Can-Fite BioPharma Pitch Deck Teardown: A Clinical-Stage

Can-Fite BioPharma: Clinical Maturity and Market Positioning

The December 2020 investor presentation for Can-Fite BioPharma (NYSE American: CANF) represents a transition from early-stage R&D to a late-stage clinical powerhouse. The deck is structured to satisfy the rigorous due diligence of institutional investors, focusing heavily on clinical data, regulatory milestones, and existing commercial validation through licensing deals. Unlike early-stage startup decks that sell a vision, this deck sells a pipeline of de-risked assets targeting multi-billion dollar markets.

Slide 1: Title and Identity

The cover slide establishes the company's identity as a developer of 'Small Molecules For Big Clinical Needs.' It clearly displays its dual-listing status on the NYSE American (CANF) and the Tel-Aviv Stock Exchange (CFBI). The visual of a cell being targeted by pills reinforces the mechanism of action—oral small molecule therapy—which is a recurring competitive advantage throughout the deck.

Slide 3: Company Profile

This slide serves as the 'Executive Summary.' It defines Can-Fite as an 'advanced clinical stage drug development company.' Key highlights include:

Small molecule products in Phase II and Phase III clinical studies. · A portfolio covered by 15 Patent Families. · ~$18 million received to date from corporate partnerships and licensing. · Capital structure details: ~15.4 M ADRs and ~462 M ordinary shares outstanding.

This slide is effective because it immediately quantifies the company's progress and financial validation.

Slide 5: Platform Technology

The technical foundation of the company is the A3 adenosine receptor (A3AR). The slide uses a simple visual comparison between 'Pathological Cells' (high A3AR expression) and 'Normal Cells' (low expression). This explains the 'Targeted therapy' approach. The safety profile is emphasized with the fact that the technology has been 'Demonstrated in over 1,500 patients,' a significant number for a clinical-stage biotech.

Slide 7: Corporate Partnerships and Out-licensing

This is arguably the most important slide for demonstrating market validation. It lists five major licensing partners across diverse geographies including Canada, Europe, China, and South Korea. The table specifies the drug (Piclidenoson or Namodenoson), the indication (Psoriasis, Liver Cancer, or NASH), and the region. A footnote mentions that $8.5M was previously received from a Japanese partner (SKK) before a strategic change, showing a history of high-value engagement even when trials are ongoing.

Slide 9: Psoriasis Competitive Landscape

Can-Fite positions Piclidenoson against heavyweights like Humira, Enbrel, and Otezla. The slide makes a 'pharmaco-economic' argument:

Biologics: Cost $2,000-$5,000/month, require injections, and carry 'Black Box' warnings. · Otezla: An oral drug costing $750-$3,500/month with a 5% market share. · Piclidenoson: An oral drug targeting a ~$750/month price point with an 'excellent safety profile.'

By framing the drug as a cost-effective, safer oral alternative, Can-Fite defines a clear path to market share in a field dominated by expensive biologics.

Slide 11: COVID-19 Strategic Pivot

Reflecting the 2020 timeframe, this slide details a Phase II study for treating moderate COVID-19. It leverages Piclidenoson’s anti-inflammatory and anti-viral effects. The study design is a randomized, double-blind, placebo-controlled trial of 40 patients. This slide demonstrates the platform's versatility and the company's ability to respond to urgent global health needs.

Slide 13: Liver Cancer - Pivotal Phase III

This slide focuses on Namodenoson. It highlights that an agreement has been reached with the FDA and EMA on the design of a pivotal Phase III trial involving 450 patients worldwide. The regulatory 'wins' are prominent: Orphan Drug Status (FDA/EMA) and Fast Track Status (FDA). It also mentions a 'Compassionate Use Program' in Israel, which provides real-world evidence of the drug's utility while formal trials continue.

Slide 15: NASH Phase II Results

Non-alcoholic steatohepatitis (NASH) is a massive unmet medical need. The slide lists several clinical successes:

Significant decrease in liver enzymes (ALT and AST). · Significant reduction in liver fat volume assessed by MRI-PDFF. · Decrease in body weight in the Namodenoson groups. · Confirmation of the 25mg dose for future studies.

The data-heavy nature of this slide is intended to prove that the drug is not just safe, but highly efficacious in improving liver health markers.

Slide 17: Summary and Financial Position

The final slide summarizes the investment thesis: novel technology, Phase III assets, a strong IP portfolio, and established partnerships. Crucially, it addresses the 'runway' question, stating the company is 'well positioned to conduct all its clinical development programs and G&A for > 1 year.' This provides a clear window for investors regarding the next potential capital raise or milestone event.

What Can-Fite Does Well

The deck excels at regulatory and commercial validation . By listing specific FDA statuses (Orphan, Fast Track) and naming global licensing partners, Can-Fite moves beyond the 'trust us' phase of many biotech pitches. The economic comparison on slide 9 is also a masterclass in positioning; it doesn't just say the drug works, it explains why an insurance provider or a patient would choose it over the current standard of care based on price and delivery method (oral vs. injection).

What is Missing

In this 9-slide selection, there is no dedicated team slide . While 'Highly experienced management' is mentioned on slide 3, the specific pedigrees of the scientists and executives are not detailed. Furthermore, while the deck mentions being funded for 'more than 1 year,' it lacks a detailed use of proceeds or a specific 'ask' for new capital, which is common for public companies providing general updates rather than a specific private placement round. There is also no detailed financial breakdown of the $18M in licensing—specifically how much is upfront cash versus future milestones.

Founder Takeaways

Quantify your de-risking: If you have patents, state the number of families (Can-Fite has 15). If you have patients in trials, state the total number (Can-Fite has 1,500+). These numbers build a wall of credibility that qualitative descriptions cannot match. Address the 'So What?' of your market: Don't just list competitors; explain the economic incentive for your solution. Can-Fite’s comparison of a $750 oral drug vs. a $5,000 injection is a compelling reason for a clinician to switch. Regulatory milestones are currency: For any health-tech or biotech founder, designations like 'Fast Track' or 'Orphan Drug' are major value inflection points that should be highlighted as primary achievements.