Companies · Biotechnology

Thunder Biotech, Inc.

PROVO · Biotechnology

Diligence memoA one-page analyst read on Thunder Biotech, Inc. — recommendation, valuation, rhythm, risks.
$24.5M
Total raised · real
7
Rounds
0.1×
Latest step-up
Top 30%
Sector rank · raised
Series A
Latest stage · inferred · Fri Feb 09 2024 00:00:00 GMT+0000 (Coordinated Universal Time)

Thunder Biotech, Inc. looks under-valued against its niche peers and is at-risk on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the biotech 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 0.01× the median modeled value of Series A Biotechnology companies in 2022–2024 (303 peers) — value vs value, same stage and era.
At-risk
  • Last raise 2.4 yr ago; this sector typically re-raises about every 14 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.
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 Biotechnology

Thunder Biotech, Inc. is one of 4293 Biotechnology companies tracked from PROVO. By capital raised it ranks in the upper tier (ahead of 71% 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.

biotech

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
2
Investors (latest)
2024-02-09
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$125M$250M$375M$500MPre-Seed · 2017-01-30 Raised $770K (real) Modeled valuation $43M (est)Pre-Seed2017Pre-Seed · 2017-10-05 Raised $325K (real) Modeled valuation $18M (est)Pre-Seed2017Series A · 2019-09-30 Raised $10.0M (real) Modeled valuation $361M (est)Series A2019Series A · 2020-10-05 Raised $8.3M (real) Modeled valuation $265M (est)Series A2020Series A · 2021-11-30 Raised $4.0M (real) Modeled valuation $73M (est)Series A2021Pre-Seed · 2022-09-16 Raised $1.0M (real) Modeled valuation $14M (est)Pre-Seed2022Pre-Seed · 2022-09-16 Raised $1.0M (real) Modeled valuation $14M (est)Pre-Seed2022Series A · 2022-09-16 Raised $1.0M (real) Modeled valuation $12M (est)Series A2022Series A · 2024-02-09 Raised $100K (real) Modeled valuation $634K (est)Series A2024+$325K+$10.0M+$8.3M+$4.0M+$1.0M+$1.0M+$1.0M+$100KCumulative $27M

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$770K · 2017
Pre-Seed extension$325K · 2017
Series A$10.0M · 2019no Seed on file
Series A extension$8.3M · 2020
Series A extension$4.0M · 2021
Bridge · Series A-stage$1.0M · 2022smaller follow-on
Bridge · Series A-stage$1.0M · 2022smaller follow-on
Series A extension$1.0M · 2022
Series A extension$100K · 2024

Stages are modeled from round size (public records carry no series label). No record for: Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 67%.

Modeled valuation trajectory
$634K
Base estimate est.
$109K
Conservative case
$1.5M
Upside case
$455K
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.

Pre-Seed · modeled $42.5M · 2017-01-302017Pre-Seed · modeled $17.9M · 2017-10-05Series A · modeled $360.8M · 2019-09-30Series A · modeled $265.1M · 2020-10-05Series A · modeled $73.5M · 2021-11-30Pre-Seed · modeled $14.0M · 2022-09-16Pre-Seed · modeled $14.0M · 2022-09-16Series A · modeled $12.5M · 2022-09-16Series A · modeled $634K · 2024-02-092024
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
44%
Survival probability
24% low · 60% high
1.62×/yr
Annual markup
2.04×/yr upside case
2.4 yr
Elapsed time used
2.4 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
11 mo
Avg between rounds
$3.5M/yr
Capital velocity
9.4 yr
On record since
2017
First round
9
Rounds on file
How it compares to the market

Benchmarked against 4293 companies in Biotechnology. 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) 3.4× above median
This company$24.5M
Sector median$7.2M
Latest round — vs other Series A rounds in sector (real $, this stage) 0.0× of median
This company$100K
Sector median$5.4M
Modeled value — vs sector median (estimate, all stages) 0.0× of median
This company$634K
Sector median$64.2M

Raised more than 71% of sector peers (real $). Modeled value above 1% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) 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 #303 of 303.

