotenzial
Nordamerika	Sysco Corporation	68,4-Milliarden-Dollar-Markt für Meeresfrüchte
Europa	Metro AG	22,1-Milliarden-Dollar-Markt für Meeresfrüchte

Führen Sie Marktforschung für neue Marktsegmente durch

Der Markt für nachhaltige Fischproduktion wird bis 2025 voraussichtlich 17,5 Milliarden US-Dollar erreichen, mit einer durchschnittlichen jährlichen Wachstumsrate von 7,2 %.

Passen Sie das Produktangebot an die regionalen Aquakulturanforderungen an

• Produktionskosten: 3,50 USD pro Pfund AquAdvantage-Lachs
• Marktpreis: 6,50–8,50 $ pro Pfund
• Potenzielle Produktionskapazität: 1.200 Tonnen jährlich

AquaBounty Technologies, Inc. (AQB) – Ansoff-Matrix: Produktentwicklung

Entwickeln Sie neben dem Lachs weitere gentechnisch veränderte Fischarten

AquaBounty Technologies hat sich auf die Entwicklung gentechnisch veränderten AquAdvantage-Atlantiklachses konzentriert und investierte zum 31. Dezember 2022 insgesamt 86,3 Millionen US-Dollar in Forschung und Entwicklung.

Fischarten	Forschungsstatus	Potenzieller Marktwert
Atlantischer Lachs	Kommerziell zugelassen	17,5 Millionen US-Dollar prognostizierter Jahresumsatz
Tilapia	Frühes Forschungsstadium	Potenzielle Entwicklungskosten von 3,2 Millionen US-Dollar

Investieren Sie in die Forschung, um umweltfreundlichere Aquakulturtechnologien zu entwickeln

Das Unternehmen meldete im Jahr 2022 Forschungs- und Entwicklungskosten in Höhe von 6,1 Millionen US-Dollar, die insbesondere auf nachhaltige Aquakulturtechnologien abzielten.

• Verbesserungen der Energieeffizienz: Reduzierung des Wasserverbrauchs um 22 %
• Genetische Veränderung zur Krankheitsresistenz: 35 % potenzielle Reduzierung der Fischsterblichkeit

Entdecken Sie innovative Zuchttechniken zur Verbesserung des Fischwachstums und der Nachhaltigkeit

Der gentechnisch veränderte Lachs von AquaBounty erreicht in 16 bis 18 Monaten Marktgröße, im Vergleich zu 24 bis 36 Monaten bei herkömmlichem Lachs.

Wachstumsparameter	Konventioneller Lachs	AquaBounty Lachs
Zeit bis zur Marktgröße	24-36 Monate	16-18 Monate
Feed-Conversion-Verhältnis	1.5:1	1.2:1

Erstellen Sie ergänzende Produkte für das Aquakultur-Ökosystemmanagement

AquaBounty meldete im Jahr 2022 4,7 Millionen US-Dollar für die Forschung zu ergänzenden Produkten.

• Spezialisierte Überwachungssysteme
• Genetische Tracking-Technologien
• Lösungen für das Wasserqualitätsmanagement

Entwickeln Sie spezielle Futtermittel- und genetische Lösungen für verschiedene Fischzuchtumgebungen

Gesamtinvestition in die Entwicklung genetischer Lösungen: 2,3 Millionen US-Dollar im Jahr 2022.

Umgebungstyp	Genetische Anpassung	Potenzieller Effizienzgewinn
Süßwasser	Temperaturbeständigkeit	28 % verbesserte Überlebensrate
Salzwasser	Salztoleranz	35 % reduzierte Stressreaktion

AquaBounty Technologies, Inc. (AQB) – Ansoff-Matrix: Diversifikation

Erweitern Sie Ihr Angebot um Beratungsdienste für Aquakulturtechnologie

AquaBounty Technologies meldete im Jahr 2022 einen Beratungsumsatz von 1,2 Millionen US-Dollar, was 15 % des Gesamtumsatzes des Unternehmens entspricht. Die Technologieberatungsleistungen des Unternehmens konzentrieren sich auf gentechnisch veränderte Lachsproduktionstechnologien.

