Theracos Valuation, Funding & Investors

Theracos is valued at $327M as of September 2013.

Last Theracos valuation

$327M

Undisclosed stage · Sep 2013

Last Theracos funding round

$25M

Undisclosed stage · Jan 2016

Cumulative funding Theracos raised

$118M

across 2 funding rounds

Theracos Overview

About Theracos

Theracos is a Marlborough, Massachusetts-based pharmaceutical company founded in 2000, advancing oral antidiabetic agents and therapies for metabolic disorders. Its pipeline includes Bexagliflozin, a SGLT2 inhibitor in Phase III for type 2 diabetes and chronic kidney disease, partnered with Janssen. Theracos leverages expertise in formulation and clinical trial execution across toxicology and regulatory domains.


Founded

2000

HQ

United StatesBoston, MA

Status

Privately held

Customer focus

B2B

Revenue model

Licensing

Valuation

$327M (Sep 2013)

Theracos Valuation

Theracos is currently valued at $327M, based on its undisclosed-stage round in September 2013.

Theracos valuation by funding round

Theracos valuation by funding round
DateStageValuation
Sep 2013Undisclosed stage$327M

Theracos Funding History

Theracos has raised a total of $118M across 2 funding rounds.

Theracos' first fundraising round was a $93M undisclosed-stage round in September 2013. The most recent completed round was a $25M undisclosed-stage round in January 2016.

Theracos funding rounds

Theracos funding rounds
DateStageRaisedValuationDeal Summary
Jan 2016Undisclosed stage$25M-Theracos, a Marlborough, MA-based biopharmaceutical company, raised $25 million in equity and debt funding on January 19, 2016, to support the development of bexagliflozin, an experimental SGLT-2 inhibitor for treating type 2 diabetes. The funding came as the company recruited patients for a Phase IIb dosing trial to evaluate bexagliflozin's impact on lowering hemoglobin A1c levels in type 2 diabetes patients, following positive results from a Phase II trial completed in 2014 that demonstrated statistically significant HbA1c reduction over 96 weeks. SGLT-2 inhibitors target a membrane protein facilitating glucose entry into cells and have proven effective for type 2 diabetes management, positioning Theracos in competition with approved drugs like Invokana (Johnson & Johnson), Farxiga and Xigduo XR (AstraZeneca), and Jardiance and Glyxambi (Eli Lilly and Boehringer Ingelheim). No investors were named in the announcements, and the funds were earmarked specifically for advancing bexagliflozin's clinical development amid an FDA warning on the class around that time. Sources provide no details on valuation, revenue, ARR, EBITDA, or multiples for this round, with one database listing a $0.00 BN valuation without substantiation.
Sep 2013Undisclosed stage$93M$327MTheracos is a biopharmaceutical company developing bexagliflozin, an experimental SGLT-2 inhibitor for the treatment of Type 2 diabetes. SGLT2 inhibitors work by blocking a membrane protein (sodium-glucose linked transporter 2) that controls glucose entry into cells. In September 2013, Theracos completed a Series C funding round with a post-money valuation of $327.39 million. The company has raised $135.86 million in total funding to date across multiple rounds. At the time of the Series C, Theracos was conducting clinical trials for bexagliflozin; a Phase II trial completed in 2014 demonstrated that the compound achieved statistically significant lowering of hemoglobin A1c (HbA1c) levels over a 96-week treatment course, and the company was moving forward with a Phase IIb dosing trial. The SGLT2 inhibitor class was generating significant market interest, with competing products from major pharmaceutical companies including Johnson & Johnson's Invokana, AstraZeneca's Farxiga and Xigduo XR combination drug, and Eli Lilly and Boehringer Ingelheim's Jardiance and Glyxambi.

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Theracos Competitors

Theracos competitors include listed companies like Julphar, Agenus, Sionna Therapeutics and Q32 Bio, and private ones like AIRNA and Vanqua Bio.

Public and private companies comparable to Theracos
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
JulpharUAEUAEPublicly listed$293M$34M$327M1.0x
AgenusUnited StatesUnited StatesPublicly listed$114M$62M$326M2.6x
Sionna TherapeuticsUnited StatesUnited StatesPublicly listed-($88M)$324M-
Q32 BioUnited StatesUnited StatesPublicly listed$54M$29M$323M14.3x
AIRNAUnited StatesUnited StatesPrivate--$331M-
Vanqua BioUnited StatesChicago, ILPrivate--$333M-

Theracos Public Comps

Theracos is still privately-owned, but its public comps include Julphar, Agenus, Sionna Therapeutics, Q32 Bio, Ildong Pharmaceutical, Compass Therapeutics, GC Biopharma, Abeona Therapeutics, SAB Bio and Medy-Tox.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Julphar$293M$34M1.1x1.0x9.0x6.9x
Agenus$114M$62M3.0x2.6x5.5x-
Sionna Therapeutics-($88M)--(1.4x)(1.0x)
Q32 Bio$54M$29M4.1x14.3x7.6x(10.2x)
Ildong Pharmaceutical$413M$48M0.9x0.9x7.9x-
Compass Therapeutics-($73M)--(2.2x)(1.8x)
GC Biopharma$1.8B$87M1.2x-24.1x-
Abeona Therapeutics$6M($75M)33.1x4.6x(2.6x)-

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Common questions about Theracos

When was Theracos founded?Theracos was founded in 2000.
Where is Theracos headquartered?Theracos is headquartered in Boston, MA, United States.
Is Theracos publicly listed?No, Theracos is a private company.
What is Theracos' valuation?Theracos was last valued at $327M in its undisclosed-stage round in September 2013.
How much funding has Theracos raised?Theracos has raised $118M across 2 funding rounds.
What was Theracos' last funding round?Theracos' last funding round was a $25M undisclosed-stage round in January 2016.
Which companies are comparable to Theracos?Companies comparable to Theracos include Julphar, Agenus, Sionna Therapeutics, Q32 Bio, AIRNA and Vanqua Bio.

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