Diligence memo · auto-generated · as of July 2, 2026
ICaPath, Inc.
ICaPath, Inc. looks over-valued against its niche peers and is dormant on financing cadence.
Businessfiled
ICaPath, Inc. operates in Biotechnology, based in MORGANTOWN.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
ICaPath, Inc. has raised $1.1M in disclosed capital across 2 recorded rounds, aggregated from public filings. Its latest round is modeled as Pre-Seed (a round under $1.0M).
Largest single filing: $650K on 2022-05-20.
Most recent recorded round closed around 2022-05-20.
Valuation (modeled)modeled
Provath models ICaPath, Inc. at approximately $11M (range $347K–$71M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 3.46× the median modeled value of Pre-Seed Biotechnology companies in 2022–2024 (185 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 7 months.
Last raise 4.1 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 1.3× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 20% of Biotechnology peers (4293 compared).
Modeled value ranks above 20% of those peers.
Closest niche peers: TissueMill Technologies LLC, Aldebaran Therapeutics, Inc., BullFrog AI Holdings, Inc., Vesicle Therapeutics Inc., TAUC3 Biologics Ltd.
Peoplefiled
2 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.