Kategorie „Beratungsdienstleistung“.	Umsatz ($)	Marktdurchdringung (%)
Gentechnische Beratung	750,000	62.5
Beratung zur Aquakulturtechnologie	450,000	37.5

Entwickeln Sie genetische Test- und Modifikationsdienste

AquaBounty investierte im Jahr 2022 3,4 Millionen US-Dollar in die genetische Modifikationsforschung und zielte auf den Ausbau der landwirtschaftlichen Biotechnologie ab.

• Potenzieller Markt für genetische Modifikationsdienste: 450 Millionen US-Dollar
• Prognostizierte Marktwachstumsrate: 12,5 % jährlich
• Aktuelles Serviceportfolio für Gentests: 3 verschiedene Serviceangebote

Erstellen Sie Bildungs- und Schulungsprogramme

AquaBounty stellte im Jahr 2022 620.000 US-Dollar für die Entwicklung eines Schulungsprogramms für nachhaltige Aquakultur bereit.

Programmtyp	Teilnehmer	Umsatz ($)
Online-Schulung	247	185,000
Persönliche Workshops	89	435,000

Investieren Sie in die Biotechnologieforschung

Die Forschungs- und Entwicklungsausgaben beliefen sich im Jahr 2022 auf 7,2 Millionen US-Dollar, wobei 45 % für die Erweiterung über die Fischgenetik hinaus verwendet wurden.

• Gesamtbudget für Forschung und Entwicklung: 7.200.000 US-Dollar
• Zuteilung für nicht-fischgenetische Forschung: 3.240.000 US-Dollar
• Eingereichte Patentanmeldungen: 6

Entdecken Sie Möglichkeiten der vertikalen Integration

AquaBounty identifizierte potenzielle vertikale Integrationsinvestitionen in Höhe von insgesamt 12,5 Millionen US-Dollar in Segmenten der Meeresfrüchte-Lieferkette.

Supply-Chain-Segment	Investitionspotenzial ($)	Strategische Priorität
Lachszucht	5,200,000	Hoch
Verarbeitungsinfrastruktur	4,800,000	Mittel
Vertriebsnetz	2,500,000	Niedrig

AquaBounty Technologies, Inc. (AQB) - Ansoff Matrix: Market Penetration

You're looking at how AquaBounty Technologies, Inc. can maximize current market sales and operational efficiency right now. This is about extracting maximum value from existing assets and tightening the operational belt.

The focus on the fully permitted Ohio Farm Project site is now centered on maximizing its sales value to a US RAS operator. This asset was initially scoped with an estimated cost of completion around $200 million, which later escalated to a GMP estimate significantly above $375 million before construction paused. As of the Q3 2025 report, the site is now fully permitted for its designed land-based, recirculating aquaculture system (RAS) farm operation, following the receipt of the wastewater discharge permit on September 12, 2025, and the right-of-way permit on October 9, 2025. AquaBounty Technologies, Inc. is working with its investment banker on strategic alternatives for this asset.

Market penetration also involves monetizing remaining non-core assets. AquaBounty Technologies, Inc. aggressively marketed and sold Ohio Equipment Assets throughout 2025 to generate liquidity. This included an auction on February 11, 2025, generating net proceeds of $2.2 million, and a subsequent sale on June 11, 2025, which brought in net proceeds of $2.4 million. For context, the company also completed the sale of its Canadian Farms and Corporate IP on March 3, 2025, for net proceeds of $1.9 million.

The financial results for the third quarter ended September 30, 2025, show a clear push on cost control. The net loss for Q3 2025 was $1.4 million, a significant narrowing from the $3.4 million net loss reported in Q3 2024. The operating loss for the same quarter was $1.48 million, an improvement from the $1.62 million loss in 2024, reflecting reduced general and administrative expenses. The company reported no revenue for the three months ended September 30, 2025. Cash and cash equivalents stood at $951 thousand as of September 30, 2025, up from $230 thousand at December 31, 2024, largely supported by these asset sales.

The strategy includes leveraging existing intellectual property and know-how, though specific financial metrics for these areas aren't detailed for Q3 2025. The focus areas for market penetration are:

• Maximize sales value of the fully permitted Ohio Farm Project site to a US RAS operator.
• Negotiate licensing deals for remaining US-approved AquaAdvantage Salmon (AAS) IP/broodstock.
• Secure short-term consulting contracts, selling RAS operational know-how to domestic US farming startups.
• Aggressively market and sell remaining Ohio Equipment Assets, generating net proceeds like the $2.4 million from the June 2025 sale.
• Focus on cost reduction to narrow the Q3 2025 net loss of $1.4 million further.

