Diligence memo · auto-generated · as of July 2, 2026
INCOG BioPharma Services, Inc.
INCOG BioPharma Services, Inc. looks under-valued against its niche peers and is quiet on financing cadence.
Businessfiled
INCOG BioPharma Services, Inc. operates in Pharma, based in FISHERS.
Sub-sector tags: pharma.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
INCOG BioPharma Services, Inc. has raised $87M in disclosed capital across 3 recorded rounds, aggregated from public filings. Its latest round is modeled as Series C (a $40M–$100M round).
Largest single filing: $43M on 2024-05-14.
Most recent recorded round closed around 2024-05-14.
Valuation (modeled)modeled
Provath models INCOG BioPharma Services, Inc. at approximately $393M (range $139M–$608M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Under-valued. Modeled value is 0.62× the median modeled value of Series C Pharma companies in 2022–2024 (7 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 15 months.
Last raise 2.1 yr ago; this sector typically re-raises about every 16 months.
Slightly overdue versus sector cadence.
The last round stepped up 1.0× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 89% of Pharma peers (310 compared).
Modeled value ranks above 84% of those peers.
Closest niche peers: Circle Pharma, Inc., Averna Therapeutics Inc., Soleno Therapeutics Inc, Progentos Therapeutics, Inc., Intrinsic Therapeutics Inc.
Peoplefiled
8 named people on file across officers, directors and signatories.
Risks & flagsmixed
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.