Companies · Biotech / Pharma

CASS Pharmaceuticals, Inc.

FRANKLIN · Biotech / Pharma · refined from filed group “Other Technology

Diligence memoA one-page analyst read on CASS Pharmaceuticals, Inc. — recommendation, valuation, rhythm, risks.
$2.1M
Total raised · real
2
Rounds
13.2×
Latest step-up
Top 63%
Sector rank · raised
Seed
Latest stage · inferred · Fri Aug 19 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

CASS Pharmaceuticals, 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/pharma 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 1.51× the median modeled value of Seed Biotech / Pharma companies in 2022–2024 (14 peers) — value vs value, same stage and era.
At-risk
  • Last raise 3.9 yr ago; this sector typically re-raises about every 15 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 Biotech / Pharma

CASS Pharmaceuticals, Inc. is one of 227 Biotech / Pharma companies tracked from FRANKLIN. By capital raised it ranks in the long tail (ahead of 38% 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.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
6
Investors (latest)
2020
Year incorporated
2022-08-19
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$13M$25M$38M$50MPre-Seed · 2020-08-21 Raised $150K (real) Modeled valuation $7.1M (est)$150K$7.1MPre-Seed2020Seed · 2022-08-19 Raised $2.0M (real) Modeled valuation $26M (est)$2.0M$26MSeed2022+$2.0MCumulative $2.1M

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$150K · 2020
Seed$2.0M · 2022

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

Modeled valuation trajectory
$26.0M
Base estimate est.
$1.5M
Conservative case
$114.6M
Upside case
$9.9M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Seeda $1.0M–$4.0M round). Valuation is modeled from stage benchmarks scaled by the biotech/pharma sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $7.1M · 2020-08-212020Seed · modeled $26.0M · 2022-08-192022
Model inputs · modeled:benchmark-stage-stepup-v1
20%
Dilution assumption
Implied ownership sold in the financing.
33%
Survival probability
15% low · 51% high
1.71×/yr
Annual markup
2.24×/yr upside case
3.9 yr
Elapsed time used
3.9 yr actual, capped for stale marks
biotech/pharma
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
24 mo
Avg between rounds
$1.1M/yr
Capital velocity
5.9 yr
On record since
2020
First round
2
Rounds on file
How it compares to the market

Benchmarked against 227 companies in Biotech / Pharma. 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) 0.4× of median
This company$2.1M
Sector median$5.6M
Latest round — vs other Seed rounds in sector (real $, this stage) 1.1× above median
This company$2.0M
Sector median$1.9M
Modeled value — vs sector median (estimate, all stages) 0.9× of median
This company$26.0M
Sector median$30.5M

