Companies · Biotechnology

Checkmate Pharmaceuticals, Inc.

CAMBRIDGE · Biotechnology

Diligence memoA one-page analyst read on Checkmate Pharmaceuticals, Inc. — recommendation, valuation, rhythm, risks.
$185.1M
Total raised · real
6
Rounds
8.5×
Latest step-up
Top 5%
Sector rank · raised
Series C
Latest stage · inferred · Tue Jun 09 2020 00:00:00 GMT+0000 (Coordinated Universal Time)

Checkmate Pharmaceuticals, Inc. looks over-valued against its niche peers and is dormant 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 1.79× the median modeled value of Series C Biotechnology companies in 2019–2021 (120 peers) — value vs value, same stage and era.
Dormant
  • Last raise 6.1 yr ago; this sector typically re-raises about every 14 months.
  • Silent for over 3× the sector's normal cadence.
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

Checkmate Pharmaceuticals, Inc. is one of 4293 Biotechnology companies tracked from CAMBRIDGE. By capital raised it ranks among the largest (ahead of 96% 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
17
Investors (latest)
2015
Year incorporated
2020-06-09
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 A · 2015-08-11 Raised $10M (real) Modeled valuation $363M (est)Series A2015Series B · 2015-08-11 Raised $20M (real) Modeled valuation $794M (est)Series B2015Series B · 2015-08-11 Raised $25M (real) Modeled valuation $992M (est)Series B2015Series B · 2017-06-02 Raised $27M (real) Modeled valuation $1.1B (est)Series B2017Series A · 2018-11-28 Raised $11M (real) Modeled valuation $398M (est)Series A2018Series B · 2018-11-28 Raised $22M (real) Modeled valuation $873M (est)Series B2018Series B · 2019-08-14 Raised $16M (real) Modeled valuation $635M (est)Series B2019Series A · 2019-08-14 Raised $8.0M (real) Modeled valuation $289M (est)Series A2019Series B · 2020-04-21 Raised $10M (real) Modeled valuation $397M (est)Series B2020Series C · 2020-06-09 Raised $85M (real) Modeled valuation $3.5B (est)Series C2020+$20M+$25M+$27M+$11M+$22M+$16M+$8.0M+$10M+$85MCumulative $234M

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 A$10.0M · 2015
Series B$20.0M · 2015
Series B extension$25.0M · 2015
Series B extension$27.0M · 2017
Bridge · Series B-stage$11.0M · 2018smaller follow-on
Series B extension$22.0M · 2018
Series B extension$16.0M · 2019
Bridge · Series B-stage$8.0M · 2019smaller follow-on
Series B extension$10.0M · 2020
Series C$85.1M · 2020

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 60%.

Modeled valuation trajectory
$3.5B
Base estimate est.
$263.2M
Conservative case
$9.2B
Upside case
$567.2M
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 A · modeled $362.6M · 2015-08-112015Series B · modeled $793.8M · 2015-08-11Series B · modeled $992.2M · 2015-08-11Series B · modeled $1.1B · 2017-06-02Series A · modeled $397.7M · 2018-11-28Series B · modeled $873.2M · 2018-11-28Series B · modeled $635.0M · 2019-08-14Series A · modeled $289.2M · 2019-08-14Series B · modeled $396.9M · 2020-04-21Series C · modeled $3.5B · 2020-06-092020
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
6.0 yr
Elapsed time used
6.1 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
6 mo
Avg between rounds
$38.3M/yr
Capital velocity
10.9 yr
On record since
2015
First round
10
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) 26× above median
This company$185.1M
Sector median$7.2M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.8× above median
This company$85.1M
Sector median$46.5M
Modeled value — vs sector median (estimate, all stages) 54× above median
This company$3.5B
Sector median$64.2M

Raised more than 96% of sector peers (real $). Modeled value above 98% 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 #6 of 120.

