Companies · Biotechnology

Lexaria Bioscience Corp.

KELOWNA · Biotechnology

Diligence memoA one-page analyst read on Lexaria Bioscience Corp. — recommendation, valuation, rhythm, risks.
$22.5M
Total raised · real
13
Rounds
0.9×
Latest step-up
Top 32%
Sector rank · raised
Series A
Latest stage · inferred · Tue Dec 16 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Lexaria Bioscience Corp. looks under-valued against its niche peers and is active 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 0.58× the median modeled value of Series A Biotechnology companies in 2025–2027 (156 peers) — value vs value, same stage and era.
  • Issuer reports $5M–$25M revenue while modeled below niche peers.
Active
  • Last raise 6 mo ago; this sector typically re-raises about every 14 months.
  • Raising on or ahead of the sector's normal rhythm.
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

Lexaria Bioscience Corp. is one of 4291 Biotechnology companies tracked from KELOWNA. By capital raised it ranks mid-pack (ahead of 69% of sector peers), and in the long tail by modeled valuation est..

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

biotech

As reported in public records reported — not modeled.

US
Jurisdiction
$5M–$25M
Issuer revenue
Rule 506(b)
Reg D exemption
5
Investors (latest)
2025-12-16
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$25M$50M$75M$100MPre-Seed · 2016-08-31 Raised $109K (real) Modeled valuation $6.0M (est)Pre-Seed2016Pre-Seed · 2018-10-31 Raised $310K (real) Modeled valuation $17M (est)Pre-Seed2018Pre-Seed · 2019-11-05 Raised $180K (real) Modeled valuation $9.9M (est)Pre-Seed2019Pre-Seed · 2019-11-13 Raised $493K (real) Modeled valuation $27M (est)Pre-Seed2019Seed · 2020-05-06 Raised $2.0M (real) Modeled valuation $91M (est)Seed2020Seed · 2020-06-30 Raised $100K (real) Modeled valuation $4.4M (est)Seed2020Seed · 2021-12-16 Raised $1.2M (real) Modeled valuation $24M (est)Seed2021Seed · 2023-10-03 Raised $1.6M (real) Modeled valuation $11M (est)Seed2023Seed · 2024-02-16 Raised $3.6M (real) Modeled valuation $21M (est)Seed2024Seed · 2024-04-30 Raised $365K (real) Modeled valuation $1.9M (est)Seed2024Series A · 2024-10-16 Raised $5.0M (real) Modeled valuation $23M (est)Series A2024Series A · 2025-09-29 Raised $4.0M (real) Modeled valuation $12M (est)Series A2025Series A · 2025-12-16 Raised $3.5M (real) Modeled valuation $9.1M (est)Series A2025Cumulative $22M

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$109K · 2016
Pre-Seed extension$310K · 2018
Pre-Seed extension$180K · 2019
Pre-Seed extension$493K · 2019
Seed$2.0M · 2020
Seed extension$100K · 2020
Seed extension$1.2M · 2021
Seed extension$1.6M · 2023
Seed extension$3.6M · 2024
Seed extension$365K · 2024
Series A$5.0M · 2024
Series A extension$4.0M · 2025
Series A extension$3.5M · 2025

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$9.1M
Base estimate est.
$3.8M
Conservative case
$14.0M
Upside case
$15.9M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $6.0M · 2016-08-312016Pre-Seed · modeled $17.1M · 2018-10-31Pre-Seed · modeled $9.9M · 2019-11-05Pre-Seed · modeled $27.2M · 2019-11-13Seed · modeled $90.5M · 2020-05-06Seed · modeled $4.4M · 2020-06-30Seed · modeled $23.7M · 2021-12-16Seed · modeled $11.5M · 2023-10-03Seed · modeled $21.4M · 2024-02-16Seed · modeled $1.9M · 2024-04-30Series A · modeled $22.8M · 2024-10-16Series A · modeled $11.5M · 2025-09-29Series A · modeled $9.1M · 2025-12-162025
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
44%
Survival probability
24% low · 60% high
1.62×/yr
Annual markup
2.04×/yr upside case
0.5 yr
Elapsed time used
0.5 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
9 mo
Avg between rounds
$2.4M/yr
Capital velocity
9.8 yr
On record since
2016
First round
13
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) 3.1× above median
This company$22.5M
Sector median$7.2M
Latest round — vs other Series A rounds in sector (real $, this stage) 0.6× of median
This company$3.5M
Sector median$5.4M
Modeled value — vs sector median (estimate, all stages) 0.1× of median
This company$9.1M
Sector median$64.2M

Raised more than 69% of sector peers (real $). Modeled value above 17% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) 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 #117 of 156.

