Diligence memo · auto-generated · as of July 2, 2026
Thermalin Inc.
Thermalin Inc. looks under-valued against its niche peers and is dormant on financing cadence.
Businessfiled
Thermalin Inc. operates in Biotechnology, based in WABAN.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Thermalin Inc. has raised $19M in disclosed capital across 2 recorded rounds, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $17M on 2017-07-07.
Most recent recorded round closed around 2019-05-22.
Valuation (modeled)modeled
Provath models Thermalin Inc. at approximately $93M (range $4.7M–$357M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Under-valued. Modeled value is 0.15× the median modeled value of Series B Biotechnology companies in 2019–2021 (118 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 11 months.
Last raise 7.1 yr ago; this sector typically re-raises about every 14 months.
Silent for over 3× the sector's normal cadence.
The last round was 2.1× smaller than the prior — a bridge or down round.
Comparablesmixed
Capital scale ranks ahead of 67% of Biotechnology peers (4293 compared).
Modeled value ranks above 57% of those peers.
Closest niche peers: Pandion Therapeutics Holdco LLC, Ocular Therapeutix, Inc, Insilico Medicine Cayman TopCo, Purigen Biosystems, Inc., Lucira Health, Inc..
Peoplefiled
7 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.