Diligence memo · auto-generated · as of July 2, 2026
Tracon Pharmaceuticals, Inc.
Tracon Pharmaceuticals, Inc. looks over-valued against its niche peers and is dormant on financing cadence.
Businessfiled
Tracon Pharmaceuticals, Inc. operates in Biotechnology, based in San Diego.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
Tracon Pharmaceuticals, Inc. has raised $58M in disclosed capital across 4 recorded rounds, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $39M on 2018-03-27.
Most recent recorded round closed around 2018-03-27.
Valuation (modeled)modeled
Provath models Tracon Pharmaceuticals, Inc. at approximately $1.5B (range $77M–$5.9B). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Over-valued. Modeled value is 1.93× the median modeled value of Series B Biotechnology companies in 2016–2018 (101 peers) — value vs value, same stage and era.
Financing rhythm & timingmixed
Historic cadence: a new round about every 19 months.
Last raise 8.3 yr ago; this sector typically re-raises about every 14 months.
Silent for over 3× the sector's normal cadence.
The last round stepped up 38.7× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 84% of Biotechnology peers (4293 compared).
Modeled value ranks above 93% of those peers.
Closest niche peers: Liquid BioScience, Inc., Amphivena Therapeutics, Inc., Tetra Discovery Partners, Inc., ECM Therapeutics, Inc., Recombinetics, Inc.
Peoplefiled
24 named people on file across officers, directors and signatories.
Risks & flagsmixed
Financing has been silent well beyond sector cadence — possibly defunct, acquired, or paused.
Modeled above niche peers — valuation risk on entry.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.