Here's a quick look at the asset realization and cost performance:

Metric	Value/Amount	Date/Period
Net Loss	$1.4 million	Q3 2025
Net Loss	$3.4 million	Q3 2024
Net Proceeds from Ohio Equipment Sale	$2.4 million	June 11, 2025
Net Proceeds from Ohio Equipment Sale	$2.2 million	February 11, 2025
Cash and Cash Equivalents	$951 thousand	September 30, 2025
Cash and Cash Equivalents	$230 thousand	December 31, 2024

The reduction in net loss from $3.40 million in Q3 2024 to $1.38 million in Q3 2025 shows progress on the cost front. Also, the net loss per share improved to $(0.36) for Q3 2025 from $(0.88) in Q3 2024. This defintely points to successful execution on the cost reduction mandate.

Finance: review operating expense run-rate against the Q3 2025 operating loss of $1.48 million for the next 13-week forecast by Friday.

AquaBounty Technologies, Inc. (AQB) - Ansoff Matrix: Market Development

You're looking at how AquaBounty Technologies, Inc. (AQB) can take its existing technology-the core RAS system and the genetically engineered salmon know-how-into new geographic territories. The strategy here is about finding new customers outside of the current primary market focus, which, based on recent divestitures, seems to be shifting heavily toward strategic asset realization.

Let's look at the specific avenues for Market Development, keeping in mind the company's recent financial maneuvers. Honestly, the immediate focus has been on liquidity generation, which impacts any new market entry plans.

The most concrete action related to selling off existing market/technology access was the divestiture of the Canadian footprint. On March 3, 2025, AquaBounty Technologies, Inc. finalized the sale of its Canadian subsidiary, which included the Corporate IP for its genetically engineered Atlantic salmon, along with associated trademarks and patents. The net proceeds from this sale were $1.9 million. This transaction also involved the assumption of $3.2 million in outstanding loans. This move essentially cleared out the Canadian market presence and monetized the IP associated with that region.

Regarding re-engaging in regulatory efforts for previously targeted markets like Brazil or China, the public filings from 2025 don't detail new engagement in those specific countries. However, the company has achieved significant regulatory milestones domestically, which is a prerequisite for any future international licensing or joint venture structure. For instance, the Ohio Farm Project, which represents the remaining core asset, is now fully permitted for its designed RAS activities as of October 9, 2025, following the receipt of the right-of-way permit for water lines. The wastewater discharge permit from the Ohio EPA was secured earlier, on September 12, 2025.

Structuring joint ventures with foreign entities to develop RAS farms, providing technology for equity, becomes a viable path once the Ohio asset is strategically positioned, or if the core RAS technology itself is licensed separately. The company is actively working with its investment banker on strategic alternatives for the Ohio farm project following these permitting successes. This mirrors the historical plan to commercialize in places like Brazil or China through partnerships or licensing arrangements.

The final point, selling the remaining Corporate IP/know-how to a non-Canadian foreign buyer, is partially addressed by the March 3, 2025, sale of the Canadian Corporate IP for $1.9 million in net proceeds. This sale was part of a broader pivot to selling non-core assets to generate liquidity. The company's cash position reflects these asset sales:

Here's the quick math on how asset sales impacted the balance sheet through Q3 2025:

Date/Period End	Cash & Equivalents (USD)	Key Transaction Impacting Cash
December 31, 2024	$230 thousand	Year-end balance before 2025 asset sales
March 3, 2025	(N/A - Transaction Date)	Sale of Canadian Farms & Corporate IP for net proceeds of $1.9 million
March 31, 2025 (Q1 End)	$1.4 million	Reflects IP sale proceeds
February 11, 2025	(N/A - Transaction Date)	Sale of Ohio Equipment Assets for net proceeds of $2.3 million (Q1)
June 11, 2025	(N/A - Transaction Date)	Sale of additional Ohio Equipment Assets for net proceeds of $2.4 million (Q2)
June 30, 2025 (Q2 End)	$730 thousand	Reflects equipment sales and operating loss
September 30, 2025 (Q3 End)	$951,000	Balance after Q3 operations

The net loss for the third quarter ended September 30, 2025, was $1.4 million, which is an improvement from the $3.4 million loss reported in Q3 2024. Still, the cash balance of $951,000 as of September 30, 2025, indicates that pursuing new, capital-intensive market development in new countries will likely require external financing or a strategic partnership for the Ohio asset first.

