Companies · Pharmaceuticals

Adaptive Phage Therapeutics, Inc.

GAITHERSBURG · Pharmaceuticals

Diligence memoA one-page analyst read on Adaptive Phage Therapeutics, Inc. — recommendation, valuation, rhythm, risks.
$49.5M
Total raised · real
6
Rounds
0.5×
Latest step-up
Top 20%
Sector rank · raised
Series B
Latest stage · inferred · Thu May 25 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

Adaptive Phage Therapeutics, Inc. looks fair 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 pharma sector profile.

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

Fair
  • Modeled value is 1.00× the median modeled value of Series B Pharmaceuticals companies in 2022–2024 (51 peers) — value vs value, same stage and era.
  • Within the normal band (100% of peer median) for its niche.
At-risk
  • Last raise 3.1 yr ago; this sector typically re-raises about every 13 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 Pharmaceuticals

Adaptive Phage Therapeutics, Inc. is one of 1613 Pharmaceuticals companies tracked from GAITHERSBURG. By capital raised it ranks in the upper tier (ahead of 81% of sector peers), and mid-pack by modeled valuation est..

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

pharma

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
4
Investors (latest)
2023-05-25
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$250M$500M$750M$1.0BPre-Seed · 2017-02-02 Raised $765K (real) Modeled valuation $36M (est)Pre-Seed2017Series A · 2018-01-24 Raised $7.0M (real) Modeled valuation $217M (est)Series A2018Seed · 2018-01-24 Raised $2.4M (real) Modeled valuation $89M (est)Seed2018Series A · 2020-06-05 Raised $2.8M (real) Modeled valuation $87M (est)Series A2020Series A · 2020-06-05 Raised $3.4M (real) Modeled valuation $104M (est)Series A2020Series A · 2020-08-27 Raised $3.6M (real) Modeled valuation $105M (est)Series A2020Series B · 2021-05-07 Raised $23M (real) Modeled valuation $566M (est)Series B2021Series B · 2023-05-25 Raised $12M (real) Modeled valuation $130M (est)Series B2023+$7.0M+$2.4M+$2.8M+$3.4M+$3.6M+$23M+$12MCumulative $55M

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
Pre-Seed$765K · 2017
Series A$7.0M · 2018no Seed on file
Bridge · Series A-stage$2.4M · 2018smaller follow-on
Series A extension$2.8M · 2020
Series A extension$3.4M · 2020
Series A extension$3.6M · 2020
Series B$23.3M · 2021
Series B extension$12.0M · 2023

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$129.9M
Base estimate est.
$25.2M
Conservative case
$287.3M
Upside case
$66.7M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the pharma sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $36.2M · 2017-02-022017Series A · modeled $216.6M · 2018-01-24Seed · modeled $89.4M · 2018-01-24Series A · modeled $87.5M · 2020-06-05Series A · modeled $103.8M · 2020-06-05Series A · modeled $105.5M · 2020-08-27Series B · modeled $565.9M · 2021-05-07Series B · modeled $129.9M · 2023-05-252023
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
57%
Survival probability
38% low · 70% high
1.49×/yr
Annual markup
1.80×/yr upside case
3.1 yr
Elapsed time used
3.1 yr actual, capped for stale marks
pharma
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
11 mo
Avg between rounds
$7.9M/yr
Capital velocity
9.4 yr
On record since
2017
First round
8
Rounds on file
How it compares to the market

Benchmarked against 1613 companies in Pharmaceuticals. 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) 6.1× above median
This company$49.5M
Sector median$8.1M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.7× of median
This company$12.0M
Sector median$18.0M
Modeled value — vs sector median (estimate, all stages) 1.7× above median
This company$129.9M
Sector median$76.1M

Raised more than 81% of sector peers (real $). Modeled value above 60% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) 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 #26 of 51.

