+26%

est. 2Y upside i

HealthcareSeries A

Rank

#1460

Sector

Biotechnology

Est. Liquidity

~5Y

Data Quality

Data: Low

Due to missing valuation data and pre-revenue status, analysis confidence is low.

Last updated: July 19, 2026

Bull (30%)+200%

Platform validation via partnerships and clinical progress leads to funding round at $600M valuation by 2026, driven by Kimbe partnership and ARPA-H award.

Base (45%)-20%

Modest progress but no major catalysts; valuation remains near $200M, with dilution from 20% option pool and future raise eroding value.

Bear (25%)-100%

Clinical failure or inability to raise next round; preference stack leads to common stock recovery of -100% given $125M preference overhang.

Est. time to liquidity~5.0 years

Preference Stack Risk

severe

Funding Intensity

63%

Total funding $125M vs estimated valuation $200M gives 62.5% preference overhang; common stock sees value only above $125M exit.

Dilution Risk

high

Assumed 20% dilution from option pool and future raise; actual dilution likely higher given no revenue and need for additional capital.

Secondary Liquidity

none

No secondary market indicated; shares are illiquid until exit.

Questions to Ask at the Interview

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

  • 1

    “How does Cellino compare to Sana's platform? Given the lack of revenue, what milestones would trigger a meaningful valuation increase? What is the expected timeline to IPO or acquisition?”

  • 2

    “It has been over 4 years since the Series A. What is the current stage of clinical trials and what is the burn rate? How much additional funding will be needed before cash flow positive?”

  • 3

    “Given the preference stack, what is the projected ownership dilution for employees over next rounds? At what exit would common stock see significant value?”

Community

Valuation Sentiment

Our model estimates +26% 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.