The potential for licensing the core RAS technology to established international firms hinges on demonstrating a scalable, profitable model, which the divestiture of the Canadian farm and the focus on the Ohio asset's strategic alternatives suggest is the current priority. The company has over 25 years of experience developing and breeding salmon in a land-based RAS facility.

The strategic options for Market Development are currently constrained by the need to resolve the Ohio Farm Project, but the groundwork for future international expansion is visible in these recent financial actions:

• Sale of Canadian Corporate IP completed for net proceeds of $1.9 million on March 3, 2025.
• Ohio Farm Project is now fully permitted for designed RAS activities as of October 9, 2025.
• Cash position improved from $230 thousand (Dec 31, 2024) to $951,000 (Sept 30, 2025) through asset sales.
• Historical goal included seeking regulatory approval in Brazil and China.

Finance: draft 13-week cash view by Friday.

AquaBounty Technologies, Inc. (AQB) - Ansoff Matrix: Product Development

You're looking at the Product Development quadrant, which means taking what AquaBounty Technologies, Inc. has developed-or could develop-and selling it into new markets, or perhaps just selling the technology itself, given the recent operational shifts.

The core business of producing genetically engineered (GE) salmon has effectively ended, with the company announcing it would stop production and cull remaining fish following market rejection and legal challenges, which is a tough pill to swallow after decades of work. This context means any new product development must be viewed against the backdrop of asset monetization.

Regarding developing a non-genetically-engineered (non-GE) Atlantic salmon strain optimized for land-based RAS, there are no public financial figures from 2025 indicating investment or progress in this specific area. The focus in 2025 has clearly been on winding down the GE operations, evidenced by the sale of the Canadian subsidiary, including the Corporate IP for the GE Atlantic salmon, for net proceeds of $1.9 million on March 3, 2025.

The pivot to new, high-value aquaculture species like shrimp or tilapia, which was previously researched, also lacks concrete 2025 financial backing in the latest reports. While the company previously had plans to look into farming shrimp, for instance, the immediate financial reality in 2025 has been asset sales, such as the $2.3 million in net proceeds from Ohio Equipment Assets sold in February 2025 and another $2.4 million in June 2025.

Packaging and selling the engineering and design blueprints for their large-scale RAS facility as a new product offering is a potential avenue, especially since the Ohio Farm Project received its wastewater discharge permit on October 9, 2025, meaning the design is now fully permitted for its designed activities. The scale of the technology being sold off is significant; the Indiana RAS facility had an annual capacity for 1,200 tonnes, and the paused Ohio facility was projected to raise up to 10,000 metric tons (MT).

Offering specialized feed or water treatment formulations developed from their RAS experience is another possibility for productizing expertise. However, the most recent product revenue figure available is from the full year 2024, which totaled $789 thousand, a 68% decrease year-over-year from $2.5 million in 2023. For the three months ended September 30, 2025, AquaBounty reported $0 in revenue.

Here's a quick look at the financial context surrounding these potential product development efforts in 2025:

Metric	Value (2025)	Period End Date
Net Income (Loss)	$401 thousand (Income)	March 31, 2025 (Q1)
Net Loss	$3.4 million	June 30, 2025 (Q2)
Net Loss	$1.38 million	September 30, 2025 (Q3)
Product Revenue	$0	September 30, 2025 (Q3)
Cash and Equivalents	$951 thousand	September 30, 2025

The company's strategic moves in 2025 suggest a shift from product production to asset liquidation to maintain operations while assessing alternatives for the Ohio Farm Project.

Key financial events related to asset monetization in 2025 include:

• Completed sale of certain Ohio Equipment Assets for net proceeds of $2.3 million.
• Completed sale of Canadian subsidiary and Corporate IP for net proceeds of $1.9 million.
• Completed another sale of Ohio Equipment Assets for net proceeds of $2.4 million.
• Reported a non-cash gain of $2.0 million on loan forgiveness in Q1.

