Diligence memo · auto-generated · as of July 3, 2026
ONL Therapeutics, Inc.
ONL Therapeutics, Inc. looks fair against its niche peers and is quiet on financing cadence.
Businessfiled
ONL Therapeutics, Inc. operates in Biotechnology, based in Ann Arbor.
Sub-sector tags: pharma.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
ONL Therapeutics, Inc. has raised $111M in disclosed capital across 10 recorded rounds, aggregated from public filings. Its latest round is modeled as Series C (a $40M–$100M round).
Largest single filing: $60M on 2024-09-12.
Most recent recorded round closed around 2024-09-12.
Valuation (modeled)modeled
Provath models ONL Therapeutics, Inc. at approximately $496M (range $186M–$733M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Fair. Modeled value is 1.00× the median modeled value of Series C Biotechnology companies in 2022–2024 (111 peers) — value vs value, same stage and era. Within the normal band (100% of peer median) for its niche.
Financing rhythm & timingmixed
Historic cadence: a new round about every 14 months.
Last raise 22 mo ago; this sector typically re-raises about every 14 months.
Slightly overdue versus sector cadence.
The last round stepped up 6.0× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 91% of Biotechnology peers (4293 compared).
Modeled value ranks above 83% of those peers.
Closest niche peers: Dianthus Therapeutics, Inc., Satellite Biosciences, Inc., Deepcell, Inc., Ventus Therapeutics U.S., Inc., Morphic Holding, Inc..
Peoplefiled
22 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.