This companyCohort peer
$1.0M$10.0M$100.0M$10.0M$100.0MCapital raised (log)Acasti Pharma Inc. · Series A Raised $23.0M · modeled $58.5M (est)Edesa Biotech, Inc. · Series A Raised $36.9M · modeled $58.4M (est)4DMedical Ltd · Series A Raised $15.0M · modeled $50.6M (est)Arialys Therapeutics, Inc. · Series A Raised $29.1M · modeled $49.1M (est)Nuclein, LLC · Series A Raised $34.5M · modeled $48.3M (est)Phantom Neuro Inc. · Series A Raised $15.4M · modeled $45.7M (est)Circulate Health, Inc. · Series A Raised $13.0M · modeled $43.2M (est)Biovantix Biotechnology, Inc · Series A Raised $15.0M · modeled $42.1M (est)Bariendo Inc. · Series A Raised $11.1M · modeled $40.9M (est)ENDRA Life Sciences Inc. · Series A Raised $26.8M · modeled $40.8M (est)Medici Therapeutics, Inc. · Series A Raised $14.8M · modeled $39.7M (est)Onconetix, Inc. · Series A Raised $22.0M · modeled $37.7M (est)Lexaria Bioscience Corp. (this company) Raised $22.5M · modeled $9.1M (est)Lexaria Bioscience Corp.
CompanyStageRaised · realValue · estvs peer med.
Acasti Pharma Inc.Series A$23.0M$58.5M3.76×
Edesa Biotech, Inc.Series A$36.9M$58.4M3.75×
4DMedical LtdSeries A$15.0M$50.6M3.25×
Arialys Therapeutics, Inc.Series A$29.1M$49.1M3.15×
Nuclein, LLCSeries A$34.5M$48.3M3.10×
Phantom Neuro Inc.Series A$15.4M$45.7M2.93×
Circulate Health, Inc.Series A$13.0M$43.2M2.77×
Biovantix Biotechnology, IncSeries A$15.0M$42.1M2.70×
Bariendo Inc.Series A$11.1M$40.9M2.62×
ENDRA Life Sciences Inc.Series A$26.8M$40.8M2.62×
Medici Therapeutics, Inc.Series A$14.8M$39.7M2.55×
Onconetix, Inc.Series A$22.0M$37.7M2.42×
Lexaria Bioscience Corp. this companySeries A$22.5M$9.1M0.58×
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$109K2016-08-31$603K$6.0M85%
Pre-Seed$310K2018-10-31$1.7M$17.1M90%
Pre-Seed$180K2019-11-05$1.0M$9.9M90%
Pre-Seed$493K2019-11-13$2.7M$27.2M90%
Seed$2.0M2020-05-06$10.2M$90.5M90%
Seed$100K2020-06-30$500K$4.4M90%
Seed$1.2M2021-12-16$6.0M$23.7M90%
Seed$1.6M2023-10-03$7.8M$11.5M90%
Seed$3.6M2024-02-16$18.0M$21.4M90%
Seed$365K2024-04-30$1.8M$1.9M90%
Series A$5.0M2024-10-16$22.7M$22.8M90%
Series A$4.0M2025-09-29$18.2M$11.5M90%
Series A$3.5M2025-12-16$15.9M$9.1M90%
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$109K2016-08-31
    • First recorded raise — entered as Pre-Seed.
    • 6 investors on this round.
  2. Pre-Seed$310K2018-10-31
    • Raised again after 26 mo — slower than the ~14 mo sector norm.
    • Round 2.9× larger than the prior — scaling up.
    • 3 investors on this round.
  3. Pre-Seed$180K2019-11-05
    • Raised 12 mo later, in step with the ~14 mo sector norm.
    • Round 1.7× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 506(c)).
    • 1 investor on this round.
  4. Pre-Seed$493K2019-11-13
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 2.7× larger than the prior — scaling up.
    • 5 investors on this round.
  5. Seed$2.0M2020-05-06
    • Came back fast: 6 mo vs the ~14 mo sector norm.
    • Round 4.1× larger than the prior — scaling up.
    • 21 investors on this round.
  6. Seed$100K2020-06-30
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 20.4× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  7. Seed$1.2M2021-12-16
    • Raised 18 mo later, in step with the ~14 mo sector norm.
    • Round 12.0× larger than the prior — scaling up.
    • 1 investor on this round.
  8. Seed$1.6M2023-10-03
    • Raised again after 22 mo — slower than the ~14 mo sector norm.
    • Round 1.3× larger than the prior — scaling up.
    • 1 investor on this round.
  9. Seed$3.6M2024-02-16
    • Came back fast: 4 mo vs the ~14 mo sector norm.
    • Round 2.3× larger than the prior — scaling up.
    • 2 investors on this round.
  10. Seed$365K2024-04-30
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 9.9× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  11. Series A$5.0M2024-10-16
    • Came back fast: 6 mo vs the ~14 mo sector norm.
    • Round 13.7× larger than the prior — scaling up.
    • Revenue band moved $0–$1M → $5M–$25M.
    • 1 investor on this round.
  12. Series A$4.0M2025-09-29
    • Raised 11 mo later, in step with the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 5 investors on this round.
  13. Series A$3.5M2025-12-16
    • Came back fast: 3 mo vs the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 5 investors on this round.
Intelligence
2026 ~Q3
Modeled next raise · ~9mo cadence
$3.5M
Modeled next size est.range $3.5M$5.6M
0.9×
Last step-up
$2.4M/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
BRIAN QUIGLEY2 other2019-11
Chris Bunka2 other2019-11
CATHERINE TURKEL1 other2023-10
Richard Christopher1 other2024-10
ALBERT Edward REESE2025-09
ALBERT REESE2021-12
ALLAN SPISSINGER2019-11
Allan W. Spissinger2018-10
Bal Edward Bhullar2025-09
Christopher Bunka2016-08
GREGORY DOWNEY2021-12
John Docherty2019-11
John Martin Docherty2016-08
Michael Shankman2024-10
Nelson Cabatuan2024-04
Nicholas Baxter2019-11
Nicholas W. Baxter2016-08
TED MCKECHNIE2019-11
Ted W. McKechnie2016-08
William Edward McKechnie2025-09
Registry & provenance

