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nanoparticle system that can be adapted to multiple
diseases.

This allows COUR to:

• De-risk clinical development by spreading
immune-tolerance proof points across
indications
• Build partner-driven capital strategies instead of
relying solely on dilutive equity
• Retain internal focus on R&D and platform
optimization, while partners handle downstream
commercial execution

It’s a model that supports long-term scientific
consistency—even if individual products succeed at
different speeds.

2. Strategic Partnerships Instead of Massive
Infrastructure

COUR avoids the overhead-heavy, vertically integrated
model common in large pharma.
Instead, it licenses or co-develops specific disease
applications of its platform to bigger players—like
Takeda, which partnered with COUR on its celiac disease
program.

This structure:

• Brings in non-dilutive capital through upfront
payments, milestones, and royalties
• Allows COUR to stay lean and focused on
platform innovation, not global commercialization

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