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Early-stage biotech; minimal long-term debt, primarily equity-financed; net debt near zero with cash runway under 18 months typical for stage

Low direct rate sensitivity; no significant variable-rate debt, but higher rates increase cost of future equity/debt raises materially

Low intensity; China and India supply >60% of global API inputs, creating concentration risk.

Active pharmaceutical ingredient sourcing from China/India; medical-grade polymer components via Southeast Asian manufacturing corridors

Negligible current international revenue; CAD-functional company with USD exposure; sovereign currency devaluation risk is minimal but latent

Primarily Canada/North America; limited international commercial presence; CAD/USD FX risk is primary currency exposure at this stage

Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.

High dependency on single-source API suppliers for antimicrobial peptide synthesis; substitutability is low given proprietary formulation requirements

Medical device/pharmaceutical hybrid; minimal cloud infrastructure dependency; product delivery is physical, not SaaS-based

Cloud termination risk is negligible; business operations rely on physical product manufacturing and regulatory submission pipelines, not cloud platforms

Low API coupling risk; company is not software-dependent; regulatory switching costs (Health Canada, FDA re-approval) are the primary lock-in mechanism

Low Howey risk; revenue model based on product sales and licensing of medical devices/antimicrobials, not investment contracts or token schemes

Very High

Moderate; clinical trial data subject to Health Canada and FDA sovereignty rules; limited consumer PII reduces GDPR/CCPA direct exposure

Low antitrust risk; small market share in niche antimicrobial/medical device segment; no dominant market position or exclusionary conduct evident

Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.

Predominantly transactional/milestone-based; pre-revenue or early-revenue stage; licensing deals and product sales are non-recurring at current scale

Product sales of antimicrobial medical devices plus potential licensing royalties; no meaningful subscription revenue identified

Pricing tied to hospital procurement cycles and formulary approvals; vulnerable to GPO price compression and reimbursement rate constraints

Moderate; antimicrobial resistance crisis creates premium pricing opportunity, but hospital budget pressures and GPO dynamics cap upside

Target gross margin 55–70% for medical device/antimicrobial products at scale; currently below target given low manufacturing volume

No free-rider leakage problem; physical medical products require procurement; hospital formulary approval creates stickiness once listed

Revenue growth is largely sublinear to headcount; manufacturing can be outsourced via CMOs; regulatory and sales headcount scale modestly with revenue

Marginal cost of growth is primarily COGS and regulatory; doubling revenue does not require doubling headcount; CMO model limits fixed cost scaling

Not applicable; company does not operate a franchise model

At 10x scale, CAC efficiency improves via hospital network effects; key constraint is formulary approval timelines, not sales headcount

Weak network effects; adoption driven by clinical evidence and regulatory approval, not user-base growth; no platform flywheel present

AI displacement risk is low; core value is proprietary antimicrobial peptide chemistry and regulatory IP, not data processing or knowledge work

Moderate-high recession resistance; hospital infection control spending is non-discretionary; budget cuts may delay adoption but not eliminate need

Hospitals and acute care facilities requiring antimicrobial catheter/device solutions; procurement via GPOs and infection control committees

Long-term care facilities and surgical centers; secondary market for antimicrobial coatings on implantable or indwelling medical devices

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]

0.32 (HIL — ~32% of characteristic roles agent-automatable)

Capital is being deployed toward R&D and regulatory approvals, not legacy infrastructure; CMO model minimizes manufacturing capex requirements

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SEPSF