Estrella Immunopharma Inc (NASDAQ: ESLA) is a clinical-stage biotechnology company developing T-cell-based immunotherapy product candidates, with its lead program centered on EB103 and other candidates based on the licensed ARTEMIS T-cell technology platform. The company generates no product revenue. Since inception, it has funded operations through capital raises and has incurred net losses of approximately $13.1 million for the year ended December 31, 2025, and approximately $8.8 million for the twelve months ended December 31, 2024, with an accumulated deficit of approximately $37.0 million as of December 31, 2025. Eureka Therapeutics Inc., the parent and controlling stockholder, is Estrella's sole manufacturer of clinical drug product and primary operational services provider under a license and services arrangement. Headquartered in Emeryville, California, the company has not obtained regulatory approval for any product candidate and does not expect product revenue in the foreseeable future.

Revenue model

No revenue has been generated from product sales as of December 31, 2025. Operations are funded through capital raises. All expenses to date have been incurred in research and development, regulatory filings, and general and administrative costs.

Products and services

Lead product candidate EB103 and additional candidates based on the ARTEMIS T-cell platform, all in preclinical or clinical development stages as of the 10-K filed March 18, 2026. Manufacturing and operational services are provided entirely by Eureka Therapeutics Inc. under a license and services agreement.

Customers and end markets

No commercial customers as of December 31, 2025. Target end market is oncology or immune-oncology patients, implied by the T-cell therapy development focus, though specific indications are not detailed in the available filing excerpts.

Value-chain role

Clinical-stage drug developer with no internal manufacturing. Estrella occupies the research, development, and regulatory submission role. Eureka Therapeutics Inc. handles manufacturing, quality, and a significant portion of day-to-day operational tasks under a services agreement.

Geographic exposure

Corporate headquarters in Emeryville, California. Regulatory focus is the United States FDA approval pathway, as described in the 10-K filed March 18, 2026.

Source: SEC 10-K, filed 2026-03-18

Industry: Biological Products, (No Diagnostic Substances) Peers: Elutia Inc SAB Biotherapeutics Inc Dyadic International Inc Fortress Biotech Inc Lite Strategy Inc Minerva Neurosciences Inc KINETA, INC./DE