Companies · Biotechnology

Histogen Inc.

SAN DIEGO · Biotechnology

Diligence memoA one-page analyst read on Histogen Inc. — recommendation, valuation, rhythm, risks.
$94.9M
Total raised · real
10
Rounds
26.4×
Latest step-up
Top 11%
Sector rank · raised
Series B
Latest stage · inferred · Thu Jul 14 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

Histogen Inc. looks under-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 sector profile.

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

Under-valued
  • Modeled value is 0.49× the median modeled value of Series B Biotechnology companies in 2022–2024 (197 peers) — value vs value, same stage and era.
At-risk
  • Last raise 4.0 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.
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

Histogen Inc. is one of 4291 Biotechnology companies tracked from SAN DIEGO. By capital raised it ranks among the largest (ahead of 90% 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
1
Investors (latest)
2022-07-14
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$500M$1.0B$1.5B$2.0BSeries A · 2007-12-03 Raised $9.5M (real) Modeled valuation $343M (est)Series A2007Series A · 2007-12-03 Raised $9.5M (real) Modeled valuation $343M (est)Series A2007Series A · 2010-03-05 Raised $5.0M (real) Modeled valuation $181M (est)Series A2010Series A · 2010-12-01 Raised $5.2M (real) Modeled valuation $190M (est)Series A2010Series A · 2010-12-01 Raised $5.2M (real) Modeled valuation $190M (est)Series A2010Series B · 2011-02-09 Raised $25M (real) Modeled valuation $1.0B (est)Series B2011Series B · 2013-04-01 Raised $10M (real) Modeled valuation $412M (est)Series B2013Series A · 2013-04-01 Raised $10M (real) Modeled valuation $376M (est)Series A2013Series B · 2013-05-30 Raised $1.0M (real) Modeled valuation $40M (est)Series B2013Series B · 2015-07-01 Raised $18M (real) Modeled valuation $714M (est)Series B2015Series B · 2015-07-01 Raised $18M (real) Modeled valuation $714M (est)Series B2015Series A · 2016-08-10 Raised $6.0M (real) Modeled valuation $217M (est)Series A2016Series B · 2016-08-10 Raised $15M (real) Modeled valuation $608M (est)Series B2016Series B · 2020-11-16 Raised $189K (real) Modeled valuation $6.4M (est)Series B2020Series B · 2022-07-14 Raised $5.0M (real) Modeled valuation $83M (est)Series B2022Cumulative $144M

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$9.5M · 2007
Series A extension$9.5M · 2007
Series A extension$5.0M · 2010
Series A extension$5.2M · 2010
Series A extension$5.2M · 2010
Series B$25.3M · 2011
Series B extension$10.4M · 2013
Bridge · Series B-stage$10.4M · 2013smaller follow-on
Series B extension$1.0M · 2013
Series B extension$18.0M · 2015
Series B extension$18.0M · 2015
Bridge · Series B-stage$6.0M · 2016smaller follow-on
Series B extension$15.3M · 2016
Series B extension$189K · 2020
Series B extension$5.0M · 2022

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: 50%.

Modeled valuation trajectory
$82.8M
Base estimate est.
$10.0M
Conservative case
$215.9M
Upside case
$27.8M
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 biotech sector profile. Directional, not a quoted figure.

Series A · modeled $342.9M · 2007-12-032007Series A · modeled $342.9M · 2007-12-03Series A · modeled $180.8M · 2010-03-05Series A · modeled $189.8M · 2010-12-01Series A · modeled $189.8M · 2010-12-01Series B · modeled $1.0B · 2011-02-09Series B · modeled $412.4M · 2013-04-01Series A · modeled $375.7M · 2013-04-01Series B · modeled $39.8M · 2013-05-30Series B · modeled $714.4M · 2015-07-01Series B · modeled $714.4M · 2015-07-01Series A · modeled $216.9M · 2016-08-10Series B · modeled $608.3M · 2016-08-10Series B · modeled $6.4M · 2020-11-16Series B · modeled $82.8M · 2022-07-142022
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
54%
Survival probability
36% low · 66% high
1.54×/yr
Annual markup
1.86×/yr upside case
4.0 yr
Elapsed time used
4.0 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
13 mo
Avg between rounds
$6.5M/yr
Capital velocity
18.6 yr
On record since
2007
First round
15
Rounds on file
How it compares to the market

