Prophase Labs, Inc. (PRPH): Canvas du modèle commercial [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'innovation de la santé, Prophase Labs, Inc. (PRPH) émerge comme une puissance multiforme, naviguant stratégiquement aux intersections des tests de diagnostic, des nutraceutiques et des recherches médicales de pointe. En tirant parti des technologies propriétaires et un modèle commercial robuste, la société s'est positionnée comme un répondeur agile et émergeant des défis de santé, offrant des solutions complètes qui s'étendent des tests Covid-19 aux produits de bien-être. Leur approche unique mélange une expertise scientifique, des partenariats stratégiques et une source de revenus diversifiée, faisant des laboratoires Prophase une étude de cas convaincante dans l'entrepreneuriat des soins de santé moderne.

Prophase Labs, Inc. (PRPH) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les institutions de recherche pharmaceutique

Prophase Labs maintient des partenariats de recherche avec les institutions suivantes:

Institution	Focus de recherche	Statut de collaboration
Université Thomas Jefferson	Technologies de diagnostic Covid-19	Partenariat actif
Université de Pennsylvanie	Recherche diagnostique moléculaire	Accord de collaboration en cours

Partnership de fabrication avec des organisations de développement de contrats

Prophase Labs collabore avec les organisations de fabrication de contrats (CMOS) pour le développement et la production de produits.

• Solutions pharmatriques de catale - fabrication de kit de test Covid-19
• Thermo Fisher Scientific - Support de production de test de diagnostic
• Groupe Lonza - Services de développement de contrats

Accords de distribution avec les grossistes de produits de santé

Grossiste	Distribution de produits	Couverture géographique
McKesson Corporation	Kits de test Covid-19	Distribution nationale
Santé cardinale	Produits de test de diagnostic	Réseau national de soins de santé

Partenariats de licence pour les technologies de diagnostic et de test

Prophase Labs a établi des accords de licence pour le développement de la technologie:

• Contrat de licence exclusif avec Temple University for Covid-19 Testing Technology
• Partenariat de transfert de technologie non exclusif avec Genmark Diagnostics
• Collaboration de propriété intellectuelle avec Quidel Corporation for Molecular Diagnostic Plateformes

Prophase Labs, Inc. (PRPH) - Modèle d'entreprise: activités clés

Développement de solutions de tests Covid-19 et de diagnostics

Prophase Labs a développé des solutions de test Covid-19 via son Plateforme de test de diagnostic TestDX. Au quatrième trimestre 2022, la société a déclaré que Covid-19 testant des revenus de 1,2 million de dollars.

Plate-forme de test	Capacité d'essai	Type de test
Testdx	Jusqu'à 10 000 tests par jour	PCR et antigène rapide

Recherche et développement de produits nutraceutiques et pharmaceutiques

Prophase a investi 1,4 million de dollars dans les frais de recherche et de développement au cours de l'exercice 2022.

• Développement de la gamme de produits Cold Eeze
• Recherche Gene-Eden-Vir Antiviral Supplément
• CBD et recherche de produits cannabinoïdes

Essais cliniques et recherche médicale

La société a mené des recherches cliniques axées sur les applications pharmaceutiques nutraceutiques et potentielles.

Domaine de recherche	Statut	Investissement
Thérapeutique cannabinoïde	En cours	$750,000
Recherche de supplément antiviral	Actif	$350,000

Fabrication de produits liés à la santé

Prophase exploite des installations de fabrication pour les produits nutraceutiques et diagnostiques.

• Capacité de fabrication Cold Eeze: 5 millions d'unités par an
• Production du kit de test de diagnostic: 500 000 unités par mois

Marketing et ventes de produits de diagnostic et de bien-être

En 2022, Prophase a déclaré un chiffre d'affaires total de 16,1 millions de dollars dans ses gammes de produits.

Catégorie de produits	Revenu	Segment de marché
Eeze froide	8,5 millions de dollars	Nutraceuticals
Tests de diagnostic	4,2 millions de dollars	Test Covid-19
Autres produits	3,4 millions de dollars	Bien-être

Prophase Labs, Inc. (PRPH) - Modèle d'entreprise: Ressources clés

Technologies de test de diagnostic propriétaire

Prophase Labs maintient un portefeuille ciblé de technologies de test de diagnostic, avec un accent spécifique sur les solutions de diagnostic Covid-19 et moléculaires.

