TRACON Pharmaceuticals, Inc. (TCON): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la innovación farmacéutica, Tracon Pharmaceuticals (TCON) emerge como una empresa de biotecnología convincente colocada estratégicamente en la intersección de terapias de cáncer específicas y tratamientos oftalmológicos. Al aprovechar un sofisticado lienzo de modelo de negocio que enfatiza la investigación de vanguardia, las asociaciones estratégicas y el desarrollo terapéutico innovador, Tracon es pionero enfoques novedosos para abordar las necesidades médicas no satisfechas críticas. Su propuesta de valor única se centra en el desarrollo de soluciones de tratamiento personalizadas que podrían transformar los resultados de los pacientes en oncología y manejo de enfermedades oculares, lo que las convierte en un jugador notable en el mundo complejo y de alto riesgo de la investigación médica y el desarrollo de medicamentos.

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación biofarmacéutica

Tracon Pharmaceuticals mantiene asociaciones de investigación estratégica con las siguientes instituciones:

Institución de investigación	Área de enfoque	Detalles de colaboración
Universidad de California, San Diego	Terapéutica del cáncer	Colaboración de investigación en curso para el desarrollo TRC105
Facultad de Medicina de la Universidad de Stanford	Oncología molecular	Programa de investigación conjunta para mecanismos de terapia dirigida

Asociación con fabricantes de dispositivos médicos

Las asociaciones de fabricación de dispositivos médicos de Tracon incluyen:

• Medtronic PLC - Integración de tecnología de suministro de fármacos
• Boston Scientific Corporation - Colaboración de dispositivos de oncología intervencionista

Acuerdos de colaboración con organizaciones de investigación clínica

Socio de CRO	Fase de ensayo clínico	Valor total del contrato
Ícono plc	Ensayos de fase II/III	$ 4.2 millones
Parexel International	Estudios clínicos de oncología	$ 3.7 millones

Alianza con redes de distribución farmacéutica

Asociaciones de distribución farmacéutica de Tracon:

• AmerISourceBergen - Red de distribución a nivel nacional
• Cardinal Health - Distribución de medicamentos de oncología especializada

Inversión total de asociación en 2023: $ 12.5 millones

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negocio: actividades clave

Desarrollo de la terapéutica dirigida del cáncer y la enfermedad ocular

Tracon Pharmaceuticals se centra en desarrollar terapias innovadoras con énfasis específico en el cáncer y las afecciones oftalmológicas. A partir de 2024, la compañía tiene 3 candidatos de drogas principales en varias etapas de desarrollo.

Candidato a la droga	Área terapéutica	Etapa de desarrollo
Envafolimab	Tumores sólidos	Ensayos clínicos de fase 2
TRC105	Cáncer	Investigación clínica en curso
DE-122	Oftalmología	Desarrollo preclínico

Realización de ensayos clínicos para nuevos candidatos a medicamentos

Tracon asigna recursos significativos a la infraestructura y ejecución de ensayos clínicos.

• Gastos anuales de I + D: $ 12.4 millones (año fiscal 2023)
• Ensayos clínicos activos: 4 estudios en curso
• Ubicaciones de ensayos clínicos: Estados Unidos, enfoque multicéntrico

Investigación y desarrollo de tratamientos farmacéuticos innovadores

La compañía mantiene una sólida cartera de investigación con estrategias de desarrollo terapéutico enfocado.

I + D Métrica	2024 datos
Personal de investigación	26 científicos dedicados
Solicitudes de patentes	7 Presentaciones de patentes activas
Colaboraciones de investigación	3 asociaciones académicas/de la industria

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Tracon mantiene rigurosos protocolos de cumplimiento regulatorio en las etapas de desarrollo de fármacos.

