Coursera operates a global online learning platform that delivers courses, certificates, specializations, guided projects and degrees in partnership with universities and industry to individual learners, enterprises, campuses, and governments.

# Coursera, Inc.

## Mission and model
Coursera's mission is to provide universal access to world-class learning so anyone, anywhere can transform their life through learning. The company operates a global learning platform that connects learners, educators, and institutions, delivering content directly to individuals and through engagements with employers, colleges and universities, and government programs. Operations span multiple channels: Coursera.org for individuals, Coursera for Business (Enterprise), Coursera for Campus (higher education), and Coursera for Government (government workforce training).

## Scale and reach (as of December 31, 2025)
- Approximately 197 million registered learners.  
- Learners from over 230 countries and territories; about 49% of activity occurs outside the United States.  
- More than 200 universities and 175 industry leaders contribute content.  
- 1,307 full-time employees.  
- Over 1,700 paid enterprise customers acquired through direct sales.

## Offerings and catalog
### Consumer offerings
- Course types: Courses, Guided Projects, Specializations, Professional Certificates, degrees, and the Coursera Plus subscription.  
- Catalog scale (as of 12/31/2025): 2,000+ Guided Projects; 13,500+ Courses (including 1,000+ Generative AI courses); 1,900+ Specializations; 185+ Certificates (including 95+ Entry-level Professional Certificates, 60+ Non-entry level Professional Certificates, 20+ University Certificates, 10+ MasterTrack Certificates); 50+ Degrees (online degrees and related programs).  
- Partnerships with employers, universities, and content creators deliver job-relevant content and credentials.

### Enterprise offerings
- A unified catalog of courses, hands-on projects, specializations, and certificates tailored for organizations.  
- AI-powered tools for course authoring and program design (Course Builder, Program Builder, Path Builder, Skills Tracks, private authoring).  
- Admin and analytics tools, privacy and integrity features, and enterprise-specific content and governance capabilities.

### Platform features
- Course Builder (GenAI-powered authoring), AI translations and dubbing (up to 26 languages), Dialogue and Role Play, Coursera Labs, and a mobile app with offline learning.  
- Localized experiences include language translations, discovery, pricing, and regional credit recommendations.  
- Certain programs offer recognized credit (ACE, ECTS, NSQF), which can enable transfer credits toward degrees where applicable.

## Content ecosystem and economics
- Content creators include major universities and industry brands such as IBM, Google, Amazon, Microsoft, Meta, and SAS.  
- For 2025, roughly 23% of total revenue came from the content and credentialing programs of Coursera’s top five content creators.  
- The company has revenue-sharing arrangements with content creators and introduced a platform fee in 2026 to fund ongoing platform investments.

## Growth strategy and operating footprint
- Growth priorities include improving learner conversion and retention (including Coursera Plus), expanding the learner base, growing enterprise customers, expanding content and credentials, and international expansion with localized experiences.  
- International expansion remains a priority, with ongoing localization, pricing, and regional content considerations; about half of 2025 activity was from non-U.S. learners/customers.  
- Coursera is a Delaware public benefit corporation with a stated purpose to provide global access to flexible, affordable, high-quality education.

## Financial snapshot (selected metrics)
- Net loss: $51.0 million in 2025; $79.5 million in 2024; $116.6 million in 2023.  
- Accumulated deficit: $911.2 million as of December 31, 2025; $860.2 million as of December 31, 2024.  
- Top five content creators accounted for approximately 23% of total revenue in 2025.  
- The company reports continued investment in technology, content development, and sales/marketing, and notes substantial upfront costs related to enterprise sales and content development.  
- Merger with Udemy, Inc.: Coursera announced a Merger Agreement with Udemy (anticipated close in the second half of calendar year 2026, subject to approvals and customary closing conditions). A termination fee of $40.5 million applies under certain termination scenarios.

## Intellectual property and governance
- Coursera relies on patents, trademarks, copyrights, and trade secrets and actively manages a portfolio of issued patents and domain rights.  
- Governance reflects the company’s public benefit status and mission to expand global access to education.

## Regulatory and operational context
- The business operates in a regulated environment spanning higher education, data privacy, consumer protection, intellectual property, anti-corruption, and export controls, with ongoing regulatory developments that affect operations and growth.