Type de technologie	Détails spécifiques	État actuel
Test de PCR Covid-19	Plate-forme de diagnostic moléculaire propriétaire	Déployé activement en milieu clinique
Technologies de tests génétiques	Méthodes de diagnostic moléculaire avancé	Développement continu

Installations de recherche et de développement

Prophase Labs exploite une infrastructure de R&D spécialisée dédiée au développement de technologies diagnostiques.

• Total des dépenses de R&D (2023): 2,1 millions de dollars
• Personnel de recherche: environ 15-20 professionnels scientifiques
• Lieu de recherche primaire: Horsham, Pennsylvanie

Portefeuille de propriété intellectuelle

Prophase Labs maintient un portefeuille de propriété intellectuelle stratégique axé sur les technologies de diagnostic.

Catégorie IP	Nombre de brevets	Domaine de mise au point
Brevets de test de diagnostic	7-10 brevets actifs	Technologies diagnostiques moléculaires
Demandes de brevet en instance	3-5 applications	Méthodologies diagnostiques émergentes

Expertise scientifique et technique

Prophase Labs exploite des capacités scientifiques spécialisées dans le diagnostic moléculaire et les tests génétiques.

• Personnel scientifique senior: 12-15 professionnels
• Diplômes avancés: chercheurs de doctorat et de maîtrise
• Zones spécialisées: biologie moléculaire, tests génétiques, virologie

Infrastructure de fabrication

Prophase Labs maintient des capacités de fabrication ciblées pour la production de tests de diagnostic.

Capacité de fabrication	Volume de production	Emplacement de l'installation
Production de test Covid-19	Jusqu'à 500 000 tests par mois	Horsham, Pennsylvanie
Kits de test génétique	Capacités de production à l'échelle	Installation de fabrication primaire

Prophase Labs, Inc. (PRPH) - Modèle d'entreprise: propositions de valeur

Solutions de test de diagnostic Covid-19 et Health innovantes et santé

Prophase Labs a généré 19,6 millions de dollars de revenus de test Covid-19 en 2022. La société propose des services de test de PCR et d'antigène rapide avec les capacités de test suivantes:

Type de test	Capacité quotidienne	Taux de précision
Test de PCR	50 000 tests	99.2%
Test rapide de l'antigène	25 000 tests	95.7%

Produits nutraceutiques et de bien-être de haute qualité

Prophase Labs commercialise les produits nutraceutiques avec les performances du marché suivantes:

• La marque Cold Eeze a généré 4,2 millions de dollars de revenus en 2022
• La gamme de produits de bien-être s'est étendue à 12 catégories de suppléments différentes
• Marge brute pour les produits nutraceutiques: 45-50%

Technologies de santé avancées de la recherche

Domaine de recherche	Investissement	Étape de développement
Tests génomiques	1,5 million de dollars	Développement précoce
Diagnostic moléculaire	2,3 millions de dollars	Recherche avancée

Réponse rapide aux défis de santé émergents

Prophase Labs a démontré des capacités de réponse rapide avec:

• Déploiement des tests Covid-19 dans les 30 jours suivant le début de la pandémie
• Infrastructure de test mobile couvrant 15 États
• Temps de redressement pour les résultats des tests: 24-48 heures

Offres complètes de produits de santé et de bien-être

Catégorie de produits	Nombre de produits	Revenus annuels
Remèdes du froid et de la grippe	7 produits	6,8 millions de dollars
Suppléments de support immunitaire	5 produits	3,5 millions de dollars
Services de test de diagnostic	3 plateformes de test	19,6 millions de dollars

Prophase Labs, Inc. (PRPH) - Modèle d'entreprise: relations avec les clients

Ventes directes aux prestataires de soins de santé

Prophase Labs génère des ventes directes via des canaux de produits pharmaceutiques et diagnostiques ciblés. Pour l'exercice 2023, la société a rapporté 19,7 millions de dollars de revenus totaux, avec une partie importante dérivée des ventes directes des prestataires de soins de santé.

