Katana is a real, growing business at $10.3M ARR, but the equity case for a new hire is severely compromised by the preference overhang — $68.6M in total funding against an estimated ~$85M valuation leaves only ~$16-21M of common equity value today, meaning any exit below ~$69M wipes out common stockholders entirely.Read more

Equity upside is negative on a probability-weighted basis (-9.1%) due to a stale round valuation, uncertain growth, and high competitive risk.Read more