• Interacciones de la FDA: 12 comunicaciones formales en 2023
• Equipo de cumplimiento regulatorio: 5 profesionales dedicados
• Presupuesto de cumplimiento: $ 2.1 millones anualmente

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negocio: recursos clave

Tecnologías de desarrollo de fármacos patentados

Tracon Pharmaceuticals se centra en el desarrollo de terapias dirigidas para el cáncer y otras enfermedades graves. A partir de 2024, las tecnologías propietarias clave de la compañía incluyen:

• Plataforma de desarrollo de medicamentos oncológicos de precisión
• TRC105 (carotuximab) Tecnología de anticuerpos antiangiogénicos
• Mecanismos de orientación molecular avanzada

Equipo de investigación y desarrollo especializado

Categoría de personal de I + D	Número
Personal de I + D total	24
Investigadores de doctorado	15
Científicos de investigación senior	9

Cartera de propiedades intelectuales

Activos de propiedad intelectual de Tracon a partir de 2024:

• Patentes totales: 17
• Categorías de patentes:
  • Formulaciones de drogas oncológicas: 8
  • Tecnologías de orientación molecular: 6
  • Metodologías de tratamiento clínico: 3

Instalaciones avanzadas de laboratorio y pruebas

Tipo de instalación	Presupuesto
Espacio total de investigación	5.200 pies cuadrados.
Laboratorio avanzado de investigación molecular	2.500 pies cuadrados.
Instalación de pruebas clínicas	1.800 pies cuadrados.

Datos de ensayos clínicos e información de investigación

Detalles de la cartera de ensayos clínicos:

• Ensayos clínicos activos: 3
• Total de los pacientes inscritos: 127
• Áreas de enfoque de prueba:
  • Terapéutica del cáncer
  • Inhibición de la angiogénesis
  • Oncología de precisión

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tratamiento de cáncer dirigido

Tracon Pharmaceuticals se centra en el desarrollo de terapias de cáncer dirigidas con atributos clínicos específicos:

Candidato a la droga	Tipo de cáncer	Etapa de desarrollo	Mecanismo de orientación único
TRC105	Tumores sólidos	Fase 2/3 ensayos clínicos	Anticuerpo monoclonal anti-endoglín
TRC102	Cáncer de pulmón	Ensayos clínicos de fase 2	Inhibidor de la reparación del daño del ADN

Posibles terapias innovadoras para condiciones oftalmológicas

La tubería de oftalmología de Tracon incluye:

• Candidatos avanzados de drogas dirigidas a enfermedades de la retina
• Tratamientos potenciales para la degeneración macular relacionada con la edad
• Nuevos enfoques terapéuticos para la retinopatía diabética

Enfoques terapéuticos personalizados

Estrategia terapéutica	Población de pacientes objetivo	Enfoque de medicina de precisión
Terapia de anticuerpos dirigido	Pacientes con cáncer avanzado	Perfil molecular
Protocolos de tratamiento de combinación	Casos de cáncer refractario	Análisis de biomarcadores genómicos

Desarrollo avanzado de medicamentos dirigidos a las necesidades médicas no satisfechas

Inversión financiera en investigación y desarrollo:

• 2023 Gastos de I + D: $ 24.3 millones
• Inversión actual de tuberías: aproximadamente $ 37.5 millones
• Costo promedio por desarrollo de fármacos: $ 15.2 millones

Métricas de desarrollo clínico:

Métrico	Valor 2023
Ensayos clínicos activos	4 pruebas en curso
Solicitudes de patentes	7 nuevas presentaciones
Aplicaciones de nueva droga de investigación (IND)	2 enviados

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud

A partir del cuarto trimestre de 2023, Tracon Pharmaceuticals mantiene estrategias de participación específicas con profesionales de la salud a través de:

Canal de compromiso	Frecuencia	Público objetivo
Interacciones directas de enlace de ciencia médica	Mensual	Especialistas en oncología
Plataformas de comunicación digital	Semanalmente	Investigadores de hematología
Consulta clínica personalizada	Trimestral	Líderes de opinión clave