Canal de vente	Contribution des revenus
Fournisseur de soins de santé Ventes directes	Environ 65% des revenus totaux
Covid-19 Tester les ventes de produits	11,2 millions de dollars en 2023

Canaux de support client en ligne

Prophase Labs maintient l'infrastructure de support numérique pour les interactions client.

• Portail de service client 24/7 en ligne
• Système d'assistance par e-mail
• Canaux de demande de produit technique

Engagement par le biais de plateformes de marketing numérique

L'entreprise utilise plusieurs stratégies de marketing numérique pour engager des clients potentiels et des professionnels de la santé.

Plateforme de marketing numérique	Métriques d'engagement
LinkedIn Professional Network	Plus de 2 500 connexions professionnelles
Site Web de l'entreprise	Environ 15 000 visiteurs mensuels

Support technique pour les produits de diagnostic

Prophase Labs fournit un support technique spécialisé pour ses gammes de produits de diagnostic.

• Équipe de support technique dédiée
• Ressources de formation des produits
• Aide client de réponse rapide

Éducation client et ressources d'information

La société investit dans des initiatives complètes de l'éducation client.

Ressource éducative	Atteindre
Webinaire Series	4-6 webinaires professionnels chaque année
Références de publication scientifique	12-15 citations de recherche par an

Prophase Labs, Inc. (PRPH) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Prophase Labs maintient une équipe de vente directe axée sur la distribution de produits pharmaceutique et Covid-19. La taille de l'équipe commerciale est d'environ 15-20 représentants à temps plein.

Site Web de commerce électronique

Prophase Labs exploite une plate-forme de vente en ligne sur TestDirectly.com, qui a généré environ 2,3 millions de dollars de revenus de vente en ligne directs en 2023.

Canal	Revenus annuels	Volume des ventes
Plate-forme de commerce électronique	2,3 millions de dollars	45 000 kits de test

Réseaux de distributeurs de soins de santé

Prophase Labs collabore avec plusieurs partenaires de distribution de soins de santé, notamment:

• Amerisourcebergen
• McKesson Corporation
• Santé cardinale

Chaînes d'approvisionnement pharmaceutique et médicale

Partenaire de la chaîne d'approvisionnement	Type de partenariat	Réalisation de la distribution des produits
Santé CVS	Distribution directe	3 200 emplacements de pharmacie
Walgreens	Distribution de gros	2 700 emplacements de pharmacie

Plateformes de marketing numérique

Prophase Labs alloue environ 450 000 $ par an aux canaux de marketing numérique, notamment:

• Publicités Google
• Publicité sur les réseaux sociaux
• Campagnes professionnelles de la santé ciblées

Les efforts de marketing numérique contribuent à environ 22% de l'acquisition totale des clients pour les tests et les produits pharmaceutiques de l'entreprise.

Prophase Labs, Inc. (PRPH) - Modèle d'entreprise: segments de clientèle

Fournisseurs de soins de santé

Prophase Labs cible les prestataires de soins de santé avec des solutions de test de diagnostic. Au quatrième trimestre 2023, la société a déclaré 8,2 millions de dollars de revenus de test de Covid-19 des installations médicales.

Type de client	Volume de test annuel	Revenu moyen par client
Hôpitaux	45 000 tests	$275,000
Centres de soins urgents	22 500 tests	$135,000

Laboratoires diagnostiques

Prophase fournit des technologies de test moléculaires aux laboratoires diagnostiques à l'échelle nationale.

• Partenariats totaux de laboratoire: 87
• Couverture géographique: 42 États
• Ventes annuelles de kit de test: 12,3 millions de dollars

Sociétés pharmaceutiques

Prophase collabore avec les entreprises pharmaceutiques pour les tests cliniques et les services de recherche.

Type de collaboration	Nombre de contrats actifs	Plage de valeurs de contrat
Recherche clinique	14	500 000 $ - 2,5 millions de dollars
Services de test	9	250 000 $ - 1,2 million de dollars

Les consommateurs individuels recherchent des produits de bien-être

Prophase commercialise des produits de bien-être et de diagnostic directement aux consommateurs.

• Revenus de vente en ligne: 4,7 millions de dollars en 2023
• Valeur d'achat moyen des consommateurs: 89 $
• Catégories de produits: tests Covid-19, suppléments de bien-être

Organisations de santé et de santé publique

Prophase fournit des solutions de test pour les initiatives de santé publique.

