Companies · Biotechnology

Q-State Holdings, Inc.

CAMBRIDGE · Biotechnology

Diligence memoA one-page analyst read on Q-State Holdings, Inc. — recommendation, valuation, rhythm, risks.
$86.1M
Total raised · real
2
Rounds
0.3×
Latest step-up
Top 12%
Sector rank · raised
Series C
Latest stage · inferred · Mon Feb 10 2020 00:00:00 GMT+0000 (Coordinated Universal Time)

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.

Under-valued
  • Modeled value is 0.45× the median modeled value of Series C Biotechnology companies in 2019–2021 (120 peers) — value vs value, same stage and era.
Dormant
  • Last raise 6.4 yr ago; this sector typically re-raises about every 14 months.
  • Silent for over 3× the sector's normal cadence.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Q-State Holdings, Inc. behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
7.7 yr record
Peak capital year was 2018 with $64.8M across 1 filings.
Market position
ahead of 89% of Biotechnology peers
Capital scale is ahead of 89% of Biotechnology peers; modeled value is above 88% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Consistent
Canonical totals and visible filing detail are broadly aligned.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2018: $64.8M across 1 filings.
  • Largest single filing was $64.8M on 2018-10-04.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • The more important signal is lifecycle: repeated filings ended years ago, so current activity needs outside confirmation.
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

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.

US
Jurisdiction
Rule 506(b)
Reg D exemption
3
Investors (latest)
2018
Year incorporated
2020-02-10
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$1.3B$2.5B$3.8B$5.0BSeries C · 2018-10-04 Raised $65M (real) Modeled valuation $2.7B (est)$65M$2.7BSeries C2018Series C · 2020-02-10 Raised $21M (real) Modeled valuation $869M (est)$21M$869MSeries C2020+$21MCumulative $86M

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 C$64.8M · 2018
Series C extension$21.2M · 2020

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%.

Modeled valuation trajectory
$869.1M
Base estimate est.
$65.6M
Conservative case
$2.3B
Upside case
$141.5M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.

Series C · modeled $2.7B · 2018-10-042018Series C · modeled $869.1M · 2020-02-102020
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
62%
Survival probability
46% low · 72% high
1.46×/yr
Annual markup
1.68×/yr upside case
6.0 yr
Elapsed time used
6.4 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
16 mo
Avg between rounds
$63.6M/yr
Capital velocity
7.7 yr
On record since
2018
First round
2
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) 12× above median
This company$86.1M
Sector median$7.2M
Latest round — vs other Series C rounds in sector (real $, this stage) 0.5× of median
This company$21.2M
Sector median$46.5M
Modeled value — vs sector median (estimate, all stages) 14× above median
This company$869.1M
Sector median$64.2M

Raised more than 89% of sector peers (real $). Modeled value above 88% of peers (estimate).

