Diligence memo · auto-generated · as of July 2, 2026
Spotlight Innovation, Inc.
Spotlight Innovation, Inc. looks under-valued against its niche peers and is dormant on financing cadence.
Businessfiled
Spotlight Innovation, Inc. operates in Pharmaceuticals, based in West Des Moines.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Spotlight Innovation, Inc. has raised $44M in disclosed capital across 4 recorded rounds, aggregated from public filings. Its latest round is modeled as Series C (a $40M–$100M round).
Largest single filing: $41M on 2014-07-01.
Most recent recorded round closed around 2016-08-31.
Valuation (modeled)modeled
Provath models Spotlight Innovation, Inc. at approximately $48M (range $4.5M–$128M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Under-valued. Modeled value is 0.02× the median modeled value of Series C Pharmaceuticals companies in 2016–2018 (32 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 9 months.
Last raise 9.8 yr ago; this sector typically re-raises about every 13 months.
Silent for over 3× the sector's normal cadence.
The last round stepped up 1.6× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 79% of Pharmaceuticals peers (1613 compared).
Modeled value ranks above 43% of those peers.
Closest niche peers: Amplyx Pharmaceuticals, Inc., Ligand Pharmaceuticals Inc, Homology Medicines, Inc., KSQ Therapeutics, Inc., TP Therapeutics, Inc..
Peoplefiled
4 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.