Segment du gouvernement	Contrats obtenus	Valeur totale du contrat
Services de santé de l'État	22	6,8 millions de dollars
Agences fédérales	7	3,2 millions de dollars

Prophase Labs, Inc. (PRPH) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Prophase Labs a déclaré des dépenses de R&D de 3,9 millions de dollars, ce qui représente un investissement important dans l'innovation et le développement des produits.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	3,9 millions de dollars	22.3%
2022	2,7 millions de dollars	18.6%

Coûts de fabrication et de production

Les coûts de fabrication de Prophase Labs pour 2023 ont totalisé environ 5,2 millions de dollars, couvrant la production de tests Covid-19 et d'autres produits de diagnostic.

• Coût de main-d'œuvre de fabrication directe: 1,6 million de dollars
• Dépenses de matières premières: 2,8 millions de dollars
• Fabrication des frais généraux: 0,8 million de dollars

Dépenses de vente et de marketing

L'entreprise a dépensé 2,5 millions de dollars en activités de vente et de marketing en 2023, en se concentrant sur les canaux de promotion des produits et de distribution.

Canal de marketing	Dépense	Pourcentage du budget marketing
Marketing numérique	0,9 million de dollars	36%
Salons du commerce	0,4 million de dollars	16%
Équipe de vente	1,2 million de dollars	48%

Frais généraux administratifs

Les dépenses administratives des laboratoires de prophase en 2023 s'élevaient à 4,1 millions de dollars, couvrant les fonctions de support opérationnel.

• Rémunération des cadres: 1,5 million de dollars
• Salaires généraux du personnel administratif: 1,8 million de dollars
• Infrastructure et entretien de bureaux: 0,8 million de dollars

Investissements technologiques et infrastructures

Prophase Labs a investi 1,2 million de dollars dans les mises à niveau technologiques et d'infrastructures en 2023.

Catégorie d'investissement	Montant	But
Systèmes informatiques	0,5 million de dollars	Mises à niveau des logiciels et matériels
Équipement de laboratoire	0,4 million de dollars	Test et technologie de diagnostic
Cybersécurité	0,3 million de dollars	Protection des données et sécurité du réseau

Prophase Labs, Inc. (PRPH) - Modèle d'entreprise: Strots de revenus

Ventes de kits de test de diagnostic

Pour l'exercice 2023, Prophase Labs a rapporté des revenus de kit de test de diagnostic de 3,4 millions de dollars.

Revenus de produits nutraceutiques

Gamme de produits	Revenus annuels (2023)
Eeze froide	12,5 millions de dollars
Suppléments de support immunitaire	2,3 millions de dollars

Frais de licence et de transfert de technologie

En 2023, les laboratoires de prophase ont généré $850,000 des accords de licence et des activités de transfert de technologie.

Services de test liés à Covid-19

• Covid-19 Test des revenus pour 2023: 1,2 million de dollars
• Les services de tests liés à la pandémie ont diminué de manière significative par rapport aux années précédentes

Ventes de produits pharmaceutiques

Les ventes de produits pharmaceutiques pour 2023 ont totalisé 5,6 millions de dollars, principalement à partir de leurs offres de tests génomiques et de médecine de précision.

Flux de revenus	2023 Revenu total	Pourcentage du total des revenus
Produits nutraceutiques	12,5 millions de dollars	52%
Ventes de produits pharmaceutiques	5,6 millions de dollars	23%
Kits de test de diagnostic	3,4 millions de dollars	14%
Services de test Covid-19	1,2 million de dollars	5%
Frais de licence	$850,000	3.5%

ProPhase Labs, Inc. (PRPH) - Canvas Business Model: Value Propositions

You're looking at the core reasons why ProPhase Labs, Inc. (PRPH) believes it creates value for its customers and stakeholders right now, late in 2025. It centers on high-potential medical innovation, significant potential cash recovery, and a restructured consumer arm.

