Companies · Biotechnology

X-Therma Inc.

HERCULES · Biotechnology

Diligence memoA one-page analyst read on X-Therma Inc. — recommendation, valuation, rhythm, risks.
$35.4M
Total raised · real
3
Rounds
8.5×
Latest step-up
Top 24%
Sector rank · raised
Series B
Latest stage · inferred · Fri Mar 08 2024 00:00:00 GMT+0000 (Coordinated Universal Time)

X-Therma Inc. looks fair 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.

Fair
  • Modeled value is 1.09× 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 (109% of peer median) for its niche.
At-risk
  • Last raise 2.3 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

X-Therma Inc. is one of 4293 Biotechnology companies tracked from HERCULES. By capital raised it ranks in the upper tier (ahead of 77% 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.

As reported in public records reported — not modeled.

US
Jurisdiction
$0–$1M
Issuer revenue
Rule 506(b)
Reg D exemption
39
Investors (latest)
2024-03-08
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$50M$100M$150M$200MSeries A · 2021-10-22 Raised $10M (real) Modeled valuation $199M (est)$10M$199MSeries A2021Series A · 2021-12-17 Raised $2.6M (real) Modeled valuation $47M (est)$2.6M$47MSeries A2021Series B · 2024-03-08 Raised $22M (real) Modeled valuation $183M (est)$22M$183MSeries B2024+$2.6M+$22MCumulative $35M

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 A$10.4M · 2021
Series A extension$2.6M · 2021
Series B$22.4M · 2024

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 50%.

Modeled valuation trajectory
$182.8M
Base estimate est.
$44.8M
Conservative case
$347.5M
Upside case
$124.3M
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 A · modeled $199.2M · 2021-10-222021Series A · modeled $47.3M · 2021-12-17Series B · modeled $182.8M · 2024-03-082024
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
2.3 yr
Elapsed time used
2.3 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
14 mo
Avg between rounds
$14.9M/yr
Capital velocity
4.7 yr
On record since
2021
First round
3
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) 4.9× above median
This company$35.4M
Sector median$7.2M
Latest round — vs other Series B rounds in sector (real $, this stage) 1.3× above median
This company$22.4M
Sector median$17.5M
Modeled value — vs sector median (estimate, all stages) 2.8× above median
This company$182.8M
Sector median$64.2M

Raised more than 77% of sector peers (real $). Modeled value above 71% 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 #92 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)X-Therma Inc. (this company) Raised $35.4M · modeled $182.8M (est)X-Therma 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×
X-Therma Inc. this companySeries B$35.4M$182.8M1.09×
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 A$10.4M2021-10-22$47.1M$199.2M90%
Series A$2.6M2021-12-17$12.0M$47.3M90%
Series B$22.4M2024-03-08$124.3M$182.8M90%
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 A$10.4M2021-10-22
    • First recorded raise — entered as Series A.
    • 20 investors on this round.
  2. Series A$2.6M2021-12-17
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 3.9× smaller than the prior — bridge or down round.
    • 20 investors on this round.
  3. Series B$22.4M2024-03-08
    • Raised again after 27 mo — slower than the ~14 mo sector norm.
    • Round 8.5× larger than the prior — scaling up.
    • 39 investors on this round.
Intelligence
2025 ~Q2
Modeled next raise · ~14mo cadence
$67.1M
Modeled next size est.range $43.6M$107.4M
8.5×
Last step-up
$14.9M/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 Greenwood2024-03
Johannes Weggemann2021-10
Mark Kline2021-10
Xiaoxi Wei2021-10
Registry & provenance

X-Therma 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
1893252
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
Quantalife IncBiotechnologySeries B$36.2M$141.2Msame sector · same stage
Aminex Therapeutics, Inc.BiotechnologySeries B$34.5M$221.7Msame sector · same stage
Radiant Biotherapeutics Inc.BiotechnologySeries B$34.3M$228.9Msame sector · same stage
Epicore Biosystems, Inc.BiotechnologySeries B$37.1M$151.3Msame sector · same stage
Bright Minds Biosciences Inc.BiotechnologySeries B$37.4M$212.9Msame sector · same stage
Caldera Therapeutics, Inc.BiotechnologySeries B$37.5M$139.2Msame sector · same stage
GRO Biosciences Inc.BiotechnologySeries B$33.3M$191.9Msame sector · same stage
Yor Labs, Inc.BiotechnologySeries B$37.7M$167.2Msame 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
X-Biomedical Inc.BiotechnologyPre-Seed$23.5M91%
Xeno Biosciences Inc.BiotechnologySeries A$16.4M89%
Xenetic Biosciences, Inc.BiotechnologySeries A$5.9M88%
X-Vax Technology, Inc.BiotechnologySeries C$2.3B88%
Thermaband, Inc.BiotechnologyPre-Seed$10.3M88%
X-Rase RD Development, LLCBiotechnologySeed$41.4M87%
Xanadu Bio, Inc.BiotechnologySeries A$33.7M87%
XDemics CorpBiotechnologySeries A$20.7M87%
Frequently asked
How much funding has X-Therma Inc. raised?
X-Therma Inc. has raised approximately $35.4M in disclosed capital across 3 recorded financing rounds, aggregated from public filings.
What is X-Therma Inc.'s estimated valuation?
Provath's modeled valuation for X-Therma Inc. is approximately $182.8M (modeled range $44.8M–$347.5M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is X-Therma Inc. at?
X-Therma Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Fri Mar 08.
What does X-Therma Inc. do and where is it based?
X-Therma Inc. operates in the Biotechnology sector, based in HERCULES.
Explore related

See where X-Therma 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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