Companies · Pharma

Steel Therapeutics, Inc.

NORTH LIBERTY · Pharma · refined from filed group “Other Health Care

Diligence memoA one-page analyst read on Steel Therapeutics, Inc. — recommendation, valuation, rhythm, risks.
$7.1M
Total raised · real
4
Rounds
0.7×
Latest step-up
Top 40%
Sector rank · raised
Seed
Latest stage · inferred · Wed Nov 27 2024 00:00:00 GMT+0000 (Coordinated Universal Time)

Steel 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 pharma 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 0.57× the median modeled value of Seed Pharma companies in 2022–2024 (18 peers) — value vs value, same stage and era.
Active
  • Last raise 19 mo ago; this sector typically re-raises about every 16 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 Pharma

Steel Therapeutics, Inc. is one of 310 Pharma companies tracked from NORTH LIBERTY. By capital raised it ranks mid-pack (ahead of 61% 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
Rule 506(b)
Reg D exemption
1
Investors (latest)
2020
Year incorporated
2024-11-27
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$13M$25M$38M$50MPre-Seed · 2021-05-19 Raised $378K (real) Modeled valuation $11M (est)$378K$11MPre-Seed2021Seed · 2022-03-30 Raised $1.8M (real) Modeled valuation $27M (est)$1.8M$27MSeed2022Seed · 2023-06-01 Raised $3.0M (real) Modeled valuation $25M (est)$3.0M$25MSeed2023Seed · 2024-11-27 Raised $2.0M (real) Modeled valuation $7.7M (est)$2.0M$7.7MSeed2024+$1.8M+$3.0M+$2.0MCumulative $7.1M

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
Pre-Seed$378K · 2021
Seed$1.8M · 2022
Seed extension$3.0M · 2023
Seed extension$2.0M · 2024

Stages are modeled from round size (public records carry no series label). Ladder is contiguous — every modeled rung has a record.

Modeled valuation trajectory
$7.7M
Base estimate est.
$1.5M
Conservative case
$18.3M
Upside case
$10.0M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Seeda $1.0M–$4.0M round). Valuation is modeled from stage benchmarks scaled by the pharma sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $10.7M · 2021-05-192021Seed · modeled $26.9M · 2022-03-30Seed · modeled $25.1M · 2023-06-01Seed · modeled $7.7M · 2024-11-272024
Model inputs · modeled:benchmark-stage-stepup-v1
20%
Dilution assumption
Implied ownership sold in the financing.
34%
Survival probability
15% low · 52% high
1.68×/yr
Annual markup
2.20×/yr upside case
1.6 yr
Elapsed time used
1.6 yr actual, capped for stale marks
pharma
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
14 mo
Avg between rounds
$2.0M/yr
Capital velocity
5.1 yr
On record since
2021
First round
4
Rounds on file
How it compares to the market

Benchmarked against 310 companies in Pharma. 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) 1.1× above median
This company$7.1M
Sector median$6.4M
Latest round — vs other Seed rounds in sector (real $, this stage) 1.1× above median
This company$2.0M
Sector median$1.9M
Modeled value — vs sector median (estimate, all stages) 0.1× of median
This company$7.7M
Sector median$62.5M

Raised more than 61% of sector peers (real $). Modeled value above 31% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Seed) 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 #15 of 18.