## Summary
Coursera operates a global online learning platform serving individual learners and organizations with a broad catalog of courses, certificates, specializations, and degrees produced in partnership with universities and industry leaders. The platform uses AI-powered tools for content creation and delivery, serves a large international user base, and pursues growth through content expansion, enterprise sales, and internationalization. Financially, the company reported net losses and a substantial accumulated deficit, with revenue concentrated among a subset of large content creators and a substantial share of activity outside the U.S.

ACV Auctions operates a digital marketplace and technology platform for wholesale used-vehicle transactions, providing inspections, pricing intelligence, financing, transportation, and post-sale services to dealers and commercial partners.

# ACV Auctions, Inc.

## Overview
- Operates a digital marketplace platform for buying and selling used wholesale vehicles, supported by data services and technology.
- Enables dealers and commercial partners to source, price, transport, finance, and transfer vehicles using data-driven insights and AI-powered tools.
- Operates remarketing centers in the United States to support auction services and related activities.

## Business model and marketplace platform
- Digital marketplace
  - Online auction platform for real-time wholesale vehicle transactions between sellers and buyers.
  - Run List for pre-filtering and pre-screening vehicles before auctions.
  - Transportation services through a nationwide network of carrier partners with real-time quotes.
  - ACV Capital provides floorplan financing for buyers.
  - Customer Assurance (Go Green) offers protections for disclosed and undisclosed vehicle defects.
  - Private Marketplaces deliver co-branded, customized auction experiences for dealer groups and commercial partners.
  - Programmatic Buying and SAM (Smart Acquisition Manager) enable API-based integration and automated bidding for customers using their own platforms.
- Remarketing centers
  - Provide auction channels and value-added services such as reconditioning and storage for fleet, rental, and finance customers.
- Data services
  - True360 Reports: proprietary, vehicle-specific inspections and intelligence.
  - ACV Market Report: transactional data and valuations for comparable vehicles.
  - ACV MAX: inventory management software that improves pricing and turn rates with predictive analytics.
- Data and technology
  - Inspection products and tools include Condition Reports, Virtual Lift (undercarriage view), Apex (engine acoustics sensor), Vehicle Intelligence, and MyACV (customer gateway).
  - Platform supports inventory management, pricing, and post-sale services including payments, arbitration, title transfer, and transportation.
- Insurance, guarantees, and compliance
  - Offers auto-insurance options, price guarantees, and compliance features to increase dealer confidence and reduce transaction friction.

## Key metrics (as of 2025)
- Marketplace activity
  - Active Marketplace Buyers: 22,062
  - Active Marketplace Sellers: 14,905
  - Marketplace GMV: $10.4 billion
  - GMV change vs. prior year: up 9% (buyers up 5%, sellers up 4%)
- Customers and workforce
  - Employees: over 3,200 teammates
  - Field-operations personnel: more than 800 VCIs (vehicle commerce interpreters/in-country sales roles)
- Financials
  - Revenue: $759.6 million (2025); $637.2 million (2024)
  - Net income (loss): net loss of $66.1 million (2025); net loss of $79.7 million (2024)
  - Accumulated deficit: $568.5 million as of December 31, 2025

## Corporate information
- Incorporated: December 2014 (Delaware)
- Headquarters: 640 Ellicott Street, Buffalo, New York 14203
- Principal offices and other facilities: United States
- Website: www.acvauto.com

## Market position and competition
- Competes with large national auction companies (for example, Manheim, Adesa, OPENLANE) and smaller digital marketplace entrants.
- Focuses on a data-driven, transparent, digital-first approach to the wholesale vehicle market.

## Notes
- The company emphasizes a marketplace flywheel: increased participation improves data and efficiency, which drives liquidity, pricing, and service expansion.
- Maintains a growth-focused approach with ongoing investments in technology, data, and geographic expansion while managing cash flow and profitability priorities.

Avidity Biosciences is a biopharmaceutical company developing Antibody Oligonucleotide Conjugates (AOCs) to deliver oligonucleotide therapeutics to non‑hepatic tissues, initially focused on neuromuscular diseases (DM1, FSHD, DMD44) and expanding into precision cardiology.

# Avidity Biosciences, Inc.

## Company overview
- Avidity Biosciences is a biopharmaceutical company developing Antibody Oligonucleotide Conjugates (AOCs), a class of RNA therapeutics that combine monoclonal antibodies with oligonucleotides to target diseases that are difficult to treat with conventional approaches.
- As of February 13, 2026, the company had 511 full-time employees, including 111 with a Ph.D. or M.D. degree.
- No product revenue has been generated to date.

