Companies · Biotechnology

Kernal Biologics, Inc.Summer 2020Active

CAMBRIDGE · MA, USA · Biotechnology · founded 2020 · https://www.kernalbio.com/

Diligence memoA one-page analyst read on Kernal Biologics, Inc. — recommendation, valuation, rhythm, risks.
$20.9M
Total raised · real
3
Rounds
40.2×
Latest step-up
Top 33%
Sector rank · raised
Series B
Latest stage · inferred · Thu Feb 10 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

Kernal Biologics, 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 2.38× the median modeled value of Series B Biotechnology companies in 2022–2024 (197 peers) — value vs value, same stage and era.
Dormant
  • Last raise 4.4 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

Kernal Biologics, Inc. is one of 4293 Biotechnology companies tracked from CAMBRIDGE, MA, USA, on record since 2020. By capital raised it ranks mid-pack (ahead of 68% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

AI analyst read est. — model-extracted from this company's public description, not a verified fact. 30%

operates a technology-led product inferred from public copy

Grounded in: “You are a venture analyst

Kernal is creating mRNA 2.0 therapies that work in specific cells

Kernal Bio is a biotech company pioneering mRNA 2.0 immunotherapies. We leverage selective mRNA-LNP technology to treat cancer and autoimmune diseases with precision, ensuring targeted cell delivery and minimal off-target effects. Our KR-402 program achieves over 90% delivery efficiency with T-cell-targeted LNPs, enabling direct CAR-T programming within the body and resulting in B-cell depletion within a week. Kernal Bio is led by a team with experience from MIT, Harvard, Merck, and BMS, boasting three FDA-approved therapies and over 120 patents. Based in Cambridge, MA, we are backed by Hummingbird Ventures, Amgen Ventures, HBM, and even NASA. With roots at MIT, Harvard and Biopharma, Kernal’s management team has deep expertise in mRNA therapeutics space. CEO Yusuf Erkul, M.D., M.B.A. is a successful drug hunter whose research at Merck enabled an FDA-approved drug for ovarian cancer. President Burak Yilmaz, M.S., previously founded Sentegen, a thriving synthetic biology company which commercializes synthetic DNA, RNA, and diagnostic kits for genetic and infectious diseases. Sr. VP of R&D Manfred Kraus is a leader in immuno-oncology, who was most recently Scientific Sr. Director at Bristol-Myers Squibb (BMS).

Artificial IntelligenceBiotechGenomicsbiotechpharma
Find Kernal Biologics, Inc. online

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
53
Investors (latest)
2022-02-10
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$125M$250M$375M$500MPre-Seed · 2016-08-24 Raised $350K (real) Modeled valuation $19M (est)$350K$19MPre-Seed2016Pre-Seed · 2018-08-02 Raised $500K (real) Modeled valuation $28M (est)$500K$28MPre-Seed2018Series B · 2022-02-10 Raised $20M (real) Modeled valuation $399M (est)$20M$399MSeries B2022+$500K+$20MCumulative $21M

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
Pre-Seed$350K · 2016
Pre-Seed extension$500K · 2018
Series B$20.1M · 2022no Seed / Series A on file

Stages are modeled from round size (public records carry no series label). No record for: Seed, Series A — 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
$399.2M
Base estimate est.
$40.2M
Conservative case
$1.1B
Upside case
$111.6M
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.

Pre-Seed · modeled $19.3M · 2016-08-242016Pre-Seed · modeled $27.6M · 2018-08-02Series B · modeled $399.2M · 2022-02-102022
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
4.4 yr
Elapsed time used
4.4 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
33 mo
Avg between rounds
$3.8M/yr
Capital velocity
9.9 yr
On record since
2016
First round
3
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) 2.9× above median
This company$20.9M
Sector median$7.2M
Latest round — vs other Series B rounds in sector (real $, this stage) 1.1× above median
This company$20.1M
Sector median$17.5M
Modeled value — vs sector median (estimate, all stages) 6.2× above median
This company$399.2M
Sector median$64.2M

Raised more than 68% of sector peers (real $). Modeled value above 81% 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 #28 of 197.

