Diligence memo · auto-generated · as of July 2, 2026
TwoStep Therapeutics, Inc.
TwoStep Therapeutics, Inc. looks fair against its niche peers and is active on financing cadence.
Businessfiled
TwoStep Therapeutics, Inc. operates in Pharma, based in SAN CARLOS.
Sub-sector tags: pharma.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
TwoStep Therapeutics, Inc. has raised $28M 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: $21M on 2026-01-09.
Most recent recorded round closed around 2026-01-09.
Valuation (modeled)modeled
Provath models TwoStep Therapeutics, Inc. at approximately $81M (range $44M–$108M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: Fair. Modeled value is 0.84× the median modeled value of Series B Pharma companies in 2025–2027 (8 peers) — value vs value, same stage and era. Within the normal band (84% of peer median) for its niche.
Financing rhythm & timingmixed
Historic cadence: a new round about every 22 months.
Last raise 6 mo ago; this sector typically re-raises about every 16 months.
Raising on or ahead of the sector's normal rhythm.
The last round stepped up 3.2× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 80% of Pharma peers (310 compared).
Modeled value ranks above 63% of those peers.
Closest niche peers: Juvena Therapeutics, Inc., Alessa Therapeutics, Inc., Amani Therapeutics, Inc., Shenandoah Therapeutics Inc., Atlas Oncology Holdings Inc..
Peoplefiled
4 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.