## Technology and platform
- AOC platform: targeted antibody delivery of oligonucleotides (e.g., siRNAs, PMOs) to specific tissues and cell types, initially focused on muscle with plans to expand to other tissues.
- Mechanism: an antibody (commonly targeting TfR1) binds a cell surface protein and delivers the attached oligonucleotide to target cells, enabling modulation of RNA and downstream disease pathways.
- Oligonucleotide types: small interfering RNAs (siRNAs) and phosphorodiamidate morpholino oligomers (PMOs).
- Key advantages: targeted delivery to non-hepatic tissues, potential for infrequent dosing, scalable manufacturing using established monoclonal antibody and oligonucleotide production methods, and the ability to reuse a single monoclonal antibody across multiple programs.

## Development pipeline and programs

- Del-desiran (AOC 1001) — Duchenne muscular dystrophy type 1 (DM1)
  - Target: DMPK mRNA via TfR1-targeted siRNA (siDMPK.19).
  - Stage: Global Phase 3 HARBOR trial in DM1 with an ongoing HARBOR-OLE extension.
  - Regulatory designations: FDA Breakthrough Therapy, Orphan Drug, and Fast Track in the U.S.; Orphan designation in the EU and Japan.
  - Recent activity: 54-week data readout anticipated in 2026; protocol amendments submitted to FDA regarding 54-week data. Earlier MARINA-OLE data were published and support possible disease modification signals.

- Del-brax (AOC 1020) — Facioscapulohumeral muscular dystrophy (FSHD)
  - Target: DUX4 mRNA via TfR1-targeted siRNA (siDUX4).
  - Stage: Global Phase 1/2 FORTITUDE program, including a biomarker cohort (FORTITUDE Biomarker Cohort) and a planned Phase 3 global FORTITUDE-3 trial.
  - Regulatory designations: Orphan designation and FDA Fast Track for FSHD.
  - Timeline: Phase 3 readout planned for 2028; biomarker cohort topline data anticipated in Q2 2026.

- Del-zota (AOC 1044) — Duchenne muscular dystrophy with exon 44 skipping (DMD44)
  - Target: PMO-based exon-skipping PMO conjugated to a TfR1 AOC to induce exon 44 skipping in dystrophin mRNA.
  - Stage: Phase 2 EXPLORE44-OLE (Open-Label Extension) with a Managed Access Program announced in the U.S. in November 2025.
  - Regulatory designations: Orphan and FDA Breakthrough Therapy; FDA Fast Track and Rare Pediatric Disease designations.
  - Regulatory plan: BLA submission planned for 2026 for potential accelerated approval.

- Cross-program and earlier-stage assets
  - The three neuromuscular programs above are the company’s first wholly owned neuromuscular and precision cardiology AOC programs.
  - Early-stage cardiology programs include AOC 1086 (PLN cardiomyopathy) and AOC 1072 (PRKAG2 syndrome).
  - The company has additional research collaborations in immunology and other indications.

## Strategic collaborations and economics

- Bristol Myers Squibb (BMS)
  - Agreement: November 2023 collaboration to develop up to five cardiovascular targets using the AOC platform.
  - Financial terms: approximately $100 million upfront (about $60 million cash under the collaboration and roughly $40 million via stock purchase).
  - Potential payments: up to $1.35 billion in R&D milestones and up to $825 million in commercial milestones, plus tiered royalties on net sales (high single digits to low double digits).

- Eli Lilly
  - Agreement: April 2019 collaboration; Lilly funds preclinical research and discovery and leads clinical development, regulatory approval, and commercialization for Lilly AOCs. Lilly has an exclusive worldwide license to up to six mRNA targets.
  - Financial terms: $20.0 million upfront; eligible for up to $60.0 million in development milestones, up to $140.0 million in regulatory milestones, and up to $205.0 million in commercialization milestones per target; tiered royalties on net sales.

- MyoKardia / BMS
  - Timeline: December 2020 collaboration with MyoKardia to explore cardiac AOCs. In November 2023, BMS exercised its option to negotiate a license agreement covering cardiovascular AOCs. The earlier MyoKardia collaboration was terminated in favor of the broader BMS agreement.

- Collaboration considerations
  - Lilly and BMS may terminate their agreements under certain conditions. These partnerships are a core component of the company’s development strategy and funding for selected candidates.
  - The company may seek additional collaborations, licenses, or strategic transactions that could involve relinquishing certain rights or revenue streams.