Benchmarked against 4291 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) 13× above median
This company$94.9M
Sector median$7.2M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.3× of median
This company$5.0M
Sector median$17.5M
Modeled value — vs sector median (estimate, all stages) 1.3× above median
This company$82.8M
Sector median$64.2M

Raised more than 90% of sector peers (real $). Modeled value above 55% 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 #139 of 197.

This companyCohort peer
$10.0M$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Mt McKinley Medical Holding Corp USA · Series B Raised $40.0M · modeled $737.5M (est)YAP Therapeutics Inc · Series B Raised $30.1M · modeled $617.6M (est)Pinteon Therapeutics, Inc. · Series B Raised $39.2M · modeled $603.1M (est)OncXerna Therapeutics, Ltd. · Series B Raised $30.0M · modeled $590.7M (est)EpiBiologics, Inc. · Series B Raised $30.0M · modeled $569.5M (est)GIOGI Ltd · Series B Raised $27.3M · modeled $553.9M (est)SonoThera, Inc. · Series B Raised $30.4M · modeled $550.2M (est)Perceive Biotherapeutics, Inc. · Series B Raised $40.0M · modeled $544.0M (est)GIOHEALTH Ltd · Series B Raised $24.5M · modeled $498.0M (est)GIOCAN Ltd · Series B Raised $24.5M · modeled $498.0M (est)GIODIA Ltd · Series B Raised $24.5M · modeled $498.0M (est)Cerapedics Inc · Series B Raised $99.1M · modeled $491.7M (est)Histogen Inc. (this company) Raised $94.9M · modeled $82.8M (est)Histogen Inc.
CompanyStageRaised · realValue · estvs peer med.
Mt McKinley Medical Holding Corp USASeries B$40.0M$737.5M4.41×
YAP Therapeutics IncSeries B$30.1M$617.6M3.69×
Pinteon Therapeutics, Inc.Series B$39.2M$603.1M3.60×
OncXerna Therapeutics, Ltd.Series B$30.0M$590.7M3.53×
EpiBiologics, Inc.Series B$30.0M$569.5M3.40×
GIOGI LtdSeries B$27.3M$553.9M3.31×
SonoThera, Inc.Series B$30.4M$550.2M3.29×
Perceive Biotherapeutics, Inc.Series B$40.0M$544.0M3.25×
GIOHEALTH LtdSeries B$24.5M$498.0M2.97×
GIOCAN LtdSeries B$24.5M$498.0M2.97×
GIODIA LtdSeries B$24.5M$498.0M2.97×
Cerapedics IncSeries B$99.1M$491.7M2.94×
Histogen Inc. this companySeries B$94.9M$82.8M0.49×
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$9.5M2007-12-03$43.1M$342.9M85%
Series A$9.5M2007-12-03$43.1M$342.9M85%
Series A$5.0M2010-03-05$22.7M$180.8M85%
Series A$5.2M2010-12-01$23.9M$189.8M85%
Series A$5.2M2010-12-01$23.9M$189.8M85%
Series B$25.3M2011-02-09$140.4M$1.0B85%
Series B$10.4M2013-04-01$57.7M$412.4M85%
Series A$10.4M2013-04-01$47.2M$375.7M85%
Series B$1.0M2013-05-30$5.6M$39.8M85%
Series B$18.0M2015-07-01$100.0M$714.4M85%
Series B$18.0M2015-07-01$100.0M$714.4M85%
Series A$6.0M2016-08-10$27.3M$216.9M85%
Series B$15.3M2016-08-10$85.1M$608.3M90%
Series B$189K2020-11-16$1.1M$6.4M90%
Series B$5.0M2022-07-14$27.8M$82.8M90%
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$9.5M2007-12-03
    • First recorded raise — entered as Series A.
    • 65 investors on this round.
  2. Series A$9.5M2007-12-03
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 65 investors on this round.
  3. Series A$5.0M2010-03-05
    • Raised again after 27 mo — slower than the ~14 mo sector norm.
    • Round 1.9× smaller than the prior — bridge or down round.
    • Switched to Rule 06 (was Rule 506(b)).
    • 15 investors on this round.
  4. Series A$5.2M2010-12-01
    • Raised 9 mo later, in step with the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • Switched to Rule 506(b) (was Rule 06).
    • 34 investors on this round.
  5. Series A$5.2M2010-12-01
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 34 investors on this round.