Highly Accurate, Early-Stage Diagnostic for Esophageal Cancer (BE-Smart™)

The BE-Smart™ test offers a value proposition rooted in clinical performance and market size. The pivotal study, accepted for publication in Clinical Gastroenterology and Hepatology in October 2025, reported 100% sensitivity in a blinded cohort of 100 patients for identifying later cancer progression. This test is designed to address a U.S. addressable market (TAM) estimated between $7 billion and $14 billion, based on approximately 7 million annual upper endoscopies for Barrett's Esophagus surveillance. Potential reimbursement is cited in the range of $1,000 to $2,000 per test. The assay demonstrated strong discriminative performance, with an AUC ranging from 0.89-1.0 in independent test cohorts. The phased commercial rollout is targeted to begin in 2026.

Industry-Leading Whole Genome Sequencing for Comprehensive Health Insight

The genomics segment, through Nebula Genomics, offers insights far beyond standard ancestry testing. A whole genome sequencing test provides 1000 to 5000 times more data than a typical ancestry test. This deep data set is a key differentiator for health insights. Furthermore, management reports that the restructured Nebula Genomics business is now profitable on a pro-forma basis and has achieved breakeven status based on subscription renewals.

Potential Non-Dilutive Cash Influx of $50 Million+ from Collections

A major near-term value driver is the expected recovery from uncollected COVID testing claims. ProPhase Labs appointed Crown Medical as Special Counsel to pursue these receivables, with an estimated net recovery goal exceeding $50 million. As of late 2025, the company's market capitalization was approximately $12 million as of November 2025, meaning this potential cash influx represents more than three times the company's entire market cap. This recovery follows the bankruptcy court approval of the lab subsidiaries' Chapter 11 proceedings, clearing a gating issue for collections to begin flowing.

Streamlined, High-Margin Consumer Health Supplements

The consumer products segment is positioned as streamlined, showing significant margin improvement compared to the prior year, despite recent revenue fluctuations. You can see the margin expansion clearly in the year-over-year comparisons for the first half of 2025. Still, the proposition is the high-margin potential you've built into this vertical.

Here's the quick math on the gross margin performance for consumer products:

Period Ended	Gross Margin (%)	Comparative Period Gross Margin (%)
March 31, 2025	53.0%	28.0% (March 31, 2024)
June 30, 2025	67.8%	36.8% (June 30, 2024)

The company also completed a strategic portfolio realignment, including the sale of PMI and Pharmaloz Real Estate, which generated an $8.7 million gain and eliminated over $20 million in debt/liabilities.

Access to a Large, Diverse DNA Data Set for Research Partners

The genomics business holds a valuable asset in its historical data collection efforts. This data set is not just large, but it is deep, consisting of whole genome sequencing information. The value proposition here rests on the comprehensiveness of this proprietary asset:

• Data collected over 8 years.
• Data sourced from 130 countries.
• The data is whole genome sequencing data.
• Nebula Genomics is now restructured and profitable on a pro-forma basis.

Finance: draft 13-week cash view by Friday.

ProPhase Labs, Inc. (PRPH) - Canvas Business Model: Customer Relationships

You're looking at how ProPhase Labs, Inc. (PRPH) interacts with its various customer groups as of late 2025. It's a mix of direct sales, recurring revenue focus, specialized outreach, and broad investor communication.

Direct-to-consumer (DTC) e-commerce model for supplements and genomics

For the consumer health side, ProPhase Labs uses a direct-to-consumer marketing platform for its over-the-counter dietary supplements. You see the financial impact of this channel in the gross margin figures. For the three months ending June 30, 2025, the gross margin for consumer products hit 67.8%, a significant jump from the 36.8% seen in the comparable 2024 period. Still, consumer products revenue saw a $1.0 million decrease for the three months ended March 31, 2025. The genomics business, Nebula Genomics, which offers whole genome sequencing, holds data collected over 8 years from 130 countries.

Automated subscription renewals for Nebula Genomics for recurring revenue

The customer relationship for Nebula Genomics centers on building a scalable business supported by recurring revenue from subscription renewals. As of the second quarter of 2025, the President of Nebula Genomics noted the business had moved from consistent historical losses to a break-even position, with a clear path to sustained profitability directly tied to those subscription renewals and ongoing cost efficiencies. The company is holding one of the world's largest and most diverse DNA datasets.