This companyCohort peer
$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Mt McKinley Medical Holding Corp USA · Series B Raised $40.0M · modeled $738.4M (est)YAP Therapeutics Inc · Series B Raised $30.1M · modeled $618.3M (est)Pinteon Therapeutics, Inc. · Series B Raised $39.2M · modeled $603.8M (est)OncXerna Therapeutics, Ltd. · Series B Raised $30.0M · modeled $591.4M (est)EpiBiologics, Inc. · Series B Raised $30.0M · modeled $570.2M (est)GIOGI Ltd · Series B Raised $27.3M · modeled $554.5M (est)SonoThera, Inc. · Series B Raised $30.4M · modeled $550.9M (est)Perceive Biotherapeutics, Inc. · Series B Raised $40.0M · modeled $544.6M (est)GIOCAN Ltd · Series B Raised $24.5M · modeled $498.6M (est)GIODIA Ltd · Series B Raised $24.5M · modeled $498.6M (est)GIOHEALTH Ltd · Series B Raised $24.5M · modeled $498.6M (est)Cerapedics Inc · Series B Raised $99.1M · modeled $492.3M (est)Kernal Biologics, Inc. (this company) Raised $20.9M · modeled $399.2M (est)Kernal Biologics, Inc.
CompanyStageRaised · realValue · estvs peer med.
Mt McKinley Medical Holding Corp USASeries B$40.0M$738.4M4.41×
YAP Therapeutics IncSeries B$30.1M$618.3M3.69×
Pinteon Therapeutics, Inc.Series B$39.2M$603.8M3.60×
OncXerna Therapeutics, Ltd.Series B$30.0M$591.4M3.53×
EpiBiologics, Inc.Series B$30.0M$570.2M3.40×
GIOGI LtdSeries B$27.3M$554.5M3.31×
SonoThera, Inc.Series B$30.4M$550.9M3.29×
Perceive Biotherapeutics, Inc.Series B$40.0M$544.6M3.25×
GIOCAN LtdSeries B$24.5M$498.6M2.97×
GIODIA LtdSeries B$24.5M$498.6M2.97×
GIOHEALTH LtdSeries B$24.5M$498.6M2.97×
Cerapedics IncSeries B$99.1M$492.3M2.94×
Kernal Biologics, Inc. this companySeries B$20.9M$399.2M2.38×
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.
Pre-Seed$350K2016-08-24$1.9M$19.3M85%
Pre-Seed$500K2018-08-02$2.8M$27.6M90%
Series B$20.1M2022-02-10$111.6M$399.2M90%
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. Pre-Seed$350K2016-08-24
    • First recorded raise — entered as Pre-Seed.
    • 2 investors on this round.
  2. Pre-Seed$500K2018-08-02
    • Raised again after 23 mo — slower than the ~14 mo sector norm.
    • Round 1.4× larger than the prior — scaling up.
    • 1 investor on this round.
  3. Series B$20.1M2022-02-10
    • Raised again after 42 mo — slower than the ~14 mo sector norm.
    • Round 40.2× larger than the prior — scaling up.
    • 53 investors on this round.
Intelligence
2024 ~Q4
Modeled next raise · ~33mo cadence
$60.2M
Modeled next size est.range $39.2M$96.4M
40.2×
Last step-up
$3.8M/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
Burak Yilmaz2018-08
Catherine Moroski2016-08
Oguzhan Yilmas2016-08
Oguzhan Yilmaz2018-08
Yusuf Erkul2016-08
Registry & provenance

Kernal Biologics, 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
1684728
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.

CompanySectorStageValue · estMatch
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Kern Systems
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Frequently asked
How much funding has Kernal Biologics, Inc. raised?
Kernal Biologics, Inc. has raised approximately $20.9M in disclosed capital across 3 recorded financing rounds, aggregated from public filings.
What is Kernal Biologics, Inc.'s estimated valuation?
Provath's modeled valuation for Kernal Biologics, Inc. is approximately $399.2M (modeled range $40.2M–$1.1B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Kernal Biologics, Inc. at?
Kernal Biologics, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Thu Feb 10.
What does Kernal Biologics, Inc. do and where is it based?
Kernal Biologics, Inc. operates in the Biotechnology sector, based in CAMBRIDGE, MA, USA. Kernal is creating mRNA 2.0 therapies that work in specific cells
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