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- Casma Therapeutics
Casma Therapeutics Valuation, Funding & Investors
Casma Therapeutics is valued at $460M as of May 2018.
Last Casma Therapeutics valuation
$460M
Series A · May 2018
Last Casma Therapeutics funding round
$46M
Series C · Nov 2022
Cumulative funding Casma Therapeutics raised
$155M
across 3 funding rounds
Key investors in Casma Therapeutics
Third Rock Ventures
The Column Group
Mirae Asset
Amgen Ventures
Euclidean Capital
Schroders Capital
About Casma Therapeutics
Casma Therapeutics is a biotechnology company engineering small molecules to modulate autophagy for treating neurodegenerative and muscle diseases. Cambridge, Massachusetts-headquartered, it targets lysosomal storage disorders and inflammation through selective TFEB and ULK1 activators. The firm advanced its lead candidate into preclinical studies for Parkinson's disease models.
Founded
2017
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$460M (May 2018)
Sectors
Casma Therapeutics Valuation
Casma Therapeutics is currently valued at $460M, based on its Series A in May 2018.
The $59M round was led by Third Rock Ventures.
Casma Therapeutics valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2018 | Series A | $460M |
Casma Therapeutics Funding History
Casma Therapeutics has raised a total of $155M across 3 funding rounds.
Casma Therapeutics' first fundraising round was a $59M Series A in May 2018. The most recent completed round was a $46M Series C in November 2022.
Casma Therapeutics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2022 | Series C | Mirae Asset; Amgen Ventures; The Column Group; Third Rock Ventures; Eisai Co.; Ono Venture Investment; Schroders Capital; Astellas Venture Management; Euclidean Capital; Eventide Management Partners | $46M | - | Casma Therapeutics is a Cambridge, Massachusetts-based biotechnology company focused on developing innovative therapies that engage the autophagy system to selectively degrade disease-causing proteins. The company's lead platform, PHLYT™, is designed to target previously "undruggable" proteins through autophagy-based degradation, with applications across oncology, inflammation, neurodegeneration, and metabolic disorders. On November 15, 2022, Casma closed a Series C funding round of $46.0 million. The round was led by new and existing investors including Amgen Ventures, Astellas Venture Management, Eisai, Euclidean Capital, Eventide Asset Management, Mirae Asset, Ono Venture Investment, Schroders Capital, The Column Group, and Third Rock Ventures. This represented the company's latest funding as of the current date, bringing total capital raised to $154.87 million across four rounds. Proceeds from the Series C were designated to advance Casma's lead program for MYD88 mutant lymphoma through preclinical studies and into IND-enabling studies. CEO Keith Dionne highlighted the funding as enabling acceleration of the company's drug pipeline focused on autophagy-based degradation. Dr. Hiromichi Kimura of Astellas Ventures joined Casma's board of directors, while other investors served as board observers. Casma's team brings extensive expertise in cellular degradation biology and drug development. The company's PHLYT™ platform represents a differentiated approach to protein degradation, with the potential to target disease-causing proteins and organelles that have historically been considered intractable. The investment reflects growing market interest in novel therapeutic modalities for serious diseases across multiple therapeutic areas. As a preclinical-stage biotech company, Casma had not generated commercial revenue at the time of the Series C round. |
| Sep 2020 | Series B | The Column Group (lead); Eventide; Schroder Adveq; Third Rock Ventures | $50M | - | Casma Therapeutics is a biotechnology company founded in 2018 and headquartered in Cambridge, Massachusetts, focused on harnessing autophagy and lysosomal systems for targeted protein degradation to treat diseases in neurodegeneration, oncology, inflammation, and metabolic disorders. The company develops therapies like TRPML1 agonists for Gaucher's disease-associated Parkinson's and the PHLYT degrader platform for complex targets such as protein aggregates and organelles. Investors include The Column Group, Third Rock Ventures, Eventide Asset Management, and Schroders Capital, with The Column Group as lead for the Series B. On approximately September 10, 2020, Casma Therapeutics completed a Series B funding round. This preceded a Series C round of $46M on November 15, 2022, led by new and existing investors including Amgen Ventures, Astellas, Eisai, and Ono Venture Investment, bringing total funding to $154.87M across four rounds. |
| May 2018 | Series A | Third Rock Ventures (lead) | $59M | $460M | Casma Therapeutics, a biotechnology company based in Cambridge, Mass., launched on May 3, 2018, with $58.5 million in Series A funding solely from Third Rock Ventures to harness the cellular process of autophagy for developing breakthrough therapies targeting lysosomal storage disorders, liver and muscle diseases, inflammation, and neurodegeneration. The company focuses on enhancing autophagy to address diseases involving toxic buildup of cellular waste, such as rare genetic lysosomal storage disorders (LSDs) where enzyme replacement therapies have limited efficacy, particularly for central nervous system-affected conditions, with potential expansion to neurodegenerative disorders like Parkinson’s, muscle myopathies, and liver issues. Leadership included interim executives from Third Rock Ventures' network: CEO Keith Dionne, interim COO Frank Gentile, interim CSO Bob Tepper, and interim CBO Cary Pfeffer. The funding supported initial drug discovery efforts to develop small molecules that precisely induce autophagy, distinct from broad-acting mTOR inhibitors, alongside developing biomarkers to measure efficacy. Subsequent financings included a $50 million Series B in September 2020 led by The Column Group with participation from Third Rock Ventures, Eventide Asset Management, and Schroder Adveq to advance a TRPML1 agonist for muscular dystrophy and the autophagy degrader platform, followed by a $46 million Series C in November 2022 with multiple investors including Third Rock. Total funding reached approximately $154.87 million across four rounds by 2022. |
Who has invested in Casma Therapeutics?
