Business Model of Tubulis

Aspect	Details
How Tubulis Started	Founded in 2015 by Dominik Schumacher and Jonas Helma-Smets. Spun out in 2019 from Leibniz-Forschungsinstitut für Molekulare Pharmakologie (FMP) Berlin and Ludwig Maximilians University (LMU) Munich. Built on proprietary P5 platform and Tub-tag conjugation technology for next-generation antibody-drug conjugates.
Present Condition	Raised €308M ($361M) Series C in 2025—largest ever for European biotech. Total funding: $575M+ across 5 rounds. Lead candidate TUB-040 in Phase 1/2a trials for ovarian and non-small cell lung cancer with FDA Fast Track designation. Second candidate TUB-030 in Phase 1 trials. Partnerships with Bristol Myers Squibb and Oncoteq established.
Future of Company & Industry	Global ADC market projected to grow from $13.5B (2025) to $29.9B (2034) at 9.23% CAGR. Tubulis positioned to capitalize on this growth with differentiated platform technology. Plans U.S. expansion and multiple ADC candidates advancing through clinical trials. Industry trend: 400+ ADCs in development globally, with precision oncology becoming standard of care.
Opportunities for Young Entrepreneurs	Booming biotech sector with strong investor interest in ADC technology. Key areas: novel linker chemistry, site-specific conjugation platforms, payload development, companion diagnostics, and contract manufacturing for high-potency drugs. Europe (especially Germany) emerging as biotech hub with robust funding ecosystem and academic partnerships.
Market Share of Tubulis	Private company, no disclosed market share. Competing in rapidly expanding ADC space against established players (Roche, AstraZeneca, Pfizer/Seagen, Daiichi Sankyo). Positioned as next-generation ADC developer with differentiated technology platform targeting unmet needs in solid tumors.
MOAT (Competitive Advantage)	Proprietary P5 conjugation platform enabling customizable ADC design with stable, high drug-to-antibody ratios. Superior Topoisomerase-I linker-payloads with improved pharmacokinetics. Flexibility to match antibodies, linkers, and payloads to specific cancer biology—unlike fixed-platform competitors. Strong IP portfolio from academic co-founders’ research.
How Tubulis Makes Money	Currently pre-revenue, research-stage biotech. Future revenue streams: 1) Direct drug sales upon regulatory approval, 2) Partnership deals and licensing agreements (already established with Bristol Myers Squibb and Oncoteq), 3) Milestone payments from pharma partners, 4) Potential royalties on partnered programs. Standard biotech commercialization model focused on clinical validation then market entry or acquisition.