Companies · Biotechnology

Mateon Therapeutics Inc

AGOURA HILLS · Biotechnology

Diligence memoA one-page analyst read on Mateon Therapeutics Inc — recommendation, valuation, rhythm, risks.
$45.3M
Total raised · real
7
Rounds
0.1×
Latest step-up
Top 21%
Sector rank · raised
Series B
Latest stage · inferred · Thu Dec 04 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Mateon Therapeutics Inc 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 0.01× the median modeled value of Series B Biotechnology companies in 2025–2027 (94 peers) — value vs value, same stage and era.
Active
  • Last raise 7 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

Mateon Therapeutics Inc is one of 4293 Biotechnology companies tracked from AGOURA HILLS. By capital raised it ranks in the upper tier (ahead of 80% 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.

pharma

As reported in public records reported — not modeled.

US
Jurisdiction
No revenue
Issuer revenue
Rule 506(b)
Reg D exemption
4
Investors (latest)
2025-12-04
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 · 2010-03-12 Raised $7.5M (real) Modeled valuation $271M (est)Series A2010Series A · 2018-04-12 Raised $2.9M (real) Modeled valuation $106M (est)Series A2018Series A · 2019-04-22 Raised $600K (real) Modeled valuation $22M (est)Series A2019Series B · 2019-04-22 Raised $27M (real) Modeled valuation $1.1B (est)Series B2019Series B · 2020-07-23 Raised $2.0M (real) Modeled valuation $77M (est)Series B2020Series B · 2023-07-13 Raised $5.0M (real) Modeled valuation $54M (est)Series B2023Series B · 2025-12-04 Raised $275K (real) Modeled valuation $1.1M (est)Series B2025+$2.9M+$600K+$27M+$2.0M+$5.0M+$275KCumulative $45M

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$7.5M · 2010
Series A extension$2.9M · 2018
Series A extension$600K · 2019
Series B$27.0M · 2019
Series B extension$2.0M · 2020
Series B extension$5.0M · 2023
Series B extension$275K · 2025

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
$1.1M
Base estimate est.
$550K
Conservative case
$1.4M
Upside case
$1.5M
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 $271.1M · 2010-03-122010Series A · modeled $105.7M · 2018-04-12Series A · modeled $21.7M · 2019-04-22Series B · modeled $1.1B · 2019-04-22Series B · modeled $77.4M · 2020-07-23Series B · modeled $54.1M · 2023-07-13Series B · modeled $1.1M · 2025-12-042025
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
0.6 yr
Elapsed time used
0.6 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
31 mo
Avg between rounds
$2.9M/yr
Capital velocity
16.3 yr
On record since
2010
First round
7
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) 6.3× above median
This company$45.3M
Sector median$7.2M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.0× of median
This company$275K
Sector median$17.5M
Modeled value — vs sector median (estimate, all stages) 0.0× of median
This company$1.1M
Sector median$64.2M

Raised more than 80% of sector peers (real $). Modeled value above 3% 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 #93 of 94.