High-touch engagement with key opinion leaders (KOLs) for BE-Smart™ adoption

For the BE-Smart™ Esophageal Cancer Test, the customer engagement is focused on clinical validation and commercialization pathway advancement, which inherently involves KOLs in the medical community. This test targets a stated addressable market estimated between $7 billion and $14 billion. By November 2025, the test had achieved full U.S. patent approval and clinical validation. The company anticipated updating stockholders on positive developments toward commercialization in the near future following a September 9, 2025, stockholder meeting.

Investor relations via virtual webinars and conferences

ProPhase Labs, Inc. maintains active engagement with its investor base through scheduled virtual events. You can track the cadence of these interactions. Management held a virtual conference call on November 19, 2025, to discuss the third quarter 2025 financial results. Chairman & CEO Ted Karkus was scheduled to present at an Exclusive Live Investor Webinar and Q&A Session on December 1, 2025. Earlier in the year, the company participated in a Renmark Financial Communications Inc's live Virtual Non-Deal Roadshow Series on September 4, 2025. Here's a snapshot of some recent investor touchpoints:

Event Type	Date (2025)	Focus Area Mentioned
Virtual Conference Call (Q3 Results)	November 19	Q3 2025 Financial Results
Exclusive Live Investor Webinar	December 1	BE-Smart™ Milestones, Nebula Genomics
Virtual Non-Deal Roadshow	September 4	Crypto Treasury Strategy, Liquidity Events

The company also deferred CEO salary by more than two thirds and other senior management/Board salary by 50% until one or more liquidity events occur, which is a direct alignment mechanism with shareholders.

ProPhase Labs, Inc. (PRPH) - Canvas Business Model: Channels

You're looking at how ProPhase Labs, Inc. (PRPH) gets its value propositions-from genomics data to diagnostic tests-into the hands of customers and stakeholders as of late 2025. It's a mix of direct sales, legal maneuvering for past revenue, and strategic partnerships.

Direct-to-Consumer (DTC) websites for Nebula Genomics and supplements

The DTC channel is currently streamlined, focusing on the consumer products side while the genomics lab operations have been significantly restructured. The Nebula Genomics asset remains valuable for its data, even after the physical lab closure.

Here are the recent financial snapshots related to the consumer products component of this channel:

Metric	Period Ended September 30, 2025 (Q3)	Period Ended June 30, 2025 (Q2)
Net Revenue (Total Company)	$0.9 million	$1.2 million
Cost of Revenues (Mainly Consumer Products)	$1.0 million	$0.4 million
Consumer Products Gross Margin	(13.1)%	67.8%

The Nebula Genomics data asset itself is a key resource leveraged through this channel, though its physical lab overhead was cut. The company shut down the genomics laboratory in February 2025, saving over $6 million per year in operating costs.

• Nebula Genomics dataset size: 16-petabyte of DNA data.
• Data sourced from 130 countries.
• Reports offered to consumers: Over 300 personalized reports.

Clinical/Medical sales channel for BE-Smart™ test commercialization

This channel is poised for future revenue, driven by the BE-Smart™ esophageal cancer risk-stratification assay. While the phased rollout is planned to begin in 2026, the validation data is the current channel asset being leveraged for partnerships.

The market opportunity for BE-Smart™ is substantial, based on current U.S. procedure volumes:

• Total Addressable Market (TAM): Roughly $7-$14 billion.
• Annual U.S. upper endoscopies for surveillance: Approximately 7 million.
• Validation study technical success rate: Greater than 95%.
• Sensitivity in identifying later cancer progressors (in a 100-patient cohort): 100%.

Management has noted that a partnership for this test could have previously yielded a potential upfront payment of $30-50 million, which is the type of deal they are pursuing to fund commercialization.

Legal/Bankruptcy court system for A/R recovery via Crown Medical

This is a critical, non-dilutive liquidity channel being aggressively pursued through legal means following the Chapter 11 filing of the COVID-19 testing laboratory subsidiaries in September 2025. Crown Medical Collections has been formally appointed as Special Counsel.

The figures associated with this recovery effort are significant:

Metric	Amount
Crown Medical Estimated Net Recovery (Net of Fees)	$50 million
Total Uncollected COVID Testing Receivables Being Pursued	Approximately $150 million
Number of Insurance Carriers Targeted	About 1,000
Company's Carried A/R Net for this Initiative (as of June 30, 2025)	Only $20 million
Settlements Completed to Date (as of Nov 2025)	One claim

The company expects this initiative to start generating significant cash flow in the second half of 2025.

