Funding profile · Precision oncology

Notable Labs

Six Form D offerings, about $82.2 million sold over nine years, a Nasdaq listing by reverse merger in October 2023, and a Chapter 7 petition twelve months later. The filings show the shape of the ending well before it arrived.

$82.2MSold across six Form D offerings, 2014 to 2023
$10.3MPre-merger placement, filed as sold in full, March 2023
$11.8MCash at Dec 31, 2023, first year end after listing
$4.1MCash at Jun 30, 2024, the last balance sheet ever filed

Data as of September 23, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2014 to 2017 Seed and bridge, two filings $7,203,500 63 investors Form D
Aug 2017 Series A $14,840,492 of $17.7M offered 95 investors · Rule 506(c) Form D
Jun 2019 Series B $39,757,561 of $44.0M offered 37 investors. Co-led by B Capital Group and LifeForce Capital per press Form D and press
Jun 2022 Bridge $10,063,252 of $10.5M offered 19 investors Form D
Feb 2023 Pre-merger placement $10,336,259 26 investors. Builders VC, B Capital Group, Y Combinator, First Round Capital and Founders Fund named in the release Form D and release
2017 to 2023 Six single-company vehicles $2,996,909 151 investors across Alumni Ventures, Gaingels and four Bioverge funds Form D
Oct 2023 Reverse merger with VBL Therapeutics VBL net cash, not separately disclosed Former VBL holders took 28.1% of the company Form 10-K

What the filings show

Notable Labs, Inc. · Form D · filed Aug 31, 2017

First sale
Aug 16, 2017
Offered
$17,723,732 equity
Sold
$14,840,492 · $2,883,240 remaining
Investors
95 · average about $156,000
Exemption
Rule 506(c)
Filing
SEC EDGAR, CIK 0001674834

Notable Labs, Inc. · Form D · filed Dec 13, 2019

First sale
Jun 28, 2019
Offered
$43,997,297 equity and options
Sold
$39,757,561 · $4,239,736 remaining
Investors
37 · average about $1,074,500
Filing
SEC EDGAR, CIK 0001674834

Notable Labs, Inc. · Form D · filed Jul 15, 2022

First sale
Jun 30, 2022
Offered
$10,500,000
Sold
$10,063,252 · $436,748 remaining
Investors
19 · average about $529,600
Filing
SEC EDGAR, CIK 0001674834

Notable Labs, Inc. · Form D · filed Mar 8, 2023

First sale
Feb 21, 2023, two days before the merger announcement
Sold
$10,336,259 of $10,336,259
Investors
26 · average about $397,500
Business combination
Yes
Sales compensation
JMP Securities LLC
Filing
SEC EDGAR, CIK 0001674834

Six single-company vehicles · Form D · 2017 to 2023

Bioverge Notable II
$70,000 from 7 investors, 2017
Bioverge Notable III
$118,500 from 18 investors, 2019
AVGSF Notable Labs 2019
$2,116,200 from 65 investors, Nov 2019, Alumni Ventures
Gaingels Notable Labs
$177,500 from 18 investors, 2022
Bioverge Notable V
$189,209 of $200,000 from 21 investors, 2022
Bioverge Notable VI
$325,500 from 22 investors, 2023
Filing
SEC EDGAR, CIKs 0001709700, 0001774424, 0001794028, 0001911439, 0001916403, 0001967670

