-26%

est. 2Y upside i

HealthcareSeries C

Loyal is a clinical-stage veterinary medicine company developing drugs intended to extend the lifespan and healthspan of dogs. In other words, our mission is to help dogs live longer, healthier lives.

Rank

#2855

Sector

Animal Health / Biotechnology

Est. Liquidity

~3Y

Data Quality

Data: Low

Equity upside is negative in our base case due to a severe preference overhang ($308M funding vs ~$500M estimated valuation) and dilution risk.

Last updated: July 19, 2026

Bull (30%)+41%

If Loyal achieves FDA approval and captures market share, valuation multiple could hold at entry level or expand with IPO. Exit at ~17.5x revenue gives ~$878M market cap, but after 20% dilution common upside ~41%.

Base (50%)-36%

Multiple converges to ~8x forward revenue, exit value ~$402M, below entry. After dilution common stock loses ~36%.

Bear (20%)-100%

If clinical trials fail or competition enters, multiple compresses to ~3x. Exit value $151M, below $308M preference, common equity worthless.

Est. time to liquidity~2.5 years

Preference Stack Risk

severe

Funding Intensity

62%

Total funding $308M vs estimated entry valuation $500M, leaving limited upside for common until exit exceeds $808M.

Dilution Risk

high

With $100M raised recently and high burn, additional rounds likely within 2 years, diluting common by ~20%.

Secondary Liquidity

none

No secondary market data available; private company, no tender offers.

Questions to Ask at the Interview

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

  • 1

    “How does Loyal's valuation compare to public animal health biotechs?”

  • 2

    “What is the expected timeline to revenue from the lead drug?”

  • 3

    “How does the cap table and preference stack affect common equity 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.