Page 164 - Binder2

If Chapter 3 has made the argument that immune-
compatible biologics are the future, COUR is one of the
first proof points. A company that doesn’t just talk about
avoiding tolerization—it builds products that make
tolerization biologically implausible.

It doesn’t escalate. It instructs.
It doesn’t suppress. It educates.
And in doing so, it offers a glimpse of the biologics
industry after the rebellion has already begun.

How COUR’s Business Model Breaks the
Pharma Mold

COUR Pharmaceuticals isn’t just innovating in
immunology.
It’s innovating in how a biotech company is structured—
financially, operationally, and strategically.

Unlike traditional pharmaceutical companies that are built
to extract maximum return from large-scale, broad-use
therapies, COUR is structured around precision,
partnership, and platform repeatability. And that
changes everything.

1. Platform-First, Not Product-First

Most biotech companies orient their entire business model
around a lead molecule—a flagship drug designed to prove
the company’s worth and justify its valuation.

COUR has taken a different approach. From day one, it
positioned itself as a platform company—meaning its core
intellectual property isn’t just one drug, but a modular

162