  6. Series B$25.3M2011-02-09
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 4.8× larger than the prior — scaling up.
    • Switched to Rule 06 (was Rule 506(b)).
    • 16 investors on this round.
  7. Series B$10.4M2013-04-01
    • Raised again after 26 mo — slower than the ~14 mo sector norm.
    • Round 2.4× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 06).
    • 2 investors on this round.
  8. Series A$10.4M2013-04-01
    • 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.
  9. Series B$1.0M2013-05-30
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 10.4× smaller than the prior — bridge or down round.
    • Switched to Rule 06 (was Rule 506(b)).
    • 21 investors on this round.
  10. Series B$18.0M2015-07-01
    • Raised again after 25 mo — slower than the ~14 mo sector norm.
    • Round 18.0× larger than the prior — scaling up.
    • Switched to Rule 506(c) (was Rule 06).
  11. Series B$18.0M2015-07-01
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
  12. Series A$6.0M2016-08-10
    • Raised 13 mo later, in step with the ~14 mo sector norm.
    • Round 3.0× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  13. Series B$15.3M2016-08-10
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.6× larger than the prior — scaling up.
    • 47 investors on this round.
  14. Series B$189K2020-11-16
    • Raised again after 51 mo — slower than the ~14 mo sector norm.
    • Round 81.0× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 506(c)).
    • 7 investors on this round.
  15. Series B$5.0M2022-07-14
    • Raised 20 mo later, in step with the ~14 mo sector norm.
    • Round 26.4× larger than the prior — scaling up.
    • 1 investor on this round.
Intelligence
2023 ~Q3
Modeled next raise · ~13mo cadence
$15.0M
Modeled next size est.range $9.8M$24.0M
26.4×
Last step-up
$6.5M/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
David F Hale15 other2010-03
Stephen Chang4 other2016-08
Richard W. Pascoe3 other2020-11
Daniel L. Kisner2 other2022-07
Jonathan Jackson2 other2016-08
Charles J. Cashion1 other2010-03
Gail K. Naughton1 other2022-07
Gail Naughton1 other2007-12
GARY C. BURGESS1 other2013-05
Louis F. Lacasse1 other2011-02
Paul F. Klingenstein1 other2010-03
Shahzad F. Malik1 other2010-03
Steven J. Mento1 other2010-03
STEVEN J. MENTO, PH.D.1 other2013-05
WILLIAM F. GERBER, M.D.1 other2013-05
William J. Gerber1 other2010-03
Alfred P. Spada2010-03
ALFRED P. SPADA, PH.D.2013-05
Brian L. Satz2022-07
Brian Satz2016-08
Brian W. Satz, Esq.2020-11
Daniel W. Kisner, M.D.2020-11
David Crean2016-08
David H. Crean2022-07
Registry & provenance

Histogen 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
1645829
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.

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Frequently asked
How much funding has Histogen Inc. raised?
Histogen Inc. has raised approximately $94.9M in disclosed capital across 10 recorded financing rounds, aggregated from public filings.
What is Histogen Inc.'s estimated valuation?
Provath's modeled valuation for Histogen Inc. is approximately $82.8M (modeled range $10.0M–$215.9M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Histogen Inc. at?
Histogen Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Thu Jul 14.
What does Histogen Inc. do and where is it based?
Histogen Inc. operates in the Biotechnology sector, based in SAN DIEGO.
Explore related

See where Histogen Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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