Diligence memo · auto-generated · as of July 2, 2026
X-Therma Inc.
X-Therma Inc. looks fair against its niche peers and is at-risk on financing cadence.
Businessfiled
X-Therma Inc. operates in Biotechnology, based in HERCULES.
No verified homepage on file yet — operating evidence is limited to the public record.
Capital & rounds (filed)filed
X-Therma Inc. has raised $35M in disclosed capital across 3 recorded rounds, aggregated from public filings. Its latest round is modeled as Series B (a $15M–$40M round).
Largest single filing: $22M on 2024-03-08.
Most recent recorded round closed around 2024-03-08.
Valuation (modeled)modeled
Provath models X-Therma Inc. at approximately $183M (range $45M–$348M). This is an algorithmic estimate from round sizes and same-niche peers — not a quoted or reported figure.
Read: 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.
Financing rhythm & timingmixed
Historic cadence: a new round about every 14 months.
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.
The last round stepped up 8.5× from the prior — scaling.
Comparablesmixed
Capital scale ranks ahead of 77% of Biotechnology peers (4293 compared).
Modeled value ranks above 71% of those peers.
Closest niche peers: Mt McKinley Medical Holding Corp USA, YAP Therapeutics Inc, Pinteon Therapeutics, Inc., OncXerna Therapeutics, Ltd., EpiBiologics, Inc..
Peoplefiled
4 named people on file across officers, directors and signatories.
Risks & flagsmixed
Overdue for a raise versus sector norm — distress or bridge risk.
No clearly named CEO/founder/principal in the surfaced records — key-person evidence is thin.