Diligence memo · auto-generated · as of July 2, 2026
Steel Therapeutics, Inc.
Steel Therapeutics, Inc. looks under-valued against its niche peers and is active on financing cadence.
Businessfiled
Steel Therapeutics, Inc. operates in Pharma, based in NORTH LIBERTY.
Sub-sector tags: pharma.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Steel Therapeutics, Inc. has raised $7.1M in disclosed capital across 4 recorded rounds, aggregated from public filings. Its latest round is modeled as Seed (a $1.0M–$4.0M round).
Largest single filing: $3.0M on 2023-06-01.
Most recent recorded round closed around 2024-11-27.
Valuation (modeled)modeled
Provath models Steel Therapeutics, Inc. at approximately $7.7M (range $1.5M–$18M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Under-valued. Modeled value is 0.57× the median modeled value of Seed Pharma companies in 2022–2024 (18 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 14 months.
Last raise 19 mo ago; this sector typically re-raises about every 16 months.
Raising on or ahead of the sector's normal rhythm.
The last round was 1.5× smaller than the prior — a bridge or down round.
Comparablesmixed
Capital scale ranks ahead of 61% of Pharma peers (310 compared).
Modeled value ranks above 31% of those peers.
Closest niche peers: Seal Rock Therapeutics, Inc., Diligent Pharma, Inc., A28 Therapeutics, Inc., Centaurus Therapeutics, Inc., Pathfinder Oncology, Inc..
Peoplefiled
6 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.