Third-party sequencing partnerships for genomics fulfillment

This channel involves contracting with external entities for research and fulfillment, complementing the data asset held by Nebula Genomics. While the internal lab was closed to cut overhead, the data itself is still being monetized or leveraged for strategic value.

The restructured Nebula Genomics subsidiary is now described as being profitable on a pro-forma basis, suggesting that the shift away from high internal lab costs to third-party fulfillment has improved the unit economics for the remaining data business.

The original acquisition cost for Nebula Genomics in August 2021 was approximately $14.6 million in stock and cash. Finance: draft 13-week cash view by Friday.

ProPhase Labs, Inc. (PRPH) - Canvas Business Model: Customer Segments

You're looking at the specific groups ProPhase Labs, Inc. (PRPH) targets with its diverse set of offerings, which is crucial given their current pivot away from legacy COVID-19 testing and toward specialized diagnostics and genomics.

Health-conscious consumers seeking advanced genomic data

This segment is served primarily through the restructured Nebula Genomics business.

• Nebula Genomics achieved breakeven status.
• The business model now focuses on high-margin subscription renewals.

Patients at risk for or diagnosed with Barrett's Esophagus

This group is the target for the BE-Smart esophageal pre-cancer diagnostic test, which is a key future value driver.

The market potential here is substantial, based on current U.S. procedure volumes:

Metric	Data Point
Annual U.S. Upper Endoscopies (Surveillance)	Approximately 7 million
Total Addressable Market (TAM) Scenario	Roughly $7 billion to $14 billion
Potential Reimbursement Per Test	$1,000 to $2,000

Clinical validation data supports targeting this segment:

• BE-Smart showed 100% sensitivity in identifying patients who later developed esophageal adenocarcinoma.
• The test achieved an Area Under the Curve (AUC) of 1.0 in an independent test cohort for patients who progressed within three years.
• Commercialization rollout is planned to begin in 2026.

Gastroenterologists and clinicians adopting new diagnostics

These are the prescribers and users who integrate the BE-Smart test into their practice workflows.

ProPhase Labs, Inc. is actively pursuing integration through several channels:

• Collaborations with key opinion leaders and health-system partners are underway.
• The test is designed to be compatible with both forceps biopsies and brush-based tissue collection.
• The company is advancing regulatory preparations and scaling laboratory efforts to support clinical testing in partnership with leading gastroenterology practices.

Institutional investors focused on biotech and strategic turnarounds

This segment includes funds and institutions tracking the company's strategic restructuring and potential asset realization, such as the Crown Medical collections.

Institutional ownership data as of late 2025 shows the following:

Ownership Metric	Reported Value
Number of Institutional Shareholders (Reported)	68
Total Institutional Shares Held (Reported)	3,209,702
Percentage of Shares Owned by Institutions (Reported)	14.07%
Share Price (as of November 28, 2025)	$0.21 / share

The company's market capitalization was approximately $12 million as of a November 2025 report.

Finance: draft 13-week cash view by Friday.

ProPhase Labs, Inc. (PRPH) - Canvas Business Model: Cost Structure

You're looking at the hard costs ProPhase Labs, Inc. (PRPH) is incurring to keep the lights on and push its key projects forward as of late 2025. This structure shows where the cash is going before we even talk about revenue generation.

General and administration expenses were a significant outlay, totaling $13.351 million for the nine months that ended on September 30, 2025. That's a big chunk of overhead to cover. It's important to see how this compares to prior periods, but for now, that's the reported spend.

Here's a quick look at the key financial cost components we have data for covering the nine months ended September 30, 2025:

Cost Component	Amount (9 Months Ended Sep 30, 2025)
General and administration expenses	$13.351 million
Interest expense on debt	$2.675 million
Cost of revenues for consumer products	$2.424 million
R&D and clinical validation costs for BE-Smart™	$107 thousand

The legal and contingency fees tied to the Crown Medical collections initiative represent a specific, non-recurring type of cost you need to track. While the search results highlight the potential for a $50M+ net collection from this initiative, the specific legal and contingency fees incurred for the nine months ended September 30, 2025, aren't explicitly itemized in the same way as the other line items in the provided data. This is a cost driven by a specific recovery effort, not ongoing operations.