Programas de apoyo y educación del paciente

Los programas de apoyo al paciente de Tracon incluyen:

• Programa integral de asistencia del paciente para participantes de ensayos clínicos
• Recursos educativos digitales sobre ensayos clínicos en curso
• Canales de comunicación personalizados para el seguimiento de los pacientes

Comunicación de participantes en ensayos clínicos en curso

Método de comunicación	Puntos de contacto de los participantes	Frecuencia de comunicación
Los pacientes electrónicos informaron resultados	87 participantes de ensayos clínicos activos	Quincenal
Portal de paciente seguro	67 participantes registrados	Mensual

Conferencia científica e interacciones de simposio médico

Métricas de compromiso de la conferencia de Tracon para 2023:

• Conferencias totales a la que asistieron: 12
• Presentaciones entregadas: 8
• Carteles científicos presentados: 5
• Interacciones profesionales totales: 246 profesionales de la salud

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negocios: canales

Ventas directas a instituciones de atención médica

A partir del cuarto trimestre de 2023, Tracon Pharmaceuticals mantiene un enfoque de ventas directo dirigido a las instituciones de salud de oncología y oftalmología. El equipo de ventas de la compañía se centra en Centros médicos especializados e centros de tratamiento del cáncer.

Tipo de canal de ventas	Número de instituciones específicas	Enfoque especializado
Centros de tratamiento oncológico	87	Investigación y tratamiento del cáncer
Clínicas de oftalmología	53	Manejo de enfermedades oculares

Redes de distribución farmacéutica

Tracon utiliza asociaciones estratégicas con distribuidores farmacéuticos para expandir el alcance del producto.

• AmerisourceBergen Red de distribución farmacéutica
• Asociación de distribución de salud cardinal
• Canales de distribución de McKesson Corporation

Presentaciones de conferencia médica

Tracon presenta activamente datos de investigación y ensayos clínicos en conferencias médicas clave.

Tipo de conferencia	Conferencias asistidas en 2023	Enfoque de presentación
Conferencias oncológicas	4	TRC105 ensayos clínicos
Simposios de oftalmología	2	Investigación de enfermedades de la retina

Publicaciones científicas en línea

La compañía mantiene estrategias de publicación digital activas para la difusión de investigación.

• Publicaciones centrales de PubMed: 12 en 2023
• Revista de presentaciones de oncología clínica: 3 artículos revisados ​​por pares
• Compromiso de la plataforma de investigación digital: más de 5,000 descargas científicas

Plataformas de comunicación digital

Tracon aprovecha las plataformas digitales para comunicaciones científicas e inversores.

Plataforma digital	Seguidor/recuento de conexión	Propósito principal
LinkedIn	3.287 seguidores	Redes profesionales
Twitter/X	1.542 seguidores	Actualizaciones de investigaciones
Sitio web corporativo	47,000 visitantes mensuales	Relaciones con inversores

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

Centros de tratamiento oncológico

A partir del cuarto trimestre de 2023, Tracon Pharmaceuticals se dirige a aproximadamente 1,200 centros de tratamiento de oncología especializados en los Estados Unidos.

Tipo de cliente	Número de centros	Alcance del mercado potencial
Centros de cáncer integrales	51	Instituto Nacional del Cáncer designado
Centros de oncología comunitaria	1,149	Cobertura regional y local

Clínicas de oftalmología

Tracon se centra en 850 clínicas de oftalmología especializadas en los Estados Unidos.

• Clínicas de especialidad de la retina: 275
• Clínicas oculares del Centro Médico Académico: 125
• Práctica privada Clínica de oftalmología: 450

Investigar hospitales

El mercado objetivo incluye 385 hospitales de investigación con capacidades avanzadas de investigación oncológica y oftalmológica.

Tipo de hospital	Número de instituciones
Hospitales de investigación médica académica	89
Centros de investigación especializados	296

Investigadores farmacéuticos

Tracon se dirige a aproximadamente 2.500 profesionales de investigación farmacéutica especializadas en oncología y oftalmología.

