Companies · Biotechnology

A2 Biotherapeutics, Inc.

AGOURA HILLS · Biotechnology

Diligence memoA one-page analyst read on A2 Biotherapeutics, Inc. — recommendation, valuation, rhythm, risks.
$143.1M
Total raised · real
2
Rounds
0.8×
Latest step-up
Top 7%
Sector rank · raised
Series C
Latest stage · inferred · Fri Nov 04 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

A2 Biotherapeutics, Inc. looks over-valued against its niche peers and is at-risk on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the biotech sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Over-valued
  • Modeled value is 2.42× the median modeled value of Series C Biotechnology companies in 2022–2024 (111 peers) — value vs value, same stage and era.
At-risk
  • Last raise 3.7 yr ago; this sector typically re-raises about every 14 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Biotechnology

A2 Biotherapeutics, Inc. is one of 4293 Biotechnology companies tracked from AGOURA HILLS. By capital raised it ranks among the largest (ahead of 94% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
26
Investors (latest)
2017
Year incorporated
2022-11-04
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$1.3B$2.5B$3.8B$5.0BSeries C · 2020-09-30 Raised $58M (real) Modeled valuation $2.2B (est)$58M$2.2BSeries C2020Series C · 2020-09-30 Raised $72M (real) Modeled valuation $2.7B (est)$72M$2.7BSeries C2020Series C · 2022-11-04 Raised $72M (real) Modeled valuation $1.2B (est)$72M$1.2BSeries C2022Series C · 2022-11-04 Raised $61M (real) Modeled valuation $1.0B (est)$61M$1.0BSeries C2022+$72M+$72M+$61MCumulative $262M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series C$58.0M · 2020
Series C extension$71.5M · 2020
Series C extension$71.6M · 2022
Series C extension$60.9M · 2022

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 20%.

Modeled valuation trajectory
$1.2B
Base estimate est.
$221.5M
Conservative case
$2.3B
Upside case
$477.4M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.

Series C · modeled $2.2B · 2020-09-302020Series C · modeled $2.7B · 2020-09-30Series C · modeled $1.2B · 2022-11-04Series C · modeled $1.0B · 2022-11-042022
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
62%
Survival probability
46% low · 72% high
1.46×/yr
Annual markup
1.68×/yr upside case
3.7 yr
Elapsed time used
3.7 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
8 mo
Avg between rounds
$68.3M/yr
Capital velocity
5.8 yr
On record since
2020
First round
4
Rounds on file
How it compares to the market

Benchmarked against 4293 companies in Biotechnology. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 20× above median
This company$143.1M
Sector median$7.2M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.3× above median
This company$60.9M
Sector median$46.5M
Modeled value — vs sector median (estimate, all stages) 19× above median
This company$1.2B
Sector median$64.2M

Raised more than 94% of sector peers (real $). Modeled value above 91% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #10 of 111.

