Diligence memo · auto-generated · as of July 2, 2026
Sun BioPharma, Inc.
Sun BioPharma, Inc. looks under-valued against its niche peers and is at-risk on financing cadence.
Businessfiled
Sun BioPharma, Inc. operates in Pharmaceuticals, based in Waconia.
Sub-sector tags: pharma.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Sun BioPharma, Inc. has raised $22M in disclosed capital across 8 recorded rounds, aggregated from public filings. Its latest round is modeled as Series A (a $4.0M–$15M round).
Largest single filing: $8.8M on 2022-06-15.
Most recent recorded round closed around 2023-12-21.
Valuation (modeled)modeled
Provath models Sun BioPharma, Inc. at approximately $13M (range $2.3M–$32M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Under-valued. Modeled value is 0.40× the median modeled value of Series A Pharmaceuticals companies in 2022–2024 (64 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 13 months.
Last raise 2.5 yr ago; this sector typically re-raises about every 13 months.
Past due for a raise versus sector cadence — watch for distress or a bridge.
The last round was 1.7× smaller than the prior — a bridge or down round.
Comparablesmixed
Capital scale ranks ahead of 68% of Pharmaceuticals peers (1613 compared).
Modeled value ranks above 21% of those peers.
Closest niche peers: Hallux, Inc., Enalare Therapeutics Inc., Silver Creek Pharmaceuticals, Inc., NQ PE Project Stingray Parent, L.P., Acta Pharmaceuticals, Inc..
Peoplefiled
19 named people on file across officers, directors and signatories.
Risks & flagsmixed
Overdue for a raise versus sector norm — distress or bridge risk.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.