Reading the filings

  1. The average cheque shows when the institutions arrived and when they left.The 2017 Series A took $14,840,492 from 95 investors, about $156,000 each. The 2019 round took $39,757,561 from 37 investors, about $1,074,500 each. The 2023 placement took $10,336,259 from 26 investors, about $397,500 each.
  2. The last private raise was sold to the dollar, and dated before the announcement.The March 2023 Form D reports $10,336,259 offered and the same amount sold, first sale February 21, 2023. The merger was announced February 23 and the release called it $10.3 million. Filing and announcement agree, which is not always true, and the filing marks the business combination box.
  3. About $3.0 million arrived through vehicles rather than direct cheques.Six single-company funds filed their own Form Ds between 2017 and 2023, raising $2,996,909 from 151 people. That is not additive. Each vehicle bought into a round and appears in the company filing as one investor, so the investor counts understate the people exposed.
  4. The ownership split moved twice, and only downward for the incoming side.February 2023 said about 76 percent Notable and 24 percent VBL. The October 2023 closing release said 75 and 25. The Form 10-K, after net cash adjustments, states 71.9 and 28.1 fully diluted. The mechanism was disclosed in advance, so the drift measures how much cash VBL brought relative to plan.
  5. The reverse merger reset the reported deficit by about $217 million.Notable Labs, Inc. was the accounting acquirer in a reverse recapitalisation, so the historical financials became Notable’s. Accumulated deficit at September 30, 2023 was $298,957,000. At December 31, 2023 it was $82,308,000. Nothing was paid down. The predecessor stopped being the reporting company.
  6. Burn, not science, set the clock.Cash was $11,825,000 at December 31, 2023, $8,171,000 at March 31, 2024 and $4,092,000 at June 30, 2024. Operating cash used in the first half was $7,271,000, about $1.2 million a month. At that rate the June 30 balance covered about three and a half months. Chapter 7 came three and a half months later.

Commercial signals

Signal Detail Source type
Revenue $0.3 million of diagnostic revenue for 2023, against $0.2 million of cost of services. No product revenue ever. Public record
Losses Net loss $11,264,000 for 2023 and $8,985,000 for the first half of 2024. Research and development $4.7 million against general and administrative $10.1 million. Public record
Going concern Substantial doubt disclosed in the 2023 Form 10-K and the June 2024 Form 10-Q, with management stating it was not probable its plans would be effectively implemented. Public record
Listing Minimum bid price deficiency notice July 17, 2024, deadline January 13, 2025. Delisting determination October 14, 2024. Not appealed. Trading suspended October 23, 2024. Public record
Licence economics Volasertib licensed from Oncoheroes Biosciences, October 2021. Up to $8 million of milestones, royalties from mid-single digits to the mid-teens, and a $1.5 million SAFE to the licensor. Terminable on insolvency. Public record
Wind down Restructuring officer engaged through Province Fiduciary Services at $900 an hour. Reduction in force charges estimated at $0.1 million. Public record

What to watch

  • Whether the Chapter 7 trustee sold the volasertib sublicence, the platform or the sample dataset.
  • Whether Oncoheroes reclaimed the adult indications on insolvency.
  • Bioverge, Alumni Ventures and Gaingels investors held the retail end of this cap table.
  • No periodic report has been filed since August 2024.

The Notable Labs story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Reverie Labs: Shared investor: First Round. A Cambridge company that used machine learning to design brain penetrant kinase inhibitors for cancer
  • Ochre Bio: Shared investor: Gaingels. An Oxford company that designs RNA drugs and tests them in whole human donor livers kept alive on machines
  • Helix Nanotechnologies: Shared investor: Founders Fund. An mRNA company that started on cancer, turned to COVID-19 in one week of March 2020, and took a single vaccine candidate into a first human study in Australia
  • 64x Bio: Shared investor: First Round. A Harvard spinout that engineers the cells which manufacture viral vectors, rather than the therapies those vectors carry

Sources

  1. Public recordSix Form D filings, Notable Labs, Inc., CIK 0001674834SEC · 2016 to 2023
  2. Public recordSix single-company vehicle Form D filingsSEC · 2017 to 2023
  3. Public recordForm 10-K, year ended Dec 31, 2023, CIK 0001603207SEC · Apr 11, 2024
  4. Public recordForm 10-Q, quarter ended Jun 30, 2024SEC · Aug 14, 2024
  5. Public recordForm 8-K filings, September and October 2024SEC · 2024
  6. Public recordOrder declaring registration statement abandonedSEC · Aug 18, 2025
  7. IndependentNotable Labs nabs $40M Series BMedCity News · Jul 16, 2019
  8. IndependentNotable Labs files for bankruptcyFierce Biotech · Oct 15, 2024
  9. CompanyNotable Labs Closes Merger With VBL TherapeuticsGlobeNewswire · Oct 16, 2023
  10. CompanyNotable Labs Reports 2023 Financial ResultsGlobeNewswire · Apr 12, 2024

Compiled from SEC and other public records and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Healthcare Venture Capital Fund holds no position in Notable Labs. This page is not an offer to sell or a recommendation to buy any security.