-67%

est. 2Y upside i

HealthcareCybersecuritySeries A

Apheris is revolutionizing how sensitive data is leveraged for advanced analytics and AI in pharma and healthcare. Through federated computing and AI, we are building the world’s largest healthcare and life sciences data network.

Rank

#1125

Sector

Life Sciences AI, Federated Learning, Cybersecurity

Est. Liquidity

~4Y

Data Quality

Data: Medium

Apheris presents a strong upside opportunity driven by its specialized platform in the high-growth Life Sciences AI and federated learning sector, evidenced by its $7M revenue and a recent $21M Series A round.

Last updated: March 10, 2026

Bull (30%)+300%

Apheris becomes the dominant platform for federated learning in life sciences, expanding beyond pharma to other healthcare segments. Revenue grows to $50M+ by 2028, justifying an $800M+ valuation at 16x revenue, driven by strong customer adoption and strategic partnerships.

Base (30%)+75%

Apheris continues to grow steadily within its niche, securing more pharma clients but facing increasing competition from incumbents. Revenue reaches $20M-$25M by 2028, leading to a $350M valuation, reflecting a healthy but not explosive growth trajectory.

Bear (40%)-80%

Large cloud providers or specialized incumbents successfully enter the federated learning space, commoditizing Apheris's core offering. Growth stalls, leading to a down round or acquisition at a significantly reduced valuation of $40M, wiping out most common stock value due to $41.5M in liquidation preferences.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Investors hold $41.5M in liquidation preferences ahead of common stockholders. In an exit at or below $41.5M, common stock would receive nothing. In an exit at the estimated current valuation of $200M, $158.5M would be distributed to common shareholders after preferences.

Dilution Risk

high

As a Series A company, Apheris is highly likely to pursue additional funding rounds (Series B, C, etc.) within the next 2 years, which will lead to further dilution of existing equity holders.

Secondary Liquidity

none

Given its Series A stage, there is currently no active secondary market or tender offers for Apheris equity.

Other — 2 roles

View all 2 open roles at Apheris →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Apheris's data — designed to show you've done your homework.

  • 1

    “Given the increasing investment by large cloud providers like AWS and Google into federated learning capabilities, how does Apheris plan to maintain its competitive edge and differentiate its offering beyond its current specialization in life sciences?”

  • 2

    “With a current revenue of ~$7M and a stated goal to create the largest and most secure life sciences data network by connecting distributed health data for AI and analytics by 2025 end, what are the key milestones and growth strategies Apheris is focused on to achieve this ambitious target, and how will that translate into revenue growth?”

  • 3

    “Considering the Series A funding and the significant liquidation preferences, how is the company thinking about a liquidity event timeline for employees, and what are the plans for managing future dilution as it raises subsequent rounds?”

Community

Valuation Sentiment

Our model estimates -67% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.