Diligence memo · auto-generated · as of July 3, 2026
Forge Biologics Holdings, LLC
Forge Biologics Holdings, LLC looks fair against its niche peers and is dormant on financing cadence.
Businessfiled
Forge Biologics Holdings, LLC operates in Biotechnology, based in GROVE CITY.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Forge Biologics Holdings, LLC has raised $160M in disclosed capital across 2 recorded rounds, aggregated from public filings. Its latest round is modeled as Series D+ (a $100M–$400M round).
Largest single filing: $120M on 2021-04-28.
Most recent recorded round closed around 2021-04-28.
Valuation (modeled)modeled
Provath models Forge Biologics Holdings, LLC at approximately $3.8B (range $544M–$7.5B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Fair. Modeled value is 0.90× the median modeled value of Series D+ Biotechnology companies in 2019–2021 (58 peers) — value vs value, same stage and era. Within the normal band (90% of peer median) for its niche.
Financing rhythm & timingmixed
Historic cadence: a new round about every 9 months.
Last raise 5.2 yr ago; this sector typically re-raises about every 14 months.
Silent for over 3× the sector's normal cadence.
The last round stepped up 3.0× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 95% of Biotechnology peers (4293 compared).
Modeled value ranks above 98% of those peers.
Closest niche peers: Sarepta Therapeutics, Inc., Asklepios BioPharmaceutical, Inc., Affinivax, Inc., Sonoma Biotherapeutics, Inc., Instil Bio, Inc..
Peoplefiled
6 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.