Companies · Biotechnology

Walking Fish Therapeutics, Inc.

SOUTH SAN FRANCISCO · Biotechnology

Diligence memoA one-page analyst read on Walking Fish Therapeutics, Inc. — recommendation, valuation, rhythm, risks.
$41.5M
Total raised · real
2
Rounds
0.4×
Latest step-up
Top 22%
Sector rank · raised
Series B
Latest stage · inferred · Wed Feb 16 2022 00:00:00 GMT+0000 (Coordinated Universal Time)

Walking Fish Therapeutics, Inc. looks fair against its niche peers and is dormant 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.

Fair
  • Modeled value is 1.50× the median modeled value of Series B Biotechnology companies in 2022–2024 (197 peers) — value vs value, same stage and era.
  • Within the normal band (150% of peer median) for its niche.
Dormant
  • Last raise 4.4 yr ago; this sector typically re-raises about every 14 months.
  • Silent for over 3× the sector's normal cadence.
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

Walking Fish Therapeutics, Inc. is one of 4293 Biotechnology companies tracked from SOUTH SAN FRANCISCO. By capital raised it ranks in the upper tier (ahead of 79% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

pharma

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
3
Investors (latest)
2019
Year incorporated
2022-02-16
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$250M$500M$750M$1.0BSeries B · 2021-08-27 Raised $29M (real) Modeled valuation $696M (est)$29M$696MSeries B2021Series B · 2022-02-16 Raised $13M (real) Modeled valuation $251M (est)$13M$251MSeries B2022+$13MCumulative $41M

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
Series B$28.8M · 2021
Series B extension$12.7M · 2022

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 25%.

Modeled valuation trajectory
$250.7M
Base estimate est.
$25.4M
Conservative case
$706.5M
Upside case
$70.6M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.

Series B · modeled $696.3M · 2021-08-272021Series B · modeled $250.7M · 2022-02-162022
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
54%
Survival probability
36% low · 66% high
1.54×/yr
Annual markup
1.86×/yr upside case
4.4 yr
Elapsed time used
4.4 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
6 mo
Avg between rounds
$87.6M/yr
Capital velocity
4.8 yr
On record since
2021
First round
2
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) 5.8× above median
This company$41.5M
Sector median$7.2M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.7× of median
This company$12.7M
Sector median$17.5M
Modeled value — vs sector median (estimate, all stages) 3.9× above median
This company$250.7M
Sector median$64.2M

Raised more than 79% of sector peers (real $). Modeled value above 75% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) 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 #58 of 197.