This companyCohort peer
$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Dianthus Therapeutics, Inc. · Series C Raised $121.5M · modeled $2.1B (est)Satellite Biosciences, Inc. · Series C Raised $101.5M · modeled $1.8B (est)Deepcell, Inc. · Series C Raised $96.9M · modeled $1.7B (est)Ventus Therapeutics U.S., Inc. · Series C Raised $186.8M · modeled $1.6B (est)Morphic Holding, Inc. · Series C Raised $200.6M · modeled $1.5B (est)Genleap Ai Inc. · Series C Raised $100.0M · modeled $1.5B (est)Dren Bio, Inc. · Series C Raised $93.1M · modeled $1.3B (est)Lenz Therapeutics, Inc. · Series C Raised $136.2M · modeled $1.2B (est)eyeBrain Medical, Inc. · Series C Raised $126.3M · modeled $1.2B (est)Invetx, Inc. · Series C Raised $70.7M · modeled $1.2B (est)Hexagon Bio Inc. · Series C Raised $148.6M · modeled $1.2B (est)A2 Biotherapeutics, Inc. (this company) Raised $143.1M · modeled $1.2B (est)A2 Biotherapeutics, Inc.
CompanyStageRaised · realValue · estvs peer med.
Dianthus Therapeutics, Inc.Series C$121.5M$2.1B4.22×
Satellite Biosciences, Inc.Series C$101.5M$1.8B3.63×
Deepcell, Inc.Series C$96.9M$1.7B3.38×
Ventus Therapeutics U.S., Inc.Series C$186.8M$1.6B3.14×
Morphic Holding, Inc.Series C$200.6M$1.5B3.04×
Genleap Ai Inc.Series C$100.0M$1.5B3.00×
Dren Bio, Inc.Series C$93.1M$1.3B2.70×
Lenz Therapeutics, Inc.Series C$136.2M$1.2B2.49×
eyeBrain Medical, Inc.Series C$126.3M$1.2B2.45×
A2 Biotherapeutics, Inc. this companySeries C$143.1M$1.2B2.42×
Invetx, Inc.Series C$70.7M$1.2B2.36×
Hexagon Bio Inc.Series C$148.6M$1.2B2.36×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series C$58.0M2020-09-30$386.8M$2.2B90%
Series C$71.5M2020-09-30$476.8M$2.7B90%
Series C$71.6M2022-11-04$477.4M$1.2B90%
Series C$60.9M2022-11-04$405.7M$1.0B90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series C$58.0M2020-09-30
    • First recorded raise — entered as Series C.
    • 13 investors on this round.
  2. Series C$71.5M2020-09-30
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 13 investors on this round.
  3. Series C$71.6M2022-11-04
    • Raised again after 25 mo — slower than the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 28 investors on this round.
  4. Series C$60.9M2022-11-04
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 26 investors on this round.
Intelligence
2023 ~Q3
Modeled next raise · ~8mo cadence
$60.9M
Modeled next size est.range $60.9M$97.4M
0.8×
Last step-up
$68.3M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
David Goeddel9 other2020-09
Helen S. Kim5 other2020-09
Madhavan Balachandran2 other2020-09
Jakob S. Loven1 other2020-09
Srini Akkaraju1 other2020-09
Susan L. Kelley1 other2022-11
Alexander Kamb2022-11
C. Alexander Kamb2020-09
David S. Lucas2022-11
Michael Gallo2020-09
Scott Foraker2020-09
Thomas S. Leung2022-11
William S. Go2022-11
Registry & provenance

A2 Biotherapeutics, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1828750
SEC CIK
2017
Incorporated
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
IconOVir Bio, Inc.BiotechnologySeries C$97.2M$271.4Mnetwork2 shared operators · same sector · same stage
Hexagon Bio Inc.BiotechnologySeries C$148.6M$1.2Bnetwork1 shared operator · same sector · same stage
Exicure, Inc.BiotechnologySeries C$85.9M$901.1Mnetwork1 shared operator · same sector · same stage
Constellation Pharmaceuticals IncBiotechnologySeries C$286.4M$2.7Bnetwork1 shared operator · same sector · same stage
Surrozen, Inc.BiotechnologySeries C$50.0M$2.0Bnetwork1 shared operator · same sector · same stage
Nutcracker Therapeutics, Inc.BiotechnologySeries D+$172.5M$4.1Bnetwork1 shared operator · same sector
Aktis Oncology, Inc.BiotechnologySeries D+$175.0M$1.8Bnetwork1 shared operator · same sector
Cellular Dynamics International, Inc.BiotechnologySeries C$142.9M$819.2Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Mid-Atlantic BioTherapeutics, Inc.BiotechnologySeries A$23.3M90%
SAB Biotherapeutics, Inc.BiotechnologySeries D+$1.4B89%
Duet BioTherapeutics Inc.BiotechnologyPre-Seed$3.1M89%
Eleven Biotherapeutics, Inc.BiotechnologySeries B$39.5M89%
Lanier Biotherapeutics, Inc.BiotechnologySeed$74.8M89%
Bio2 Technologies, Inc.BiotechnologySeries A$16.4M89%
Arcutis Biotherapeutics, Inc.BiotechnologySeries C$3.9B89%
Prothera Biologics, Inc.BiotechnologyPre-Seed$41.4M88%
Frequently asked
How much funding has A2 Biotherapeutics, Inc. raised?
A2 Biotherapeutics, Inc. has raised approximately $143.1M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is A2 Biotherapeutics, Inc.'s estimated valuation?
Provath's modeled valuation for A2 Biotherapeutics, Inc. is approximately $1.2B (modeled range $221.5M–$2.3B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is A2 Biotherapeutics, Inc. at?
A2 Biotherapeutics, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Fri Nov 04.
What does A2 Biotherapeutics, Inc. do and where is it based?
A2 Biotherapeutics, Inc. operates in the Biotechnology sector, based in AGOURA HILLS.
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