Companies · Biotechnology
CAMBRIDGE · Biotechnology
Diligence memoA one-page analyst read on Q-State Holdings, Inc. — recommendation, valuation, rhythm, risks.→Q-State Holdings, Inc. looks under-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.
Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.
Q-State Holdings, Inc. behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.
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.
Q-State Holdings, Inc. is one of 4293 Biotechnology companies tracked from CAMBRIDGE. By capital raised it ranks in the upper tier (ahead of 89% 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.
As reported in public records reported — not modeled.
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.
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.
Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 20%.
Round size and date are reported; the stage label is inferred from round size (latest is Series C — a $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.
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.
Raised more than 89% of sector peers (real $). Modeled value above 88% of peers (estimate).
A tighter cohort than the sector chart above — only companies at the same stage (Series C) 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 #100 of 120.
| Company | Stage | Raised · real | Value · est | vs peer med. |
|---|---|---|---|---|
| Stem Biotech LLC | Series C | $100.0M | $4.1B | 2.11× |
| Kinnate Biopharma Inc. | Series C | $172.5M | $3.9B | 2.02× |
| Arcutis Biotherapeutics, Inc. | Series C | $94.5M | $3.9B | 1.99× |
| DNA Research INST LLC | Series C | $94.5M | $3.7B | 1.88× |
| M3 Biotechnology, Inc. | Series C | $107.3M | $3.6B | 1.88× |
| Checkmate Pharmaceuticals, Inc. | Series C | $185.1M | $3.5B | 1.79× |
| Black Diamond Therapeutics, Inc. | Series C | $146.3M | $3.5B | 1.79× |
| Finch Therapeutics Group, Inc. | Series C | $179.9M | $3.5B | 1.78× |
| Shattuck Labs, Inc. | Series C | $165.4M | $3.4B | 1.75× |
| TScan Therapeutics, Inc. | Series C | $123.3M | $3.3B | 1.72× |
| Edgewise Therapeutics, Inc. | Series C | $120.1M | $3.3B | 1.70× |
| Miragen Therapeutics, Inc. | Series C | $197.8M | $3.3B | 1.69× |
| Q-State Holdings, Inc. this company | Series C | $86.1M | $869.1M | 0.45× |
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.
| Stage | Amount · real | Announced | Post-money · est | Value · est | Conf. |
|---|---|---|---|---|---|
| Series C | $64.8M | 2018-10-04 | $432.2M | $2.7B | 90% |
| Series C | $21.2M | 2020-02-10 | $141.5M | $869.1M | 90% |
Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.
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.
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.
| Person | Role | Also runs | Tied since |
|---|---|---|---|
| Jonathan Fleming | — | 8 other | 2018-10 |
| Andrew Ross | — | 3 other | 2018-10 |
| Jonathan Thomas | — | 3 other | 2018-10 |
| David Knudson | — | 1 other | 2018-10 |
| David Margulies | — | 1 other | 2018-10 |
| Mark Evenstad | — | 1 other | 2018-10 |
| Matthew Fox | — | 1 other | 2018-10 |
| Steven Hyman | — | 1 other | 2018-10 |
| Chad Martinson | — | — | 2018-10 |
| Dave Knudson | — | — | 2020-02 |
| Matthew Might | — | — | 2020-02 |
| Michael LaCascia | — | — | 2020-02 |
Q-State Holdings, 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.
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.
| Company | Sector | Stage | Raised · real | Value · est | Why similar |
|---|---|---|---|---|---|
| SQZ Biotechnologies Co | Biotechnology | Series C | $166.6M | $2.7B | network1 shared operator · same sector · same stage |
| Exicure, Inc. | Biotechnology | Series C | $85.9M | $901.1M | same sector · same stage |
| Therini Bio, Inc. | Biotechnology | Series C | $84.2M | $1.1B | same sector · same stage |
| Unicycive Therapeutics, Inc. | Biotechnology | Series C | $81.7M | $500.3M | same sector · same stage |
| Aurion Biotech, Inc. | Biotechnology | Series C | $81.3M | $1.2B | same sector · same stage |
| Newleos Therapeutics, Inc. | Biotechnology | Series C | $93.4M | $659.9M | same sector · same stage |
| Endless Corp | Biotechnology | Series C | $79.0M | $494.3M | same sector · same stage |
| Iconic Therapeutics Inc | Biotechnology | Series C | $79.0M | $533.7M | same sector · same stage |
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.
| Company | Sector | Stage | Value · est | Match |
|---|---|---|---|---|
| Q Labs Holdings, Inc. | Biotechnology | Series A | $188.0M | 95% |
| QSAM Biosciences, Inc. | Biotechnology | Series A | $11.3M | 91% |
| Q BioMed Inc. | Biotechnology | Seed | $44.4M | 91% |
| Q-State PainCo, Inc. | Biotechnology | Seed | $88.8M | 90% |
| Qlaris Bio, Inc. | Biotechnology | Series B | $22.4M | 90% |
| Qnovia, Inc. | Biotechnology | Series B | $88.1M | 89% |
| Qrons Inc. | Biotechnology | Pre-Seed | $5.2M | 89% |
| Quantbiome Inc. | Biotechnology | Pre-Seed | $24.8M | 88% |
See where Q-State Holdings, 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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