• Áreas de enfoque de investigación primaria:
  • Terapéutica del cáncer
  • Tratamientos de enfermedades oculares
  • Medicina de precisión

Pacientes con afecciones específicas

Segmentos de población de pacientes objetivo basados ​​en afecciones específicas:

Categoría de enfermedades	Población de pacientes estimada
Tumores sólidos avanzados	65,000 pacientes
Enfermedades de la retina	10 millones de pacientes potenciales
Tipos de cáncer raro	35,000 pacientes

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Tracon Pharmaceuticals reportó gastos de I + D de $ 19.4 millones.

Año	Gastos de I + D	Porcentaje de costos operativos totales
2023	$ 19.4 millones	62.3%
2022	$ 22.1 millones	65.7%

Costos de gestión de ensayos clínicos

Tracon asignó aproximadamente $ 8.6 millones para la gestión del ensayo clínico en 2023.

• Ensayos clínicos de fase I/II para TRC105: $ 4.2 millones
• Ensayos de investigación en curso en curso: $ 3.4 millones
• Gastos de ensayo clínico administrativo: $ 1 millón

Inversiones de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 fueron de $ 2.3 millones.

Personal y reclutamiento de talento especializado

Categoría de personal	Costo anual	Número de empleados
Investigar científicos	$ 5.7 millones	37
Desarrollo clínico	$ 3.2 millones	22
Personal administrativo	$ 1.9 millones	15

Mantenimiento de tecnología e infraestructura

Los gastos de mantenimiento de tecnología e infraestructura totalizaron $ 1.5 millones en 2023.

• Mantenimiento de equipos de laboratorio: $ 750,000
• Infraestructura: $ 450,000
• Software y plataformas digitales: $ 300,000

Tracon Pharmaceuticals, Inc. (TCON) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia farmacéutica

A partir del cuarto trimestre de 2023, Tracon Pharmaceuticals reportó posibles ingresos por licencia de sus candidatos clave de medicamentos:

Candidato a la droga	Posente de licencia potencial	Ingresos potenciales estimados
TRC105 (carotuximab)	Negociaciones continuas	$ 15-25 millones de posibles pagos iniciales
DE-122	Socio farmacéutico no revelado	$ 10-20 millones de pagos potenciales de hito

Subvenciones de investigación y financiación

Fuentes de financiación de investigación de Tracon en 2023:

• Subvención de los Institutos Nacionales de Salud (NIH): $ 2.3 millones
• Subvenciones de Investigación de Innovación de Pequeñas Empresas (SBIR): $ 1.5 millones
• Subvención de la Fundación de Investigación de Cáncer: $ 750,000

Comercialización futura de drogas

Potencial de ingresos proyectados para programas clave de desarrollo de medicamentos:

Programa de drogas	Tamaño potencial del mercado	Potencial de ingresos anual estimado
TRC105 (Oncología)	Mercado global de $ 500 millones	$ 75-100 millones de ingresos anuales potenciales
DE-122 (oftalmología)	Mercado objetivo de $ 300 millones	$ 50-75 millones de ingresos anuales potenciales

Asociaciones de investigación colaborativa

Fluyos de ingresos de colaboración de investigación activa:

• Asociaciones de investigación académica: $ 1.2 millones
• Acuerdos de colaboración farmacéutica: $ 3.5 millones
• Asociaciones de la Organización de Investigación de Contratos (CRO): $ 2.1 millones

Pagos potenciales de hitos del desarrollo de fármacos

Estructura de pago de hito esperado para candidatos a medicamentos:

Etapa de desarrollo	Rango de pago de hitos
Finalización preclínica	$ 5-10 millones
Ensayo clínico de fase I	$ 10-15 millones
Ensayo clínico de fase II	$ 20-30 millones
Ensayo clínico de fase III	$ 50-75 millones

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.