Funding profile · Synthetic biology
CB Therapeutics
Ten years old, eight US patents, one announced Series A and no Form D. The only filings the Carlsbad company has made with the SEC are a Regulation CF offering and, six weeks later, its withdrawal.
$7.6MTotal prior capital raised, company-reported on the 2023 Republic offering page
$2.01MRevenue in the most recent fiscal year reported on the Form C
$0Raised in the 2023 Regulation CF offering, withdrawn before its deadline
0Form D filings by the Carlsbad entity, CIK 0001949369
Data as of September 22, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Aug 2018 | Seed, per aggregator records | $120,000 | 305 Ventures, Healthspan Capital, Rebel Fund, Zachary Rapp | Aggregator |
| Apr 2019 | Venture round, per aggregator records | $7.5M | Not disclosed | Aggregator |
| May 2021 | Series A, announced oversubscribed | Not disclosed | re.Mind Capital, in full; Christian Angermayer as advisor | Company release |
| Feb to Apr 2023 | Regulation CF, Crowd SAFE on Republic | $25,000 target, $1,235,000 maximum, $0 raised | None | Form C and Form C-W |
| To Feb 2023 | Total prior capital raised | $7.6M | Not itemised | Company via Republic |
What the filings show
CB Therapeutics, Inc. · Form C · filed Feb 27, 2023
- Incorporated
- Mar 20, 2015, Delaware
- Security
- Crowd SAFE, priced at $1.00, price determination method: arbitrary
- Offered
- $25,000 target · $1,235,000 maximum · deadline Apr 30, 2023
- Intermediary
- OpenDeal Portal LLC (Republic), CRD 283874 · 6 percent cash fee plus 2 percent in securities
- Employees
- 18
- Latest year
- Revenue $2,014,066 · net loss $1,772,158 · cash $1,810,709 · total assets $3,722,376
- Prior year
- Revenue $0 · net loss $2,278,343 · cash $13,453 · total assets $910,015
- Signed by
- Sher Ali-Butt (President and CEO, director); Jacob Vogan (director); Jeffrey Miller (director)
- Filing
- SEC EDGAR, CIK 0001949369
CB Therapeutics, Inc. · Form C-W · filed Apr 11, 2023
- Action
- Withdrawal of the Regulation CF offering, file number 020-31881
- Timing
- 43 days after the Form C, 19 days before the stated deadline
- Outcome
- Kingscrowd records the campaign as not funded, $0 raised, at a $45,000,000 valuation
- Filing
- SEC EDGAR, CIK 0001949369
CB THERAPEUTICS INC. · Form D · filed Aug 9, 2016 · not this company
- Issuer
- A Cayman Islands corporation, care of Codan Trust Company, Grand Cayman
- Offered
- $7,750,000 · sold $4,000,000 · 3 investors
- Related persons
- Sanjeev Redkar, Guoliang Yu, Alex Wu, Bing Zhu, Jonathan Wang, all of Santa Clara, California
- Why it matters
- Automated screens attach it to the Carlsbad company
- Filing
- SEC EDGAR, CIK 0001681660
Reading the filings
- The only offering on the record raised nothing.The Form C set a $25,000 target and a $1,235,000 maximum with an April 30, 2023 deadline. The Form C-W landed on April 11, 43 days after the Form C and 19 days before that deadline. Kingscrowd, which tracked the campaign, records it as not funded at $0.
- There is no Form D anywhere for this company.Ten years of operation, a Y Combinator batch and an announced Series A produced zero Regulation D notices under CIK 0001949369. The single Form D under the name belongs to an unrelated Cayman Islands issuer, CIK 0001681660, which sold $4,000,000 of a $7,750,000 offering to 3 investors in 2016, about $1,333,333 each. Issuers raising under Section 4(a)(2) file no Form D, so the absence does not mean no money moved. It does mean nothing is verifiable.
- Two million dollars of revenue bought half a million of loss reduction.Revenue went from $0 to $2,014,066 between the two years in the Form C, while the net loss narrowed from $2,278,343 to $1,772,158, an improvement of $506,185. The other roughly $1.5M went into costs. Kingscrowd read the later year as 2021, which puts the company at a $147,700 monthly burn and 12.3 months of runway on the same data.
- The balance sheet turned inside that year.Cash went from $13,453 to $1,810,709 and total assets from $910,015 to $3,722,376, while total debt fell from $1,408,783 to $475,665, a reduction of $933,118. That pattern fits an equity round landing in the period, which is what the May 2021 Series A announcement describes, and which no Form D records.
- Receivables were almost nothing.Accounts receivable of $14,066 against $2,014,066 of revenue is 0.7 percent, roughly two and a half days of sales. Revenue is reported as exactly $2,000,000 above receivables. The filing does not break revenue out by customer or by product.
- The valuation was company set.Kingscrowd records a $45,000,000 valuation on a Crowd SAFE whose price determination method the Form C states as arbitrary. Against $2,014,066 of revenue that is about 22 times revenue, asked of retail investors on a portal, three months before the offering was pulled.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Customers | First commercial cannabinoid shipment announced June 2020. No pharmaceutical or consumer customer has been named since. | Company-stated |
| Partnerships | Cleveland Clinic memorandum of understanding, April 2020. TryptageniX joint venture with atai, December 2021, unwound December 2023 when atai transferred its equity back and booked a $0.4 million gain. | Public record |
| Intellectual property | 8 granted US patents, the most recent May 21, 2024. 15 published applications, the most recent June 5, 2025. | Public record |
| Headcount | 21 in April 2022 with 26 forecast for year end; 18 on the February 2023 Form C and on the Y Combinator page today. | Below the forecast |
| Aggregator data | One funding database publishes a $395.0 million round for CB Therapeutics. No filing, release or report supports it. | Unsupported |
What to watch
- A Form D. It is due within 15 days of the first sale in any new Regulation D offering.
- A new Form C. Because the 2023 offering was withdrawn before any sale, no annual Form C-AR obligation followed, which is why the public financial record stops at the two years in that filing.
- A named customer, or any revenue figure later than the one in the Form C.
The CB Therapeutics story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordForm C, CB Therapeutics, Inc., CIK 0001949369
- Public recordForm C-W, CB Therapeutics, Inc., file number 020-31881
- Public recordForm D, CB THERAPEUTICS INC., CIK 0001681660, unrelated Cayman Islands issuer
- Public recordATAI Life Sciences N.V. Form 10-K for fiscal 2024, TryptageniX disclosures
- Public recordUS patents 10,435,727 through 11,987,602 and 15 published applications
- IndependentCB Therapeutics on Republic 2023, valuation, prior capital and financials
- IndependentCB Therapeutics on the Move, revenue and headcount
- IndependentCB Therapeutics Secures $395M
- CompanyCB Therapeutics Closes on Oversubscribed Series A
- CompanyCB Therapeutics and atai Life Sciences launch TryptageniX
Compiled from SEC, USPTO and Federal Register public records and published reports as of September 22, 2026. Form C notices report offerings under Regulation Crowdfunding; a Form C-W withdraws one. 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 CB Therapeutics. This page is not an offer to sell or a recommendation to buy any security.