This companyCohort peer
$100K$1.0M$10.0M$100.0M$1.0B$10.0M$100.0MCapital raised (log)GeoVax Labs, Inc. · Series A Raised $39.1M · modeled $217.3M (est)Cellinfinity Bio Holding Company, LLC · Series A Raised $13.2M · modeled $216.2M (est)Adient Medical, Inc. · Series A Raised $18.2M · modeled $207.1M (est)Entegrion Inc · Series A Raised $22.7M · modeled $191.5M (est)BCD Bioscience, Inc. · Series A Raised $16.4M · modeled $189.2M (est)Pragma Biosciences Inc. · Series A Raised $14.5M · modeled $186.2M (est)MicroByre, Inc. · Series A Raised $16.1M · modeled $185.9M (est)Cardiac Insight, Inc. · Series A Raised $38.1M · modeled $184.0M (est)Cardiac Implants LLC · Series A Raised $13.5M · modeled $178.4M (est)Abintus Bio, Inc. · Series A Raised $13.7M · modeled $177.4M (est)Mosaic Biosciences, Inc. · Series A Raised $14.7M · modeled $176.4M (est)Mazen Animal Health Inc. · Series A Raised $13.5M · modeled $169.0M (est)Thunder Biotech, Inc. (this company) Raised $24.5M · modeled $634K (est)Thunder Biotech, Inc.
CompanyStageRaised · realValue · estvs peer med.
GeoVax Labs, Inc.Series A$39.1M$217.3M4.90×
Cellinfinity Bio Holding Company, LLCSeries A$13.2M$216.2M4.87×
Adient Medical, Inc.Series A$18.2M$207.1M4.67×
Entegrion IncSeries A$22.7M$191.5M4.32×
BCD Bioscience, Inc.Series A$16.4M$189.2M4.27×
Pragma Biosciences Inc.Series A$14.5M$186.2M4.20×
MicroByre, Inc.Series A$16.1M$185.9M4.19×
Cardiac Insight, Inc.Series A$38.1M$184.0M4.15×
Cardiac Implants LLCSeries A$13.5M$178.4M4.02×
Abintus Bio, Inc.Series A$13.7M$177.4M4.00×
Mosaic Biosciences, Inc.Series A$14.7M$176.4M3.98×
Mazen Animal Health Inc.Series A$13.5M$169.0M3.81×
Thunder Biotech, Inc. this companySeries A$24.5M$634K0.01×
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$770K2017-01-30$4.3M$42.5M90%
Pre-Seed$325K2017-10-05$1.8M$17.9M90%
Series A$10.0M2019-09-30$45.4M$360.8M90%
Series A$8.3M2020-10-05$37.8M$265.1M90%
Series A$4.0M2021-11-30$18.3M$73.5M90%
Pre-Seed$1.0M2022-09-16$5.6M$14.0M90%
Pre-Seed$1.0M2022-09-16$5.6M$14.0M90%
Series A$1.0M2022-09-16$4.5M$12.5M90%
Series A$100K2024-02-09$455K$634K90%
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$770K2017-01-30
    • First recorded raise — entered as Pre-Seed.
    • 10 investors on this round.
  2. Pre-Seed$325K2017-10-05
    • Came back fast: 8 mo vs the ~14 mo sector norm.
    • Round 2.4× smaller than the prior — bridge or down round.
    • 3 investors on this round.
  3. Series A$10.0M2019-09-30
    • Raised again after 24 mo — slower than the ~14 mo sector norm.
    • Round 30.7× larger than the prior — scaling up.
    • 52 investors on this round.
  4. Series A$8.3M2020-10-05
    • Raised 12 mo later, in step with the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 40 investors on this round.
  5. Series A$4.0M2021-11-30
    • Raised 14 mo later, in step with the ~14 mo sector norm.
    • Round 2.1× smaller than the prior — bridge or down round.
    • 14 investors on this round.
  6. Pre-Seed$1.0M2022-09-16
    • Raised 10 mo later, in step with the ~14 mo sector norm.
    • Round 4.0× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  7. Pre-Seed$1.0M2022-09-16
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 1 investor on this round.
  8. Series A$1.0M2022-09-16
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 1 investor on this round.
  9. Series A$100K2024-02-09
    • Raised 17 mo later, in step with the ~14 mo sector norm.
    • Round 10.0× smaller than the prior — bridge or down round.
    • 2 investors on this round.
Intelligence
2024 ~Q4
Modeled next raise · ~11mo cadence
$100K
Modeled next size est.range $100K$160K
0.1×
Last step-up
$3.5M/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
James Burgess4 other2024-02
Scott Peterson3 other2024-02
JEFFREY NELSON2 other2024-02
D. Brent Israelsen1 other2017-01
Steven Tanner1 other2024-02
Barry D. Mower2022-09
Barry Mower2024-02
D. Todd Schulthess2017-10
D. Tod Schulthess2017-01
James A. Burgess2019-09
J. Anthony Antonelli2022-09
Jeff Hone2024-02
Jeffrey R. Nelson2022-09
Kent A. Misener2019-09
Kent Misener2024-02
Kim L. O'Neill2017-01
Kim O'Neill2024-02
Morris L. Linton2019-09
Robert P.K. Mooney2022-09
Steven A. Tanner2019-09
Registry & provenance

