Funding profile · Regenerative medicine

HepaTx

A decade-old preclinical cell therapy company with $699,755 of federal grants on record, one small investor SPV filing, and a Regulation Crowdfunding offering statement filed September 14, 2026. That Form C is the first document to put its balance sheet in the public record.

$1.24MReg CF offering maximum, Form C, Sep 2026
$699,755Federal grants on record, four NIH SBIR awards
$128,436Sold by the one Form D on record, a 2021 SPV
$131,898Cash at the last fiscal year end, Form C

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

Rounds at a glance

When Round Amount Investors Source
Nov 2015 Incorporated in Delaware Not applicable Bruce Davis, Eric Schuur, Mark Chao, Pier Federico Gherardini Form C, Crunchbase
2017 to 2027 NIH SBIR Phase I awards $699,755 NIAAA, NIGMS, NIDDK NIH RePORTER
Summer 2018 Y Combinator batch Not disclosed Y Combinator YC directory
May 2021 SPV: Bioverge Funds, HepaTx I, LLC $128,436 sold of $150,000 10 investors; managed by Bioverge Funds Management, LLC Form D
Undated Seed, last funding type listed Not disclosed Not named. SP Investment Fund LLC is described as a holder in a 2026 article Crunchbase, PR News Blog
Sep 2026 Regulation Crowdfunding, SAFE, on Wefunder $50,000 target, $1,235,000 maximum Public, through Wefunder Portal LLC Form C

What the filings show

Hepatx Corporation · Form C · filed Sep 14, 2026

Offered
$50,000 target, $1,235,000 maximum, oversubscription accepted
Security
Simple Agreement for Future Equity, priced at $1.00 per unit
Deadline
April 30, 2027
Intermediary
Wefunder Portal LLC, CRD 283503, paid 5.0 percent on a successful raise
Co-issuers
Hepatx Corporation II and Hepatx Corporation II EB, series of Wefunder SPV, LLC, formed Sep 11, 2026
Revenue
$0 in each of the last two fiscal years
Net income
Loss of $246,314, most recent fiscal year · loss of $277,285, prior year
Cash
$131,898, up from $25,924
Total assets
$195,955, up from $111,940
Debt
$999,931 short term and $4,202,915 long term
Employees
2
Signed by
Eric Schuur, Chief Executive Officer, Co-Founder, Sep 11, 2026
Filing
SEC EDGAR, CIK 0002148890, file 020-37387

Bioverge Funds, HepaTx I, LLC · Form D · filed May 24, 2021

First sale
May 20, 2021
Type
Pooled investment fund, single-company SPV
Offered
$150,000
Sold
$128,436 · $21,564 remaining
Investors
10 · average about $12,844
Minimum
$1,500 per investor
Exemption
Rule 506(b)
Related persons
Neil J. Littman, Bioverge Funds Management, LLC
Filing
SEC EDGAR, CIK 0001863964

Reading the filings

  1. The burn and the runway fall out of the Form C directly.A $246,314 net loss over twelve months is about $20,526 a month. Divide $131,898 of cash by that and you get 6.4 months. Kingscrowd, reading the same filing, published $20.5K and 6.4 months on September 15, 2026.
  2. Liabilities are roughly 27 times assets.$999,931 short term plus $4,202,915 long term is $5,202,846 of debt against $195,955 of total assets. At this size the long term line usually holds convertible notes and prior SAFEs rather than bank borrowing, and the Form C does not break it out. New SAFE holders sit behind it.
  3. The debt grew by almost exactly the loss.Long term debt rose $244,990 year over year, within $1,324 of the $246,314 net loss, consistent with a company funding itself through convertible instruments rather than priced equity.
  4. The company has never filed a Form D of its own.An EDGAR full text search on September 23, 2026 returns three filings in total: this Form C, the 2021 Bioverge SPV Form D, and an unrelated CytoDyn exhibit. Ten years of operations produced one direct SEC filing. Raises under Section 4(a)(2) generate no Form D, so the gap does not prove no money moved, but there is no filed round to check the seed label against.
  5. The raise is small next to the milestone it funds.$1,235,000 at the maximum, less Wefunder’s 5.0 percent, is about $1.17 million net, roughly four years of survival at the current burn. That buys time toward an IND, not a completed trial.
  6. The valuation is not in the Form C.The filing states a SAFE at $1.00 per unit and gives no cap. Kingscrowd reports a $17.5 million valuation and a January 29, 2027 close; the Form C deadline is April 30, 2027. Those come from the campaign page, not the filing.

