The Cystic Fibrosis Foundation, a 501(c)(3) nonprofit organization, has unrestricted financial reserves of about 12 times its budgeted 2021 expenses. These reserves are a result of the Foundation’s successful venture philanthropy model, through which we have raised and invested hundreds of millions of dollars to help discover and develop breakthrough CF therapies. With this model, we have received and may receive milestone-based payments, equity interests, royalties on the net sales of therapies, and/or other forms of consideration. These funds and any future revenue from our model are reinvested into the CF Foundation’s mission to cure cystic fibrosis and to provide all people with CF the opportunity to lead long, fulfilling lives. To obtain a copy of our latest Annual Report, visit https://www.cff.org/About-Us/Reports-and-Financials/, email email@example.com or call 1-800-FIGHT-CF.