Thunder Biotech, 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
1707315
SEC CIK
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
Halia Therapeutics, Inc.BiotechnologySeries A$23.9M$1.1Msame sector · same stage
Scorpius Holdings, Inc.BiotechnologySeries A$23.6M$3.9Msame sector · same stage
Artelo Biosciences, Inc.BiotechnologySeries A$23.2M$723Ksame sector · same stage
Alpha Cognition Inc.BiotechnologySeries A$27.6M$1.6Msame sector · same stage
NEUROONE MEDICAL TECHNOLOGIES CorpBiotechnologySeries A$21.2M$1.4Msame sector · same stage
Tangen Biosciences, Inc.BiotechnologySeries A$28.4M$4.2Msame sector · same stage
Cardio Flow, Inc.BiotechnologySeries A$20.8M$2.1Msame sector · same stage
BioRestorative Therapies, Inc.BiotechnologySeries A$19.8M$4.0Msame 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
Blaze Bioscience, Inc.BiotechnologySeries B$67.5M82%
Avm Biotechnology, LlcBiotechnologySeries A$109.4M81%
Azure Biotech, Inc.BiotechnologySeed$52.4M81%
Mustang Bio, Inc.BiotechnologySeries C$22.7M81%
Heligenics, Inc.BiotechnologySeed$11.8M80%
Legend Biotech CorpBiotechnologySeries D+$3.3B80%
Biotech Holdings, LLCBiotechnologyPre-Seed$27.6M80%
Hera Biotech, Inc.BiotechnologySeries A$2.9M80%
Frequently asked
How much funding has Thunder Biotech, Inc. raised?
Thunder Biotech, Inc. has raised approximately $24.5M in disclosed capital across 7 recorded financing rounds, aggregated from public filings.
What is Thunder Biotech, Inc.'s estimated valuation?
Provath's modeled valuation for Thunder Biotech, Inc. is approximately $634K (modeled range $109K–$1.5M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Thunder Biotech, Inc. at?
Thunder Biotech, Inc.'s latest modeled financing stage is Series A. Its most recent recorded round closed around Fri Feb 09.
What does Thunder Biotech, Inc. do and where is it based?
Thunder Biotech, Inc. operates in the Biotechnology sector, based in PROVO.
Explore related

See where Thunder Biotech, 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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