## Manufacturing and supply
- The company does not own manufacturing facilities and relies on third-party manufacturers and suppliers for antibodies, oligonucleotides, and linkers.
- Lonza Manufacturing Services Agreement (MSA)
  - Effective August 2025: Lonza will manufacture drug substance and drug product for potential commercial use.
  - Commitments: rolling forecasts with binding minimum purchases of approximately $621.6 million over 2026–2028, subject to currency and price adjustments.
  - Term: seven-year agreement ending August 1, 2032.
- Third-party manufacturing introduces risks of supply disruption, quality control issues, and regulatory compliance challenges.

## Intellectual property
- Portfolio summary (as of December 31, 2025):
  - 49 issued U.S. patents and 51 pending U.S. patent applications.
  - Exclusive licenses from University of Alberta and Fred Hutchinson Cancer Center; additional licensed IP from GenAhead Bio Inc.
  - Platform IP: 40 patent families covering core AOC components; 46 issued U.S. patents and 46 granted foreign patents; 51 pending U.S. applications; 164 pending foreign applications in multiple jurisdictions.
- Targeted product IP: separate patent families for Del-desiran, Del-brax, Del-zota, AOC 1072, and AOC 1086, with various expiration timelines and potential patent term extensions.
- IP strategy: protect antibodies, oligonucleotide structures and sequences, AOC structures, and manufacturing methods.
- Risks: potential patent challenges, changes in patent law, and competing technologies.

## Regulation and development path
- Regulatory approach follows standard U.S. and international processes for biologics and modalities adjacent to gene therapy.
- The company is pursuing accelerated approval pathways and orphan designations for certain programs.
- Ongoing global Phase 3 and Phase 2/3 trials and Open-Label Extensions are in progress, with planned regulatory milestones and potential post-approval obligations.

## Financial and corporate highlights (selected, 2025)
- Revenue and profitability
  - No product revenue to date.
  - Net losses: $684.6 million (year ended December 31, 2025); $322.3 million (2024); $212.2 million (2023).
  - Accumulated deficit: approximately $1.6 billion as of December 31, 2025.
- Cash and financing
  - The company believes existing cash, cash equivalents, and marketable securities could fund operations for at least the next 12 months.
  - 2025 equity activity: 5,646,583 shares sold under the 2024 Sales Agreement, yielding net proceeds of $185.5 million.
- M&A and corporate actions
  - October 25, 2025: entered into a Merger Agreement with Novartis AG and a Separation and Distribution Agreement to separate SpinCo (early-stage precision cardiology assets). SpinCo will receive one SpinCo common stock for every ten shares of company common stock held.
  - Expected timing: Merger, Distribution, and related transactions expected to close in the first half of 2026.
  - Termination fees: termination of the Merger could trigger a $450 million fee; a reverse termination fee of $600 million could be payable by the other party under certain circumstances.
  - Distribution Record Date: February 12, 2026; the Distribution could occur prior to the Effective Time with SpinCo becoming an independent public company.

## Operational focus
- Advancing three core AOC programs in neuromuscular diseases (DM1, DMD44, FSHD) while expanding into precision cardiology and other tissues.
- Supporting late-stage development and potential commercialization through a substantial IP portfolio and outsourced manufacturing arrangements.
- Pursuing a major corporate restructuring (Merger with Novartis and SpinCo separation) with an anticipated near-term close in 2026 that will affect governance, cash flows, and asset ownership.
- Near-term financials indicate continued loss-making operations with no product revenue, supported by financing activities and potential collaboration milestones.

Fully integrated biopharmaceutical company focused on discovering, developing and commercializing differentiated therapies for central nervous system (CNS) disorders, with marketed products AUVELITY, SUNOSI and SYMBRAVO and a late-stage CNS pipeline.

# Axsome Therapeutics, Inc.

## What the company does
- Fully integrated biopharmaceutical company focused on developing medicines for central nervous system (CNS) disorders.
- Combines in-house discovery and development with proprietary medicinal chemistry and formulation technologies to create differentiated CNS therapies.
- Supports U.S. commercialization with its own sales and marketing infrastructure and pursues strategic partnerships for commercialization outside the U.S.