12 investors have backed Casma Therapeutics across its funding rounds, including Third Rock Ventures, The Column Group, Mirae Asset, Amgen Ventures, Euclidean Capital and Schroders Capital.
Lead investors include The Column Group and Third Rock Ventures.
Casma Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | May 2018 | ||
| 2 | Lead | Sep 2020 | ||
| 1 | Participant | Nov 2022 | ||
| 1 | Participant | Nov 2022 | ||
| 1 | Participant | Sep 2020 | ||
| 1 | Participant | Sep 2020 | ||
| 1 | Participant | Nov 2022 | ||
| 1 | Participant | Nov 2022 | ||
| 1 | Participant | Nov 2022 | ||
| 1 | Participant | Nov 2022 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialCasma Therapeutics Competitors
Casma Therapeutics competitors include listed companies like SanBio, Eikon Therapeutics and Hyundai Bioscience, and private ones like Triastek, NILO Therapeutics and Syndeio Biosciences.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | - | ($27M) | $460M | 44.3x | ||
| Private | $23M | - | $464M | 20.2x | ||
| Publicly listed | - | ($315M) | $465M | - | ||
| Publicly listed | $3M | ($14M) | $468M | - | ||
| Private | - | - | $450M | - | ||
| Private | - | - | $450M | - |
Casma Therapeutics Public Comps
Casma Therapeutics is still privately-owned, but its public comps include SanBio, Eikon Therapeutics, Hyundai Bioscience, Qyuns Therapeutics, Relmada Therapeutics, PKU Healthcare, YungShin Global Holding, Blau Farmacêutica, Synmosa Biopharma and Allergy Therapuetics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | ($27M) | - | 44.3x | (14.1x) | (15.7x) | |||
| - | ($315M) | - | - | (0.6x) | (0.5x) | |||
| $3M | ($14M) | 177.1x | - | (31.6x) | - | |||
| $120M | $52M | 3.5x | 3.6x | 8.0x | 8.1x | |||
| - | ($59M) | - | - | (3.9x) | - | |||
| $221M | $23M | 1.5x | - | 14.5x | - | |||
| $263M | $49M | 1.7x | - | 9.0x | - | |||
| $331M | $94M | 1.4x | 1.3x | 5.0x | 5.2x | |||
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Common questions about Casma Therapeutics
| When was Casma Therapeutics founded? | Casma Therapeutics was founded in 2017. |
| Where is Casma Therapeutics headquartered? | Casma Therapeutics is headquartered in United States. |
| Is Casma Therapeutics publicly listed? | No, Casma Therapeutics is a private, VC-backed company. |
| What is Casma Therapeutics' valuation? | Casma Therapeutics was last valued at $460M in its Series A in May 2018. |
| How much funding has Casma Therapeutics raised? | Casma Therapeutics has raised $155M across 3 funding rounds. |
| What was Casma Therapeutics' last funding round? | Casma Therapeutics' last funding round was a $46M Series C in November 2022. |
| Who are Casma Therapeutics' investors? | Casma Therapeutics' investors include Third Rock Ventures, The Column Group, Mirae Asset, Amgen Ventures, Eventide, Schroder Adveq, Eisai Co., Ono Venture Investment, Schroders Capital, Astellas Venture Management and 2 others. |
| Which companies are comparable to Casma Therapeutics? | Companies comparable to Casma Therapeutics include SanBio, Triastek, Eikon Therapeutics, Hyundai Bioscience, NILO Therapeutics and Syndeio Biosciences. |
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