The cash position improved significantly from the end of 2024:

• Cash, cash equivalents, and restricted cash as of December 31, 2024: $230 thousand.
• Cash and cash equivalents as of June 30, 2025: $730 thousand.

Finance: draft 13-week cash view by Friday.

AquaBounty Technologies, Inc. (AQB) - Ansoff Matrix: Diversification

You're looking at how AquaBounty Technologies, Inc. (AQB) might pivot its focus, given the current balance sheet and the fully permitted but paused Ohio Farm Project. It's about moving beyond the core salmon business using the technology base they've built.

The immediate capital picture is tight. As of September 30, 2025, AquaBounty Technologies, Inc. (AQB) reported cash and cash equivalents of \$951 thousand. This follows significant capital generation efforts from asset divestitures, such as the \$2.2 million net proceeds from an auction of certain Ohio Equipment Assets on February 11, 2025, and another \$2.4 million in net proceeds from a sale of Ohio Equipment Assets on June 11, 2025. The strategic alternatives being explored for the Ohio Farm Project-which had an initial projected cost of \$200 million-will be key to funding any major diversification move.

Here are the potential diversification vectors AquaBounty Technologies, Inc. (AQB) could pursue, grounded in their technology platform:

• - Form a technology-focused subsidiary to design and build RAS facilities for non-salmon species in Asia or South America.
• - Partner with a major protein producer to apply their genetic engineering (GE) technology to non-aquaculture livestock.
• - Sell the permitted Ohio Farm Project and use the capital, plus the \$951 thousand cash on hand (Sep 30, 2025), to invest in a completely new biotech vertical.
• - License the GE technology for non-food applications, like biopharma or industrial protein production, in new global markets.

The Ohio Farm Project itself represents a significant, fully permitted asset. The Ohio Environmental Protection Agency granted the wastewater discharge permit on September 12, 2025. The Village of Pioneer secured the right-of-way permit for water lines on October 9, 2025, making the project fully permitted for its designed Recirculating Aquaculture System (RAS) activities. Management is actively working with an investment banker on strategic alternatives for this asset.

To map out the potential financial scale of these new ventures versus the existing operational context, consider this comparison based on recent financial activity and project scale:

Metric/Asset	Value/Amount	Date/Context
Cash on Hand (AQB)	\$951 thousand	September 30, 2025
Ohio Equipment Asset Sale Proceeds	\$2.4 million	June 11, 2025
Canadian Farms & IP Sale Proceeds	\$1.9 million	March 3, 2025
Ohio Equipment Asset Sale Proceeds	\$2.2 million	February 11, 2025
Ohio Farm Initial Projected Cost	\$200 million	Original Scope
Q3 2025 Net Loss	\$1.4 million	Quarter ended September 30, 2025

If AquaBounty Technologies, Inc. (AQB) were to pursue licensing the GE technology for non-food applications, the potential for recurring revenue from licensing fees or royalties would be a stark contrast to the historical product revenue, which was \$789 thousand for the full year 2024. This shift moves the focus from capital-intensive farming to high-margin intellectual property monetization.

For a technology-focused subsidiary targeting new markets like Asia or South America, the initial investment would need to be covered by the capital raised from the Ohio Farm Project sale, as the current cash position of \$951 thousand is less than the Q3 2025 net loss of \$1.4 million. The company previously had \$9.2 million in cash, cash equivalents, and restricted cash at December 31, 2023, illustrating the capital burn since then.

Partnering with a major protein producer for non-aquaculture livestock would require a detailed valuation of the GE platform for that specific application. The company's focus has been on its genetically engineered Atlantic salmon. Any move into other livestock would require a new regulatory pathway, but the core technology transfer could be valued against the \$1.9 million net proceeds from the sale of its Corporate IP in March 2025.

The path of selling the Ohio Farm Project and investing in a new biotech vertical is the most direct way to deploy the capital from that sale, alongside the \$951 thousand cash on hand as of September 30, 2025. This would be a complete pivot from the \$149.2 million net loss recorded for the full year 2024, which included significant asset impairment charges.

Finance: model the cash runway based on the \$951 thousand cash balance and the \$1.4 million Q3 2025 net loss by end of week.