Lexaria Bioscience Corp. 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
1348362
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

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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
LexaGene Holdings Inc.BiotechnologySeries A$18.7M83%
Liquid BioScience, Inc.BiotechnologySeries B$1.6B81%
RightSciences LLCBiotechnologyPre-Seed$24.0M80%
Liquidia CorpBiotechnologySeries B$616.1M80%
Aevumed Inc.BiotechnologySeed$58.9M79%
Azure Biotech, Inc.BiotechnologySeed$52.3M79%
Biotech Holdings, LLCBiotechnologyPre-Seed$27.6M79%
Kyverna Therapeutics, Inc.BiotechnologySeries D+$4.0B79%
Frequently asked
How much funding has Lexaria Bioscience Corp. raised?
Lexaria Bioscience Corp. has raised approximately $22.5M in disclosed capital across 13 recorded financing rounds, aggregated from public filings.
What is Lexaria Bioscience Corp.'s estimated valuation?
Provath's modeled valuation for Lexaria Bioscience Corp. is approximately $9.1M (modeled range $3.8M–$14.0M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Lexaria Bioscience Corp. at?
Lexaria Bioscience Corp.'s latest modeled financing stage is Series A. Its most recent recorded round closed around Tue Dec 16.
What does Lexaria Bioscience Corp. do and where is it based?
Lexaria Bioscience Corp. operates in the Biotechnology sector, based in KELOWNA.
Explore related

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

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