Niche peers — same stage & era

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.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Stem Biotech LLC · Series C Raised $100.0M · modeled $4.1B (est)Kinnate Biopharma Inc. · Series C Raised $172.5M · modeled $3.9B (est)Arcutis Biotherapeutics, Inc. · Series C Raised $94.5M · modeled $3.9B (est)DNA Research INST LLC · Series C Raised $94.5M · modeled $3.7B (est)M3 Biotechnology, Inc. · Series C Raised $107.3M · modeled $3.6B (est)Checkmate Pharmaceuticals, Inc. · Series C Raised $185.1M · modeled $3.5B (est)Black Diamond Therapeutics, Inc. · Series C Raised $146.3M · modeled $3.5B (est)Finch Therapeutics Group, Inc. · Series C Raised $179.9M · modeled $3.5B (est)Shattuck Labs, Inc. · Series C Raised $165.4M · modeled $3.4B (est)TScan Therapeutics, Inc. · Series C Raised $123.3M · modeled $3.3B (est)Edgewise Therapeutics, Inc. · Series C Raised $120.1M · modeled $3.3B (est)Miragen Therapeutics, Inc. · Series C Raised $197.8M · modeled $3.3B (est)Q-State Holdings, Inc. (this company) Raised $86.1M · modeled $869.1M (est)Q-State Holdings, Inc.
CompanyStageRaised · realValue · estvs peer med.
Stem Biotech LLCSeries C$100.0M$4.1B2.11×
Kinnate Biopharma Inc.Series C$172.5M$3.9B2.02×
Arcutis Biotherapeutics, Inc.Series C$94.5M$3.9B1.99×
DNA Research INST LLCSeries C$94.5M$3.7B1.88×
M3 Biotechnology, Inc.Series C$107.3M$3.6B1.88×
Checkmate Pharmaceuticals, Inc.Series C$185.1M$3.5B1.79×
Black Diamond Therapeutics, Inc.Series C$146.3M$3.5B1.79×
Finch Therapeutics Group, Inc.Series C$179.9M$3.5B1.78×
Shattuck Labs, Inc.Series C$165.4M$3.4B1.75×
TScan Therapeutics, Inc.Series C$123.3M$3.3B1.72×
Edgewise Therapeutics, Inc.Series C$120.1M$3.3B1.70×
Miragen Therapeutics, Inc.Series C$197.8M$3.3B1.69×
Q-State Holdings, Inc. this companySeries C$86.1M$869.1M0.45×
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 C$64.8M2018-10-04$432.2M$2.7B90%
Series C$21.2M2020-02-10$141.5M$869.1M90%
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 C$64.8M2018-10-04
    • First recorded raise — entered as Series C.
    • 51 investors on this round.
  2. Series C$21.2M2020-02-10
    • Raised 16 mo later, in step with the ~14 mo sector norm.
    • Round 3.1× smaller than the prior — bridge or down round.
    • 3 investors on this round.
Intelligence
2021 ~Q2
Modeled next raise · ~16mo cadence
$21.2M
Modeled next size est.range $21.2M$33.9M
0.3×
Last step-up
$63.6M/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
Jonathan Fleming8 other2018-10
Andrew Ross3 other2018-10
Jonathan Thomas3 other2018-10
David Knudson1 other2018-10
David Margulies1 other2018-10
Mark Evenstad1 other2018-10
Matthew Fox1 other2018-10
Steven Hyman1 other2018-10
Chad Martinson2018-10
Dave Knudson2020-02
Matthew Might2020-02
Michael LaCascia2020-02
Registry & provenance

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.

United States
Country of record
US
Jurisdiction
1756811
SEC CIK
2018
Incorporated
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
SQZ Biotechnologies CoBiotechnologySeries C$166.6M$2.7Bnetwork1 shared operator · same sector · same stage
Exicure, Inc.BiotechnologySeries C$85.9M$901.1Msame sector · same stage
Therini Bio, Inc.BiotechnologySeries C$84.2M$1.1Bsame sector · same stage
Unicycive Therapeutics, Inc.BiotechnologySeries C$81.7M$500.3Msame sector · same stage
Aurion Biotech, Inc.BiotechnologySeries C$81.3M$1.2Bsame sector · same stage
Newleos Therapeutics, Inc.BiotechnologySeries C$93.4M$659.9Msame sector · same stage
Endless CorpBiotechnologySeries C$79.0M$494.3Msame sector · same stage
Iconic Therapeutics IncBiotechnologySeries C$79.0M$533.7Msame 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
Q Labs Holdings, Inc.BiotechnologySeries A$188.0M95%
QSAM Biosciences, Inc.BiotechnologySeries A$11.3M91%
Q BioMed Inc.BiotechnologySeed$44.4M91%
Q-State PainCo, Inc.BiotechnologySeed$88.8M90%
Qlaris Bio, Inc.BiotechnologySeries B$22.4M90%
Qnovia, Inc.BiotechnologySeries B$88.1M89%
Qrons Inc.BiotechnologyPre-Seed$5.2M89%
Quantbiome Inc.BiotechnologyPre-Seed$24.8M88%
Frequently asked
How much funding has Q-State Holdings, Inc. raised?
Q-State Holdings, Inc. has raised approximately $86.1M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is Q-State Holdings, Inc.'s estimated valuation?
Provath's modeled valuation for Q-State Holdings, Inc. is approximately $869.1M (modeled range $65.6M–$2.3B). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Q-State Holdings, Inc. at?
Q-State Holdings, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Mon Feb 10.
What does Q-State Holdings, Inc. do and where is it based?
Q-State Holdings, Inc. operates in the Biotechnology sector, based in CAMBRIDGE.
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