Lixte Biotechnology is a clinical-stage biopharmaceutical company with a secondary business in proton therapy hardware. Lixte's core asset is LB-100, a small-molecule inhibitor of PP2A, an enzyme involved in regulating cancer cell growth. Rather than suppressing oncogenic signaling like most cancer therapies, LB-100 aims to over-activate it to the point of cell death. The near-term commercial thesis is that LB-100 can enhance the effectiveness of existing chemotherapy, immunotherapy, and radiation treatments without meaningfully increasing toxicity — making it a combination agent rather than a standalone therapy. LB-100 is currently in Phase 1b/2 trials for ovarian clear cell carcinoma (combined with GSK's dostarlimab), metastatic colorectal cancer (combined with Roche's atezolizumab), and advanced soft tissue sarcoma (combined with doxorubicin, though the Phase 2 portion was cancelled). Lixte outsources manufacturing and trial operations to partner institutions, keeping its own headcount minimal. In several trials, GSK and Roche fund the trials themselves, reducing Lixte's cash burn. Lixte's business model is to advance LB-100 to clinical proof-of-concept, then license or partner with a large pharma company rather than commercialize independently. Lixte also holds a majority stake in Liora Technologies Europe, which owns the LiGHT System — a linear accelerator-based proton therapy prototype derived from CERN research. Liora's strategy is to sell or license the LiGHT prototype and its underlying IP rather than build or operate clinical proton therapy centers. Lixte has no revenue and funds operations through equity raises.