This companyCohort peer
$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)MedAvail Holdings, Inc. · Series B Raised $52.9M · modeled $679.3M (est)Revalesio Corp · Series B Raised $103.4M · modeled $624.8M (est)Kinaset Therapeutics, Inc. · Series B Raised $30.0M · modeled $438.1M (est)Venatorx Pharmaceuticals, Inc. · Series B Raised $124.3M · modeled $421.0M (est)Cxl Ophthalmics, Inc. · Series B Raised $26.4M · modeled $370.1M (est)Delex Healthcare Group, Inc. · Series B Raised $40.0M · modeled $341.1M (est)Comanche Biopharma Corp. · Series B Raised $73.6M · modeled $325.9M (est)Petros Pharmaceuticals, Inc. · Series B Raised $41.7M · modeled $308.0M (est)I 3 Pharmaceuticals, LLC · Series B Raised $16.0M · modeled $262.5M (est)Relay Therapeutics, Inc. · Series B Raised $30.0M · modeled $253.2M (est)Capacity Bio, Inc. · Series B Raised $19.2M · modeled $246.0M (est)MediWound Ltd. · Series B Raised $30.5M · modeled $243.4M (est)Adaptive Phage Therapeutics, Inc. (this company) Raised $49.5M · modeled $129.9M (est)Adaptive Phage Therapeutics, Inc.
CompanyStageRaised · realValue · estvs peer med.
MedAvail Holdings, Inc.Series B$52.9M$679.3M5.23×
Revalesio CorpSeries B$103.4M$624.8M4.81×
Kinaset Therapeutics, Inc.Series B$30.0M$438.1M3.37×
Venatorx Pharmaceuticals, Inc.Series B$124.3M$421.0M3.24×
Cxl Ophthalmics, Inc.Series B$26.4M$370.1M2.85×
Delex Healthcare Group, Inc.Series B$40.0M$341.1M2.63×
Comanche Biopharma Corp.Series B$73.6M$325.9M2.51×
Petros Pharmaceuticals, Inc.Series B$41.7M$308.0M2.37×
I 3 Pharmaceuticals, LLCSeries B$16.0M$262.5M2.02×
Relay Therapeutics, Inc.Series B$30.0M$253.2M1.95×
Capacity Bio, Inc.Series B$19.2M$246.0M1.89×
MediWound Ltd.Series B$30.5M$243.4M1.87×
Adaptive Phage Therapeutics, Inc. this companySeries B$49.5M$129.9M1.00×
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.
Pre-Seed$765K2017-02-02$4.3M$36.2M90%
Series A$7.0M2018-01-24$31.8M$216.6M90%
Seed$2.4M2018-01-24$11.8M$89.4M90%
Series A$2.8M2020-06-05$12.8M$87.5M90%
Series A$3.4M2020-06-05$15.2M$103.8M90%
Series A$3.6M2020-08-27$16.6M$105.5M90%
Series B$23.3M2021-05-07$129.2M$565.9M90%
Series B$12.0M2023-05-25$66.7M$129.9M90%
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. Pre-Seed$765K2017-02-02
    • First recorded raise — entered as Pre-Seed.
    • 10 investors on this round.
  2. Series A$7.0M2018-01-24
    • Raised 12 mo later, in step with the ~13 mo sector norm.
    • Round 9.1× larger than the prior — scaling up.
    • 40 investors on this round.
  3. Seed$2.4M2018-01-24
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 3.0× smaller than the prior — bridge or down round.
    • 8 investors on this round.
  4. Series A$2.8M2020-06-05
    • Raised again after 28 mo — slower than the ~13 mo sector norm.
    • Round roughly the size of the prior one.
    • 12 investors on this round.
  5. Series A$3.4M2020-06-05
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • Switched to Rule 506(c) (was Rule 506(b)).
    • 18 investors on this round.
  6. Series A$3.6M2020-08-27
    • Came back fast: 3 mo vs the ~13 mo sector norm.
    • Round roughly the size of the prior one.
  7. Series B$23.3M2021-05-07
    • Raised 8 mo later, in step with the ~13 mo sector norm.
    • Round 6.4× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 506(c)).
    • 59 investors on this round.
  8. Series B$12.0M2023-05-25
    • Raised again after 25 mo — slower than the ~13 mo sector norm.
    • Round 1.9× smaller than the prior — bridge or down round.
    • 4 investors on this round.
Intelligence
2024 ~Q2
Modeled next raise · ~11mo cadence
$12.0M
Modeled next size est.range $12.0M$19.2M
0.5×
Last step-up
$7.9M/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
Gregory Merril1 other2017-02
Carl Louis Merril2018-01
Carl R. Merril2021-05
Evan L. Loh2021-05
Gregory L. Merril2021-05
Gregory Louis Merril2018-01
Ian L. Hardy2023-05
Jana L. Jensen2021-05
Jesse L. Goodman2023-05
Jonathan L. Leff2021-05
Martin L. Heidecker2023-05
Michael L. Orndorff2023-05
Raymond L. Martz2021-05
Raymond Louis Martz2018-01
Subhendu L. Basu2023-05
Subhendu Louis Basu2020-08
William Louis Mutryn2018-01
Registry & provenance

Adaptive Phage Therapeutics, 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
1701259
SEC CIK
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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
Remix Therapeutics, Inc.BiotechnologySeries A$93.0M79%
NX Pharmagen Inc.BiotechnologySeed$7.4M78%
Neuraptive Therapeutics, Inc.BiotechnologySeries B$295.3M77%
PharmID, Inc.PharmaceuticalsSeries A$154.9M77%
Innovate Biopharmaceuticals, Inc.PharmaceuticalsSeries C$791.8M77%
Appili Therapeutics Inc.BiotechnologySeed$83.1M77%
Expansion Therapeutics, Inc.PharmaceuticalsSeries C$1.1B77%
Innovate Biopharmaceuticals Inc.PharmaceuticalsSeries B$1.1B77%
Frequently asked
How much funding has Adaptive Phage Therapeutics, Inc. raised?
Adaptive Phage Therapeutics, Inc. has raised approximately $49.5M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Adaptive Phage Therapeutics, Inc.'s estimated valuation?
Provath's modeled valuation for Adaptive Phage Therapeutics, Inc. is approximately $129.9M (modeled range $25.2M–$287.3M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Adaptive Phage Therapeutics, Inc. at?
Adaptive Phage Therapeutics, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Thu May 25.
What does Adaptive Phage Therapeutics, Inc. do and where is it based?
Adaptive Phage Therapeutics, Inc. operates in the Pharmaceuticals sector, based in GAITHERSBURG.
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