This companyCohort peer
$100K$1.0M$10.0M$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)MarvelBiome, Inc. · Series B Raised $54.9M · modeled $163.2M (est)Iantrek, Inc. · Series B Raised $58.2M · modeled $152.4M (est)Dualitas Therapeutics, Inc. · Series B Raised $32.6M · modeled $150.4M (est)Antares Therapeutics, Inc. · Series B Raised $70.0M · modeled $149.7M (est)OrthoBio Therapeutics, Inc. · Series B Raised $31.4M · modeled $147.5M (est)Medcura, Inc. · Series B Raised $40.9M · modeled $145.0M (est)Neurolutions Inc · Series B Raised $26.5M · modeled $144.9M (est)Renasant Bio, Inc. · Series B Raised $55.5M · modeled $144.0M (est)Caldera Therapeutics, Inc. · Series B Raised $37.5M · modeled $139.2M (est)VitriVax, Inc. · Series B Raised $29.4M · modeled $136.9M (est)DiaMedica Therapeutics Inc. · Series B Raised $110.4M · modeled $136.3M (est)OmniAb, Inc. · Series B Raised $30.0M · modeled $130.5M (est)Mateon Therapeutics Inc (this company) Raised $45.3M · modeled $1.1M (est)Mateon Therapeutics Inc
CompanyStageRaised · realValue · estvs peer med.
MarvelBiome, Inc.Series B$54.9M$163.2M2.11×
Iantrek, Inc.Series B$58.2M$152.4M1.97×
Dualitas Therapeutics, Inc.Series B$32.6M$150.4M1.94×
Antares Therapeutics, Inc.Series B$70.0M$149.7M1.93×
OrthoBio Therapeutics, Inc.Series B$31.4M$147.5M1.90×
Medcura, Inc.Series B$40.9M$145.0M1.87×
Neurolutions IncSeries B$26.5M$144.9M1.87×
Renasant Bio, Inc.Series B$55.5M$144.0M1.86×
Caldera Therapeutics, Inc.Series B$37.5M$139.2M1.80×
VitriVax, Inc.Series B$29.4M$136.9M1.77×
DiaMedica Therapeutics Inc.Series B$110.4M$136.3M1.76×
OmniAb, Inc.Series B$30.0M$130.5M1.68×
Mateon Therapeutics Inc this companySeries B$45.3M$1.1M0.01×
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$7.5M2010-03-12$34.1M$271.1M85%
Series A$2.9M2018-04-12$13.3M$105.7M90%
Series A$600K2019-04-22$2.7M$21.7M90%
Series B$27.0M2019-04-22$150.0M$1.1B90%
Series B$2.0M2020-07-23$11.1M$77.4M90%
Series B$5.0M2023-07-13$27.8M$54.1M90%
Series B$275K2025-12-04$1.5M$1.1M90%
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. Series A$7.5M2010-03-12
    • First recorded raise — entered as Series A.
    • 5 investors on this round.
  2. Series A$2.9M2018-04-12
    • Raised again after 97 mo — slower than the ~14 mo sector norm.
    • Round 2.6× smaller than the prior — bridge or down round.
    • Switched to Rule 506(b) (was Rule 06).
    • 38 investors on this round.
  3. Series A$600K2019-04-22
    • Raised 12 mo later, in step with the ~14 mo sector norm.
    • Round 4.9× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  4. Series B$27.0M2019-04-22
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 45.0× larger than the prior — scaling up.
    • 26 investors on this round.
  5. Series B$2.0M2020-07-23
    • Raised 15 mo later, in step with the ~14 mo sector norm.
    • Round 13.5× smaller than the prior — bridge or down round.
    • 24 investors on this round.
  6. Series B$5.0M2023-07-13
    • Raised again after 36 mo — slower than the ~14 mo sector norm.
    • Round 2.5× larger than the prior — scaling up.
    • 15 investors on this round.
  7. Series B$275K2025-12-04
    • Raised again after 29 mo — slower than the ~14 mo sector norm.
    • Round 18.2× smaller than the prior — bridge or down round.
    • 4 investors on this round.
Intelligence
2028 ~Q3
Modeled next raise · ~31mo cadence
$275K
Modeled next size est.range $275K$440K
0.1×
Last step-up
$2.9M/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
Amit Shah9 other2020-07
Anthony Maida4 other2023-07
Bobby W. Sandage, Jr.4 other2018-04
Vuong Trieu4 other2019-04
Chulho Park2 other2019-04
Donald R. Reynolds1 other2018-04
James B. Murphy1 other2010-03
Matthew M. Loar1 other2018-04
William Schwieterman1 other2019-04
Alastair J.J. Wood2010-03
Chuho Park2020-07
David J. Chaplin2018-04
David J.J. Chaplin2010-03
Fatih Uckun2019-04
Mark D. Kessel2010-03
Matthew Loar2019-04
Peter J. Langecker2010-03
Roy H. Fickling2010-03
Saran Saund2023-07
Seymour Fein2023-07
Simon C. Pedder2018-04
William D. Schwieterman2010-03
William N. Shiebler2010-03
Registry & provenance

Mateon Therapeutics 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
908259
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.

CompanySectorStageRaised · realValue · estWhy similar
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Vitality Biopharma, Inc.PharmaceuticalsSeries B$39.5M$1.2Bnetwork1 shared operator · same stage
Allarity Therapeutics, Inc.BiotechnologySeries B$26.9M$3.5Msame sector · same stage
Intrommune Therapeutics, Inc.BiotechnologySeries B$25.5M$1.9Msame sector · same stage
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
Alcresta Therapeutics, Inc.BiotechnologySeries C$409.6M84%
Calosyn Pharma, Inc.BiotechnologySeed$8.5M84%
Talaris Therapeutics, Inc.BiotechnologySeries D+$4.4B84%
OncXerna Therapeutics, Ltd.BiotechnologySeries B$591.4M84%
Vera Therapeutics, Inc.BiotechnologySeries C$2.6B84%
Silexion Therapeutics CorpBiotechnologySeed$9.6M84%
SiNON TherapeuticsBiotechnologyPre-Seed$8.0M83%
Gila Therapeutics, Inc.BiotechnologySeed$2.7M83%
Frequently asked
How much funding has Mateon Therapeutics Inc raised?
Mateon Therapeutics Inc has raised approximately $45.3M in disclosed capital across 7 recorded financing rounds, aggregated from public filings.
What is Mateon Therapeutics Inc's estimated valuation?
Provath's modeled valuation for Mateon Therapeutics Inc is approximately $1.1M (modeled range $550K–$1.4M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Mateon Therapeutics Inc at?
Mateon Therapeutics Inc's latest modeled financing stage is Series B. Its most recent recorded round closed around Thu Dec 04.
What does Mateon Therapeutics Inc do and where is it based?
Mateon Therapeutics Inc operates in the Biotechnology sector, based in AGOURA HILLS.
Explore related

See where Mateon Therapeutics 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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