This companyCohort peer
$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)Mt McKinley Medical Holding Corp USA · Series B Raised $40.0M · modeled $738.4M (est)YAP Therapeutics Inc · Series B Raised $30.1M · modeled $618.3M (est)Pinteon Therapeutics, Inc. · Series B Raised $39.2M · modeled $603.8M (est)OncXerna Therapeutics, Ltd. · Series B Raised $30.0M · modeled $591.4M (est)EpiBiologics, Inc. · Series B Raised $30.0M · modeled $570.2M (est)GIOGI Ltd · Series B Raised $27.3M · modeled $554.5M (est)SonoThera, Inc. · Series B Raised $30.4M · modeled $550.9M (est)Perceive Biotherapeutics, Inc. · Series B Raised $40.0M · modeled $544.6M (est)GIOCAN Ltd · Series B Raised $24.5M · modeled $498.6M (est)GIODIA Ltd · Series B Raised $24.5M · modeled $498.6M (est)GIOHEALTH Ltd · Series B Raised $24.5M · modeled $498.6M (est)Cerapedics Inc · Series B Raised $99.1M · modeled $492.3M (est)Walking Fish Therapeutics, Inc. (this company) Raised $41.5M · modeled $250.7M (est)Walking Fish Therapeutics, Inc.
CompanyStageRaised · realValue · estvs peer med.
Mt McKinley Medical Holding Corp USASeries B$40.0M$738.4M4.41×
YAP Therapeutics IncSeries B$30.1M$618.3M3.69×
Pinteon Therapeutics, Inc.Series B$39.2M$603.8M3.60×
OncXerna Therapeutics, Ltd.Series B$30.0M$591.4M3.53×
EpiBiologics, Inc.Series B$30.0M$570.2M3.40×
GIOGI LtdSeries B$27.3M$554.5M3.31×
SonoThera, Inc.Series B$30.4M$550.9M3.29×
Perceive Biotherapeutics, Inc.Series B$40.0M$544.6M3.25×
GIOCAN LtdSeries B$24.5M$498.6M2.97×
GIODIA LtdSeries B$24.5M$498.6M2.97×
GIOHEALTH LtdSeries B$24.5M$498.6M2.97×
Cerapedics IncSeries B$99.1M$492.3M2.94×
Walking Fish Therapeutics, Inc. this companySeries B$41.5M$250.7M1.50×
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.
Series B$28.8M2021-08-27$159.9M$696.3M90%
Series B$12.7M2022-02-16$70.6M$250.7M90%
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. Series B$28.8M2021-08-27
    • First recorded raise — entered as Series B.
    • 7 investors on this round.
  2. Series B$12.7M2022-02-16
    • Came back fast: 6 mo vs the ~14 mo sector norm.
    • Round 2.3× smaller than the prior — bridge or down round.
    • 3 investors on this round.
Intelligence
2022 ~Q3
Modeled next raise · ~6mo cadence
$12.7M
Modeled next size est.range $12.7M$20.3M
0.4×
Last step-up
$87.6M/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
Lewis T. Williams4 other2021-08
Franklin M. Berger3 other2021-08
Franklin T. Berger1 other2022-02
Momo M. Wu1 other2021-08
Alexis M. Ji2021-08
Alexis T. Ji2022-02
Antonin De M. Fougerolles2021-08
Antonin De T. Fougerolles2022-02
Daniel T. Janse2022-02
Manish T. Kothari2022-02
Momo T. Wu2022-02
Stella M. Xu2021-08
Stella T. Xu2022-02
Registry & provenance

Walking Fish Therapeutics, 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
1882704
SEC CIK
2019
Incorporated
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
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Mist Inhalation Wellness Technology LtdBiotechnologySeries B$40.0M$235.9Msame sector · same stage
Veralox Therapeutics Inc.BiotechnologySeries B$39.9M$272.8Msame sector · same stage
Amphp, Inc.BiotechnologySeries B$39.1M$304.8Msame sector · same stage
Novadigm Therapeutics IncBiotechnologySeries B$44.8M$278.3Msame 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
Navigator Medicines, Inc.BiotechnologySeries C$422.0M80%
Aristea Therapeutics, Inc.BiotechnologySeries C$2.3B80%
Pharmesol Inc.BiotechnologySeed$4.2M80%
Aqualung Therapeutics Corp.BiotechnologySeed$69.8M79%
Metabolics Pharma, Inc.BiotechnologySeries A$26.6M79%
Stingray Therapeutics, Inc.BiotechnologySeries A$3.0M79%
SLAM BioTherapeutics, Inc.BiotechnologySeries A$2.6M79%
Finch Therapeutics, Inc.BiotechnologySeed$165.8M79%
Frequently asked
How much funding has Walking Fish Therapeutics, Inc. raised?
Walking Fish Therapeutics, Inc. has raised approximately $41.5M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is Walking Fish Therapeutics, Inc.'s estimated valuation?
Provath's modeled valuation for Walking Fish Therapeutics, Inc. is approximately $250.7M (modeled range $25.4M–$706.5M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Walking Fish Therapeutics, Inc. at?
Walking Fish Therapeutics, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Wed Feb 16.
What does Walking Fish Therapeutics, Inc. do and where is it based?
Walking Fish Therapeutics, Inc. operates in the Biotechnology sector, based in SOUTH SAN FRANCISCO.
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