-17%

est. 2Y upside i

HealthcareSeries B

Modern, AI-powered clinical trial software platform.

Rank

#2696

Sector

Healthtech, Clinical Trial Management Software

Est. Liquidity

~4Y

Data Quality

Data: Low

Curebase offers negative expected returns (-17.4%) over a 2-year horizon due to a stale $194.6M valuation (11x ARR), high preference overhang ($59M), and likely dilutive funding.

Last updated: July 19, 2026

Bull (15%)+50%

Curebase capitalizes on growing DCT market and leverages AI platform to achieve ~$33M revenue. Exit at 10x forward revenue ($330M) yields 69.5% pre-dilution, net 49.5% after 20% dilution.

Base (50%)-1%

Revenue grows to ~$33M but multiple contracts to 7x ($231M). Pre-dilution upside 18.7% becomes -1.3% after 20% dilution.

Bear (35%)-69%

Slower growth and multiple compression to 3x ($99M). Pre-dilution -49.1% net -69.1% after 20% dilution. Common stock impaired but preference overhang not triggered above $59M.

Est. time to liquidity~4.0 years

Preference Stack Risk

high

Funding Intensity

3030%

Total preferred stock of $59M represents 30.3% of entry valuation, meaning common stock is subordinate to a significant liquidation preference.

Dilution Risk

moderate

Company has not raised since May 2022; with $17.7M ARR and likely cash burn, additional funding likely within 2 years, potentially diluting common by 15-25%.

Secondary Liquidity

none

No secondary market transactions detected; employee shares likely illiquid until a liquidity event.

Questions to Ask at the Interview

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

  • 1

    “How does Curebase's AI platform specifically reduce trial cycle times compared to Medidata or Oracle?”

  • 2

    “What is the company's path to positive unit economics given high customer acquisition costs in clinical trials?”

  • 3

    “How does the company plan to achieve liquidity for employees given no IPO signals and a stale valuation?”

Community

Valuation Sentiment

Our model estimates -17% 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.