This companyCohort peer
$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Stem Biotech LLC · Series C Raised $100.0M · modeled $4.1B (est)Kinnate Biopharma Inc. · Series C Raised $172.5M · modeled $3.9B (est)Arcutis Biotherapeutics, Inc. · Series C Raised $94.5M · modeled $3.9B (est)DNA Research INST LLC · Series C Raised $94.5M · modeled $3.7B (est)M3 Biotechnology, Inc. · Series C Raised $107.3M · modeled $3.6B (est)Black Diamond Therapeutics, Inc. · Series C Raised $146.3M · modeled $3.5B (est)Finch Therapeutics Group, Inc. · Series C Raised $179.9M · modeled $3.5B (est)Shattuck Labs, Inc. · Series C Raised $165.4M · modeled $3.4B (est)TScan Therapeutics, Inc. · Series C Raised $123.3M · modeled $3.3B (est)Edgewise Therapeutics, Inc. · Series C Raised $120.1M · modeled $3.3B (est)Miragen Therapeutics, Inc. · Series C Raised $197.8M · modeled $3.3B (est)Checkmate Pharmaceuticals, Inc. (this company) Raised $185.1M · modeled $3.5B (est)Checkmate Pharmaceuticals, Inc.
CompanyStageRaised · realValue · estvs peer med.
Stem Biotech LLCSeries C$100.0M$4.1B2.11×
Kinnate Biopharma Inc.Series C$172.5M$3.9B2.02×
Arcutis Biotherapeutics, Inc.Series C$94.5M$3.9B1.99×
DNA Research INST LLCSeries C$94.5M$3.7B1.88×
M3 Biotechnology, Inc.Series C$107.3M$3.6B1.88×
Checkmate Pharmaceuticals, Inc. this companySeries C$185.1M$3.5B1.79×
Black Diamond Therapeutics, Inc.Series C$146.3M$3.5B1.79×
Finch Therapeutics Group, Inc.Series C$179.9M$3.5B1.78×
Shattuck Labs, Inc.Series C$165.4M$3.4B1.75×
TScan Therapeutics, Inc.Series C$123.3M$3.3B1.72×
Edgewise Therapeutics, Inc.Series C$120.1M$3.3B1.70×
Miragen Therapeutics, Inc.Series C$197.8M$3.3B1.69×
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 A$10.0M2015-08-11$45.6M$362.6M85%
Series B$20.0M2015-08-11$111.1M$793.8M85%
Series B$25.0M2015-08-11$138.9M$992.2M90%
Series B$27.0M2017-06-02$150.0M$1.1B90%
Series A$11.0M2018-11-28$50.0M$397.7M90%
Series B$22.0M2018-11-28$122.2M$873.2M90%
Series B$16.0M2019-08-14$88.9M$635.0M90%
Series A$8.0M2019-08-14$36.4M$289.2M90%
Series B$10.0M2020-04-21$55.6M$396.9M90%
Series C$85.1M2020-06-09$567.2M$3.5B90%
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 A$10.0M2015-08-11
    • First recorded raise — entered as Series A.
    • 2 investors on this round.
  2. Series B$20.0M2015-08-11
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.0× larger than the prior — scaling up.
    • 2 investors on this round.
  3. Series B$25.0M2015-08-11
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 2 investors on this round.
  4. Series B$27.0M2017-06-02
    • Raised again after 22 mo — slower than the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 3 investors on this round.
  5. Series A$11.0M2018-11-28
    • Raised 18 mo later, in step with the ~14 mo sector norm.
    • Round 2.5× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  6. Series B$22.0M2018-11-28
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.0× larger than the prior — scaling up.
    • 4 investors on this round.
  7. Series B$16.0M2019-08-14
    • Raised 9 mo later, in step with the ~14 mo sector norm.
    • Round 1.4× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  8. Series A$8.0M2019-08-14
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.0× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  9. Series B$10.0M2020-04-21
    • Raised 8 mo later, in step with the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 4 investors on this round.
  10. Series C$85.1M2020-06-09
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 8.5× larger than the prior — scaling up.
    • 17 investors on this round.
Intelligence
2020 ~Q4
Modeled next raise · ~6mo cadence
$255.2M
Modeled next size est.range $165.9M$408.4M
8.5×
Last step-up
$38.3M/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
Michael Powell13 other2018-11
Corey Goodman12 other2018-11
Robert Weisskoff11 other2019-08
Ben Auspitz8 other2018-11
Alan Fuhrman4 other2019-08
Keith Flaherty4 other2019-08
Peter Colabuono3 other2019-08
Arthur M. Krieg1 other2017-06
David Mauro1 other2018-11
Jonathan Lieber1 other2019-08
Jon Lieber1 other2019-08
KLEEM CHAUDHARY1 other2019-08
Michael A. Powell1 other2015-08
Michael M Powell1 other2017-06
Arthur A. Krieg2015-08
Arthur Krieg2019-08
Art Krieg2018-11
Barry Labinger2018-11
Ben M. Auspitz2017-06
Charles M. Abdalian2017-06
Charles M. Yon2017-06
Charles Yon2018-11
Chuck A. Abdalian2015-08
Chuck Abdalian2018-11
Registry & provenance

Checkmate 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
1651431
SEC CIK
2015
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.

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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
OverT Bio, Inc.BiotechnologySeries B$194.5M83%
AssayQuant Technologies, Inc.BiotechnologySeries A$43.3M83%
Pharmesol Inc.BiotechnologySeed$4.2M83%
NexImmune, Inc.BiotechnologySeries B$308.3M83%
Atea Pharmaceuticals, Inc.BiotechnologySeries D+$4.4B83%
RegenX Science Inc.BiotechnologySeries A$62.4M82%
Syntr Health Technologies, INCBiotechnologySeed$13.7M82%
Synthetic Biologics, Inc.BiotechnologySeries A$36.9M82%
Frequently asked
How much funding has Checkmate Pharmaceuticals, Inc. raised?
Checkmate Pharmaceuticals, Inc. has raised approximately $185.1M in disclosed capital across 6 recorded financing rounds, aggregated from public filings.
What is Checkmate Pharmaceuticals, Inc.'s estimated valuation?
Provath's modeled valuation for Checkmate Pharmaceuticals, Inc. is approximately $3.5B (modeled range $263.2M–$9.2B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Checkmate Pharmaceuticals, Inc. at?
Checkmate Pharmaceuticals, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Tue Jun 09.
What does Checkmate Pharmaceuticals, Inc. do and where is it based?
Checkmate Pharmaceuticals, Inc. operates in the Biotechnology sector, based in CAMBRIDGE.
Explore related

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