Page 166 - Binder2

• Creates alignment with partners who want disease-
specific, low-immunogenicity therapies in
competitive markets

While traditional pharma companies must fund expansive
salesforces, regulatory teams, and distribution networks,
COUR can allocate capital directly to scientific risk
reduction and immune engineering.

3. Milestone-Based Value Creation

Instead of betting the entire company on a single binary
event (e.g., a pivotal trial or IPO), COUR is structured to
create incremental value milestones, including:

• Demonstration of immune tolerance induction in
first-in-human studies
• Successful translation across multiple antigens
• Expansion into autoimmune, allergy, and even
transplant settings

This approach builds credibility over time—scientifically
and financially—and positions the company for multiple
potential outcomes: acquisition, platform licensing, or
independent growth.

4. Financial Incentives Aligned to Durability, Not
Volume

Perhaps most critically, COUR’s model doesn’t rely on
high-dose, high-frequency drug administration.
Its therapies are designed to re-train the immune system

164