+146%

est. 2Y upside i

HealthcareSeries A

RNA medicines for liver diseases

Rank

#161

Sector

Biotechnology

Est. Liquidity

~4Y

Data Quality

Data: Low

The equity has substantial potential upside in bull and base cases, but the bear case is -100% given the $71.7M preference stack.

Last updated: July 19, 2026

Bull (20%)+373%

Exit multiple expands to 10x on projected $15.8M revenue, yielding $158M exit. After 20% dilution, upside is 373%.

Base (55%)+176%

Exit multiple converges to 6x on projected $15.8M revenue, yielding $95M exit. After 20% dilution, upside is 176%.

Bear (25%)-100%

Exit multiple compresses to 3x, but implied exit of $47.5M is below $71.7M total funding, so common stock returns -100% due to preference stack.

Est. time to liquidity~4.0 years

Preference Stack Risk

severe

Funding Intensity

223%

Total funding of $71.7M exceeds current valuation of $32.1M, creating severe preference overhang; common stock is underwater in a down-round scenario.

Dilution Risk

high

With $9.2M annual revenue and high R&D costs, another round is likely within 2 years, diluting existing equity by 15-25%.

Secondary Liquidity

none

No secondary transactions reported.

Questions to Ask at the Interview

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

  • 1

    “How does the partnership with Boehringer Ingelheim affect the company's cash runway and next financing plans?”

  • 2

    “What is the timeline for clinical trials and key catalysts over the next 2 years?”

  • 3

    “How does the equity structure (preferred vs common) impact employee ownership in various exit scenarios?”

Community

Valuation Sentiment

Our model estimates +146% 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.