Raised more than 38% of sector peers (real $). Modeled value above 49% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Seed) 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 #3 of 14.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0M$10.0MCapital raised (log)Outer Biosciences, LLC · Seed Raised $4.0M · modeled $66.1M (est)Slate Bio, Inc. · Seed Raised $4.8M · modeled $29.9M (est)FOOP Organic Biosciences, Inc. · Seed Raised $2.0M · modeled $25.8M (est)Trio Pharmaceuticals, Inc. · Seed Raised $1.9M · modeled $22.5M (est)Aruka Bio, Inc. · Seed Raised $3.5M · modeled $19.0M (est)Yatiri Bio, Inc. · Seed Raised $2.9M · modeled $18.1M (est)Galatea Bio, Inc. · Seed Raised $3.7M · modeled $16.2M (est)Sedare Biosciences, Inc. · Seed Raised $2.5M · modeled $15.5M (est)Klothea Bio, Inc. · Seed Raised $2.9M · modeled $12.1M (est)IdentifySensors Biologics Corp. · Seed Raised $2.1M · modeled $8.0M (est)Cornovus Pharmaceuticals Inc. · Seed Raised $3.1M · modeled $3.0M (est)CASS Pharmaceuticals, Inc. (this company) Raised $2.1M · modeled $26.0M (est)CASS Pharmaceuticals, Inc.
CompanyStageRaised · realValue · estvs peer med.
Outer Biosciences, LLCSeed$4.0M$66.1M3.85×
Slate Bio, Inc.Seed$4.8M$29.9M1.74×
CASS Pharmaceuticals, Inc. this companySeed$2.1M$26.0M1.51×
FOOP Organic Biosciences, Inc.Seed$2.0M$25.8M1.50×
Trio Pharmaceuticals, Inc.Seed$1.9M$22.5M1.31×
Aruka Bio, Inc.Seed$3.5M$19.0M1.11×
Yatiri Bio, Inc.Seed$2.9M$18.1M1.05×
Galatea Bio, Inc.Seed$3.7M$16.2M0.95×
Sedare Biosciences, Inc.Seed$2.5M$15.5M0.90×
Klothea Bio, Inc.Seed$2.9M$12.1M0.71×
IdentifySensors Biologics Corp.Seed$2.1M$8.0M0.46×
Cornovus Pharmaceuticals Inc.Seed$3.1M$3.0M0.18×
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$150K2020-08-21$833K$7.1M90%
Seed$2.0M2022-08-19$9.9M$26.0M90%
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$150K2020-08-21
    • First recorded raise — entered as Pre-Seed.
    • 1 investor on this round.
  2. Seed$2.0M2022-08-19
    • Raised again after 24 mo — slower than the ~15 mo sector norm.
    • Round 13.2× larger than the prior — scaling up.
    • 6 investors on this round.
Intelligence
2024 ~Q3
Modeled next raise · ~24mo cadence
$6.0M
Modeled next size est.range $3.9M$9.5M
13.2×
Last step-up
$1.1M/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
Stephen McCormack3 other2020-08
Solomon Steiner2 other2020-08
Registry & provenance

CASS Pharmaceuticals, 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
1822787
SEC CIK
2020
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
Rapid Therapeutic Science Laboratories, Inc.Biotech / PharmaSeed$2.1M$15.2Msame sector · same stage
IdentifySensors Biologics Corp.Biotech / PharmaSeed$2.1M$8.0Msame sector · same stage
FOOP Organic Biosciences, Inc.Biotech / PharmaSeed$2.0M$25.8Msame sector · same stage
Light Bio, Inc.Biotech / PharmaSeed$2.0M$82.3Msame sector · same stage
Animal Biosciences, Inc.Biotech / PharmaSeed$2.3M$31.6Msame sector · same stage
3Bar Biologics, Inc.Biotech / PharmaSeed$2.4M$26.1Msame sector · same stage
Trio Pharmaceuticals, Inc.Biotech / PharmaSeed$1.9M$22.5Msame sector · same stage
Base Pair Biotechnologies, Inc.Biotech / PharmaSeed$1.9M$76.6Msame 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
PharmaCCX, Inc.Biotech / PharmaSeries A$45.1M87%
Orbis Biosciences, IncBiotech / PharmaPre-Seed$50.4M86%
Spearhead Bio, Inc.Biotech / PharmaSeed$3.6M86%
Fairfield Bio, Inc.Biotech / PharmaPre-Seed$797K85%
Pandora Bio, Inc.Biotech / PharmaPre-Seed$3.7M85%
Puna Bio CorpBiotech / PharmaSeries B$108.6M85%
Barnwell Bio, Inc.Biotech / PharmaSeries A$22.3M85%
rMark Bio, Inc.Biotech / PharmaSeed$114.1M85%
Frequently asked
How much funding has CASS Pharmaceuticals, Inc. raised?
CASS Pharmaceuticals, Inc. has raised approximately $2.1M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is CASS Pharmaceuticals, Inc.'s estimated valuation?
Provath's modeled valuation for CASS Pharmaceuticals, Inc. is approximately $26.0M (modeled range $1.5M–$114.6M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is CASS Pharmaceuticals, Inc. at?
CASS Pharmaceuticals, Inc.'s latest modeled financing stage is Seed. Its most recent recorded round closed around Fri Aug 19.
What does CASS Pharmaceuticals, Inc. do and where is it based?
CASS Pharmaceuticals, Inc. operates in the Biotech / Pharma sector, based in FRANKLIN.
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