This companyCohort peer
$1.0M$10.0M$100.0M$100K$1.0M$10.0MCapital raised (log)Seal Rock Therapeutics, Inc. · Seed Raised $2.5M · modeled $42.5M (est)Diligent Pharma, Inc. · Seed Raised $3.5M · modeled $34.7M (est)A28 Therapeutics, Inc. · Seed Raised $1.9M · modeled $31.7M (est)Centaurus Therapeutics, Inc. · Seed Raised $2.0M · modeled $27.7M (est)Pathfinder Oncology, Inc. · Seed Raised $4.0M · modeled $19.9M (est)Arcade Therapeutics, Inc. · Seed Raised $1.5M · modeled $19.3M (est)D2 Pharma Consulting LLC · Seed Raised $1.6M · modeled $16.7M (est)NeuroLambda Therapeutics, Inc. · Seed Raised $3.0M · modeled $14.5M (est)Lorelei Integrated Therapeutics, Inc. · Seed Raised $1.0M · modeled $14.3M (est)NV Therapeutics, Inc. · Seed Raised $3.0M · modeled $12.8M (est)Inflammasome Therapeutics, Inc. · Seed Raised $6.2M · modeled $9.4M (est)CellVax Therapeutics, Inc. · Seed Raised $2.1M · modeled $8.8M (est)Steel Therapeutics, Inc. (this company) Raised $7.1M · modeled $7.7M (est)Steel Therapeutics, Inc.
CompanyStageRaised · realValue · estvs peer med.
Seal Rock Therapeutics, Inc.Seed$2.5M$42.5M3.13×
Diligent Pharma, Inc.Seed$3.5M$34.7M2.56×
A28 Therapeutics, Inc.Seed$1.9M$31.7M2.34×
Centaurus Therapeutics, Inc.Seed$2.0M$27.7M2.05×
Pathfinder Oncology, Inc.Seed$4.0M$19.9M1.47×
Arcade Therapeutics, Inc.Seed$1.5M$19.3M1.42×
D2 Pharma Consulting LLCSeed$1.6M$16.7M1.23×
NeuroLambda Therapeutics, Inc.Seed$3.0M$14.5M1.07×
Lorelei Integrated Therapeutics, Inc.Seed$1.0M$14.3M1.05×
NV Therapeutics, Inc.Seed$3.0M$12.8M0.95×
Inflammasome Therapeutics, Inc.Seed$6.2M$9.4M0.69×
CellVax Therapeutics, Inc.Seed$2.1M$8.8M0.65×
Steel Therapeutics, Inc. this companySeed$7.1M$7.7M0.57×
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.
Pre-Seed$378K2021-05-19$2.1M$10.7M90%
Seed$1.8M2022-03-30$8.8M$26.9M90%
Seed$3.0M2023-06-01$15.0M$25.1M90%
Seed$2.0M2024-11-27$10.0M$7.7M90%
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. Pre-Seed$378K2021-05-19
    • First recorded raise — entered as Pre-Seed.
    • 40 investors on this round.
  2. Seed$1.8M2022-03-30
    • Raised 10 mo later, in step with the ~16 mo sector norm.
    • Round 4.6× larger than the prior — scaling up.
    • Switched to Rule 506(b) (was Rule 504).
    • 8 investors on this round.
  3. Seed$3.0M2023-06-01
    • Raised 14 mo later, in step with the ~16 mo sector norm.
    • Round 1.7× larger than the prior — scaling up.
    • 1 investor on this round.
  4. Seed$2.0M2024-11-27
    • Raised 18 mo later, in step with the ~16 mo sector norm.
    • Round 1.5× smaller than the prior — bridge or down round.
    • 1 investor on this round.
Intelligence
2026 ~Q1
Modeled next raise · ~14mo cadence
$2.0M
Modeled next size est.range $2.0M$3.2M
0.7×
Last step-up
$2.0M/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
Benjamin Clark2 other2022-03
Allen Phillips2021-05
Dennis Sparks2022-03
Matthew Stahl2021-05
Robbie Schwenker2021-05
Sunny Chapel2024-11
Registry & provenance

Steel 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
1864628
SEC CIK
2020
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
Inflammasome Therapeutics, Inc.PharmaSeed$6.2M$9.4Msame sector · same stage
Nervgen Pharma Corp.PharmaSeed$6.2M$11.9Msame sector · same stage
Cardiol Therapeutics Inc.PharmaSeed$5.9M$1.8Msame sector · same stage
iQure Pharma Inc.PharmaSeed$4.7M$3.8Msame sector · same stage
Pathfinder Oncology, Inc.PharmaSeed$4.0M$19.9Msame sector · same stage
Intera Oncology Inc.PharmaSeed$3.7M$9.0Msame sector · same stage
Zoo Pharma Dynamics Inc.PharmaSeed$3.7M$139.3Msame sector · same stage
Nexosome Oncology Holdings, Inc.PharmaSeed$3.7M$69.0Msame 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
Nia Therapeutics, Inc.PharmaSeries B$357.8M84%
PanTher Therapeutics, Inc.PharmaSeries A$11.4M83%
Dystrogen Therapeutics CorpPharmaSeed$41.5M82%
Spiral Therapeutics IncPharmaSeries A$120.6M82%
Manzara Therapeutics, Inc.PharmaPre-Seed$35.5M81%
Click Therapeutics, Inc.PharmaSeries C$332.4M81%
Luma Therapeutics, Inc.PharmaSeed$77.9M81%
CO-D Therapeutics, Inc.PharmaPre-Seed$20.2M81%
Frequently asked
How much funding has Steel Therapeutics, Inc. raised?
Steel Therapeutics, Inc. has raised approximately $7.1M in disclosed capital across 4 recorded financing rounds, aggregated from public filings.
What is Steel Therapeutics, Inc.'s estimated valuation?
Provath's modeled valuation for Steel Therapeutics, Inc. is approximately $7.7M (modeled range $1.5M–$18.3M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Steel Therapeutics, Inc. at?
Steel Therapeutics, Inc.'s latest modeled financing stage is Seed. Its most recent recorded round closed around Wed Nov 27.
What does Steel Therapeutics, Inc. do and where is it based?
Steel Therapeutics, Inc. operates in the Pharma sector, based in NORTH LIBERTY.
Explore related

See where Steel 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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