RE: R & D Spotlight Event - Slide Deck2 Nov 2024 13:03
I asked ChatGPT how much is typically given in b2 raises….
In biotech, Series B2 funding rounds are less common than Series B rounds, but they typically occur when a company requires additional capital before reaching Series C or preparing for clinical trials. Equity given away in these rounds can vary, but it generally depends on the company’s stage, valuation, and investor negotiations. Here are a few examples and typical equity percentages in biotech:
1. **Graphite Bio (2021)**: In its Series B round, the gene-editing company raised about $150 million, with an estimated equity dilution of around 20-25%. This is typical when raising larger amounts for scaling research and clinical preparations in biotech.
2. **Immunocore (2020)**: In its Series B and B2 rounds, Immunocore raised $130 million to advance its T-cell receptor-based therapies. The specific equity given away was not disclosed, but similar rounds in the industry generally see about 10-30% equity offered depending on valuation and funding stage.
3. **Codiak BioSciences (2019)**: During its Series B and later B2 rounds, Codiak raised over $150 million, giving away an estimated 20-30% equity. The high valuation of Codiak's exosome platform allowed them to avoid excessive dilution while securing the capital needed for pre-clinical trials.
Typically, for Series B rounds (including B2), biotech companies may give up **10-30% equity** to investors. The specific percentage often depends on the company's pre-money valuation and the stage of clinical or pre-clinical trials.
Say 20%. $150m. Values the company at $750m, but it would unlock getting ava6k for STS to market, maybe P2 for breast, next gen to the clinic and they could pay the CLN in cash. Sounds good to me.