## Commercial products
- AUVELITY® (dextromethorphan and bupropion)
  - Indication: treatment of major depressive disorder (MDD) in adults.
  - AUVELITY is the first and only oral NMDA receptor antagonist approved for MDD in adults with rapid-acting efficacy on the label.
- SUNOSI® (solriamfetol)
  - Indication: excessive daytime sleepiness (EDS) associated with obstructive sleep apnea or narcolepsy.
  - U.S. rights were acquired from Jazz Pharmaceuticals in 2022; ex-U.S. rights were also acquired in 2022; commercialization is ongoing.
- SYMBRAVO® (MoSEI™ meloxicam-rizatriptan)
  - Indication: acute treatment of migraine with or without aura in adults.
  - FDA approved in January 2025; U.S. launch in June 2025.
- Revenue context
  - Combined product revenues for AUVELITY, SUNOSI, and SYMBRAVO were $638.5 million in 2025, a 66% increase versus 2024.

## Lead and development pipeline
- AXS-05 (dextromethorphan-bupropion)
  - Lead product candidate being developed for Alzheimer’s disease (AD) agitation and smoking cessation.
  - December 2025: FDA accepted an sNDA for AD agitation with Priority Review; PDUFA target date April 30, 2026.
- Solriamfetol (SUNOSI) expanded indications
  - Phase 3 programs in ADHD; MDD with EDS symptoms; binge eating disorder (BED); and excessive sleepiness associated with shift work disorder (SWD).
- AXS-12 (reboxetine)
  - Narcolepsy program with focus on cataplexy; FDA pre-NDA meeting minutes from December 2025 support NDA submission for cataplexy.
  - Orphan Drug Designation has been granted.
- AXS-14 (esreboxetine)
  - Fibromyalgia program developed after Pfizer license; NDA submission in 2025 received FDA adequacy questions and a FORWARD Phase 3 trial was initiated to address feedback.
- AXS-17 (AZD7325)
  - Epilepsy program; global rights acquired in November 2025 through the acquisition of Baergic Bio to pursue epilepsy indications.
- Other programs
  - Additional late-stage and earlier-stage candidates targeting various CNS conditions.

## Commercial strategy and manufacturing
- Built a U.S.-focused commercial infrastructure and may pursue co-promotion or strategic partnerships to extend reach.
- Drug substance and product manufacturing is outsourced to contract manufacturing organizations (CMOs); the company does not own manufacturing facilities.
- CMOs are periodically audited for quality; supply arrangements with third parties support clinical and commercial needs.

## Licensing, collaborations, and strategic assets
- Pfizer: exclusive U.S. license for reboxetine/esreboxetine data and U.S. development and commercial rights to AXS-12 and AXS-14 in fibromyalgia.
- Antecip Bioventures: license for AXS-05 with a 3.0% royalty on net sales; licenses extend country-by-country and terminate on the later of patent expiry or ten years from first commercial sale in a country.
- Jazz Pharmaceuticals, SK Biopharmaceuticals, and Aerial Biopharma: royalty framework tied to SUNOSI, with milestones up to $162.5 million, $1.0 million development milestones, and tiered royalties.
- Pharmanovia: licensed Europe and certain MENA markets for SUNOSI.
- Asset acquisitions (late 2025)
  - Baergic Bio, Inc.: acquired global rights to AXS-17 (AZD7325) for epilepsy; $2.3 million upfront; contingent milestones up to $159.5 million plus tiered royalties.
  - DeuteRx, LLC: acquired deuterium-stabilized S-bupropion; contingent milestones up to $523 million; tiered low single-digit royalties.

## Intellectual property, exclusivity, and regulatory landscape
- Patent portfolio includes over 600 issued patents and more than 450 pending applications worldwide.
- Primary protection: AXS-05 (AUVELITY) through the 2040s, AXS-07 (SYMBRAVO) through the 2040s, AXS-12 through 2039; SUNOSI has Orange Book protection through 2042.
- Uses data exclusivity, settlements, and exclusivity arrangements to manage generic competition.
- Engages regulatory pathways including 505(b)(2) options, orphan drug designations, and expedited review programs such as Fast Track, Priority Review, and Breakthrough Therapy where applicable.
- Faces industry-standard risks around patent challenges, regulatory approvals, and post-approval compliance.

Medici List

Coursera, Inc.

Filed: 2026-02-23

ACV Auctions Inc.

Filed: 2026-02-23

Avidity Biosciences, Inc.

Filed: 2026-02-23

Axsome Therapeutics, Inc.

Filed: 2026-02-23