Purple Biotech is an Israeli clinical-stage oncology company developing immunotherapy drugs, with no product revenue. The company's pipeline centers on three drug candidates across different stages of development. The lead program is CAPTN-3, a platform of tri-specific antibodies that simultaneously activate T cells and NK cells against tumor cells, while a "capping" mechanism keeps the molecule inactive outside the tumor microenvironment — an approach designed to maximize anti-tumor potency while limiting systemic side effects. The two lead candidates from this platform, IM1240 (targeting 5T4-expressing solid tumors) and IM1305 (targeting TROP2-expressing solid tumors), are in preclinical development, with an IND filing for IM1240 expected in 2026. Beyond CAPTN-3, Purple Biotech holds two clinical-stage assets: CM24, a monoclonal antibody targeting the CEACAM1 immune checkpoint that showed encouraging results in a Phase 2 pancreatic cancer study, and NT219, a small molecule that inhibits two drug-resistance pathways (IRS1/2 and STAT3), which showed a 25% objective response rate in head and neck cancer patients in a Phase 1/2 study. Further development of both CM24 and NT219 depends on securing a partner or additional funding. Purple Biotech funds operations through equity raises on NASDAQ and the Tel Aviv Stock Exchange, and the path to value creation runs through clinical milestones that attract licensing deals, partnerships, or an acquisition by a larger pharmaceutical company.