AlphaTON Capital (ATON) said Wednesday together with its oncology unit Tarus Therapeutics they have signed a non-binding letter of intent to explore tokenization of economics for mesothelioma program TT-4.

AlphaTON, which also operates a strategic Toncoin (TON-USD) treasury, said the initiative could serve as a model for advancing "therapeutic development through decentralized infrastructure, while preserving all traditional partnership, licensing, and exit pathways".

Tarus Therapeutics, operating as Cyncado Therapeutics, is preparing to start clinical trials for TT-4, with first-patient dosing expected for Q1 2026, the statement said. AlphaTON said TT-4 will begin in a safety dose-escalation cohort for solid tumor patients under Cyncado's TT-10-101 protocol, followed by a mesothelioma-focused study at major US cancer centers.

AlphaTON said no commercial terms have been finalized and any tokenization framework would complement, not replace, conventional partnerships, strategic licensing, acquisition opportunities, and institutional financing. The company added that any future transaction would require board and regulatory approvals as well as compliance with securities laws and regulations.

AlphaTON shares were up more than 168% in recent Wednesday prebell activity.