For the research and development side, specifically for the BE-Smart™ test, the costs were relatively contained for the period. ProPhase Labs reported $107 thousand in R&D and clinical validation costs for the nine months ending September 30, 2025. This suggests a shift in focus, perhaps moving from heavy upfront development to commercialization preparation, especially following the acceptance of the pivotal study for publication.

The direct cost associated with selling the consumer products, the Cost of revenues, was $2.424 million for the same nine-month period. This number directly impacts the gross margin on that segment, which has seen historical fluctuations based on production volume and raw ingredient costs.

We also need to account for financing costs. The interest expense on debt for the nine months ended September 30, 2025, came in at $2.675 million. That's a fixed obligation you have to service regardless of sales performance.

You should review the detailed breakdown of operating expenses to see where the $13.351 million in G&A is allocated. It likely includes:

• Personnel expenses
• Overhead costs
• Professional fees

Finance: draft 13-week cash view by Friday.

ProPhase Labs, Inc. (PRPH) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for ProPhase Labs, Inc. (PRPH) as of late 2025. This is a company heavily focused on realizing value from past activities while pushing forward a key diagnostic asset. Here's the quick math on what's currently flowing in and what's expected to hit the books.

The revenue picture for the nine months ended September 30, 2025, shows a clear shift away from prior diagnostic service revenue, which was zero in the period. The primary recognized revenue stream is from consumer products.

Consumer Products Sales Performance

Metric	For the Three Months Ended Sep 30, 2025	For the Nine Months Ended Sep 30, 2025
Net Revenue	\$0.9 million	\$3.561 million
Consumer Products Gross Margin	(13.1)%	N/A

The gross margin for consumer products in the third quarter of 2025 was negative at $\text{(13.1)%}$. This compares sharply to the $\text{65.3%}$ realized in the same period of 2024.

Genomics Business Model Transition

Nebula Genomics is now a leaner operation, having moved from historical losses to a break-even position today on a pro-forma basis. Profitability is now clearly tied to:

• Subscription renewals, which carry high margins.
• Cost efficiencies achieved through streamlining operations.

The company is exploring a strategic sale of Nebula Genomics to unlock additional liquidity.

Potential Cash Recovery from COVID-19 A/R

A major near-term liquidity driver is the collection of legacy COVID-19 testing receivables. ProPhase Labs has appointed Crown Medical Collections as Special Counsel following the Chapter 11 filing of the lab subsidiaries.

• Total uncollected receivables targeted: Over $\text{\$150 million}$.
• Crown Medical's estimated net recovery: \$50 million+.
• Expected cash flow from collections: Potentially beginning in mid-2025.

If onboarding takes 14+ days, churn risk rises, but here the risk is litigation delay, though the bankruptcy structure is intended to accelerate recovery.

Future Reimbursement Revenue from BE-Smart™

The BE-Smart™ Esophageal Cancer Test has achieved independent validation from the Mayo Clinic and acceptance for publication. While a specific confirmed reimbursement rate per test isn't explicitly detailed in the latest filings, the potential value is substantial:

• Total Addressable Market (TAM) for surveillance: Roughly $\text{\$7-\$14 billion}$ annually in the U.S..
• Potential partnership upfront payment cited previously: $\text{\$30-50 million}$ plus milestones and royalties.

The company is pursuing collaborations to integrate BE-Smart™ into patient-care workflows, planning a phased rollout to begin in 2026.

Gains from Disposal of Discontinued Operations

Significant, non-recurring revenue was recognized from the disposal of discontinued operations, primarily related to the sale of PMI (Pharmaloz Manufacturing Inc.) and its real estate.

Disposal Event Component	Amount for the Nine Months Ended Sep 30, 2025
Gain from disposal of discontinued operations	\$8.746 million
Loss from discontinued operations, net of tax (Year-to-date impact)	$\text{(\$0.102 million)}$

This $\text{\$8.746 million}$ gain is a one-time event that helped offset operating losses for the nine-month period. Finance: draft 13-week cash view by Friday.