Diligence memo · auto-generated · as of July 2, 2026
Bugworks Research, Inc.
Bugworks Research, Inc. looks under-valued against its niche peers and is at-risk on financing cadence.
Businessfiled
Bugworks Research, Inc. operates in Biotechnology, based in Saratoga.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Bugworks Research, Inc. has raised $39M in disclosed capital across 5 recorded rounds, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $16M on 2021-11-16.
Most recent recorded round closed around 2024-02-22.
Valuation (modeled)modeled
Provath models Bugworks Research, Inc. at approximately $56M (range $14M–$108M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Under-valued. Modeled value is 0.34× the median modeled value of Series B Biotechnology companies in 2022–2024 (197 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 25 months.
Last raise 2.4 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.
The last round was 2.4× smaller than the prior — a bridge or down round.
Comparablesmixed
Capital scale ranks ahead of 78% of Biotechnology peers (4293 compared).
Modeled value ranks above 48% of those peers.
Closest niche peers: Mt McKinley Medical Holding Corp USA, YAP Therapeutics Inc, Pinteon Therapeutics, Inc., OncXerna Therapeutics, Ltd., EpiBiologics, Inc..
Peoplefiled
8 named people on file across officers, directors and signatories.
Risks & flagsmixed
Overdue for a raise versus sector norm — distress or bridge risk.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.