Commercial signals

Signal Detail Source type
Revenue $0 in each of the last two fiscal years. No accounts receivable. Public record
Clinical stage No study registered on ClinicalTrials.gov by name or as lead sponsor, queried Sep 23, 2026. No IND clearance announced. Public record
Timeline claim In October 2024 the company said Phase I would complete in 18 months. That date passed with no registration. Differs from record
Partner License signed Sep 10, 2024. Mayo confirmed it Dec 2, 2024, disclosed a financial interest, and will lead the early trials. Partner-confirmed
Intellectual property Composition of matter patents in the US (11,291,691), Japan (7057797) and Canada (2,959,117). Core technology licensed from Stanford. Public record
Non-dilutive funding $699,755 in NIH SBIR awards. The live NIDDK award runs to April 30, 2027 and funds a monitoring assay, not the therapy. Public record
Headcount and location Two employees per the Form C, Palo Alto. The Y Combinator directory lists team size 4 and Bend, Oregon as of Sep 23, 2026. Sources differ

What to watch

  • Whether the Reg CF offering clears its $50,000 target before April 30, 2027, and by how much.
  • A Form C-U or Form C-AR, which follow a completed Reg CF raise and would put updated financials on the record.
  • A first Form D from HepaTx Corporation itself, which would signal an accredited round running alongside the crowdfunding.
  • A ClinicalTrials.gov registration with Mayo Clinic as site or sponsor. The whole capital structure is waiting on it.

The HepaTx story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Ochre Bio: Shared investor: Bioverge Fund. An Oxford company that designs RNA drugs and tests them in whole human donor livers kept alive on machines
  • Volumetric Biotechnologies: Shared investor: Bioverge Fund. A Rice University spin-out that printed a hydrogel air sac able to oxygenate flowing blood, sold to 3D Systems in 2021 for a headline $400 million, and watched the
  • VenoStent: Shared investor: Sp Investment Fund. A bioabsorbable polymer sleeve that a surgeon slips over a newly built dialysis fistula and leaves behind to dissolve
  • Humane Genomics: Also in Therapeutics. A New York biotech engineering synthetic RNA viruses that are designed to infect and kill only cancer cells

Sources

  1. Public recordForm C offering statement, Hepatx Corporation, CIK 0002148890, file 020-37387SEC EDGAR · Sep 14, 2026
  2. Public recordForm D, Bioverge Funds, HepaTx I, LLC, CIK 0001863964SEC EDGAR · May 24, 2021
  3. Public recordEDGAR full text search for HepaTx, three filings in totalSEC · queried Sep 23, 2026
  4. Public recordNIH RePORTER awards R43AA026475, R43GM134809, R43DK139879NIH · FY2017 to FY2026
  5. Public recordClinicalTrials.gov API v2, queries by term and by lead sponsorClinicalTrials.gov · queried Sep 23, 2026
  6. IndependentHepaTx Corporation on Wefunder 2026, Sweeny KumarKingscrowd · Sep 15, 2026
  7. IndependentA Mayo Clinic collaboration studies engineered stem cells for liver diseaseMayo Clinic News Network · Dec 2, 2024
  8. IndependentHepaTx company record and foundersCrunchbase · archived Oct 11, 2023
  9. IndependentHepatx company page, team size and locationY Combinator directory · Sep 23, 2026
  10. CompanyHepaTx Enters Collaboration with Mayo ClinicPR Newswire · Sep 10, 2024
  11. CompanyHepaTx profile and Hx-001 Phase I timing claimBIO Investor Forum · Oct 15, 2024
  12. CompanyPatent announcements, United States, Japan and CanadaPR Newswire and BioSpace · 2022 to 2023

Compiled from SEC, NIH and ClinicalTrials.gov public records and published reports as of September 23, 2026. Form C amounts and financial statements reflect the filing date and the issuer’s stated fiscal years. Form D amounts reflect the filing date and may not capture later sales. Healthcare Venture Capital Fund holds no position in HepaTx. This page is not an offer to sell or a recommendation to buy any security.