Funding profile · Infectious disease diagnostics

Lucira Health

Private rounds, a $175.9 million IPO, about $244 million of net sales in two years, and then a $36.4 million sale out of chapter 11. Almost every number below sits in a filing.

$175.9MIPO gross proceeds, Feb 2021: 10,350,000 shares at $17.00
$137.3MNet proceeds from private financings before the IPO, per the 2021 Form 10-K
$36.4MApproximate consideration Pfizer paid for the assets, April 2023
$0Distribution to the 41,763,433 common shares under the confirmed plan

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2015 Y Combinator, batch W15 $120,000 per a 2025 case study Y Combinator Case study
2015 Series A $12.77M per the same case study Not named; no Form D on EDGAR Case study
2018 to 2019 BARDA award, non dilutive Up to $10.0M, raised to $21.5M BARDA 10-K
Mar 2019 to Jan 2020 Series B and extension $32,500,000 sold of $32,500,000 offered 30 investors; one new investor added $17.5M Form D
Jun and Jul 2020 Convertible notes $5.6M then $5.5M Lenders including existing investors Prospectus
Aug 2020 Series C About $58.7M, plus $11.2M of notes converting Not named; EPIQ Capital Group and Eclipse Ventures were the largest holders at the IPO Prospectus
Feb 2021 IPO, Nasdaq LHDX $175,950,000 gross, $159.9M net BofA Securities, William Blair, LifeSci Capital 10-K
Feb 2022 Term loan facility Up to $80.0M; $30.0M drawn Hercules Capital and Silicon Valley Bank Form 8-K
Apr 2023 Section 363 asset sale About $36.4M Pfizer Inc. Form 8-K

What the filings show

Lucira Health, Inc. · Form D/A · filed Jan 16, 2020

First sale
Mar 11, 2019
Offered
$32,500,000 equity
Sold
$32,500,000 · $0 remaining
Investors
30 · average about $1,083,000
Exemption
Rule 506(b)
Related persons
Erik T. Engelson (executive officer, director); Justin Butler, Tuff Yen, John R. Waldeisen, Debkishore Mitra, Steve Tablak (directors)
Prior name
DiAssess Inc.
Filing
SEC EDGAR, CIK 0001652724

Lucira Health, Inc. · Form D · filed Aug 7, 2019

First sale
Mar 11, 2019
Offered
$15,000,000 equity
Sold
$15,000,000 · $0 remaining
Investors
29 · average about $517,000
Exemption
Rule 506(b)
Related persons
The same six, signed by Erik T. Engelson as CEO
Filing
SEC EDGAR, CIK 0001652724

Reading the filings

  1. The Series B more than doubled on one check.The August 2019 Form D reported $15,000,000 sold to 29 investors, about $517,000 each. The January 2020 amendment reported $32,500,000 sold to 30 investors, about $1,083,000 each. The prospectus names the event: a January 2020 extension issuing 3,754,084 more Series B shares for $17.5 million to a new investor. $15.0M plus $17.5M is $32.5M exactly.
  2. Form D captures a small slice of this company.Only two Form D filings exist under the company CIK, both for the Series B. Nothing was filed for the 2015 Series A or the August 2020 Series C of about $58.7 million, its largest private round. Issuers relying on Section 4(a)(2) file no Form D, so the silence is not evidence. The 2021 Form 10-K puts pre-IPO net proceeds at about $137.3 million, roughly four times what the Form D record shows.
  3. The debt was repaid, not defaulted.Lucira drew $30.0 million of an $80.0 million Hercules and SVB facility on February 4, 2022, then repaid the balance on December 21, 2022 from cash on hand with a $1.075 million end of term charge. Nine weeks later it filed chapter 11 with about $4.5 million. That is why the case needed no debtor in possession financing, and why so little was left.
  4. The headline price was mostly not cash.Pfizer put down a $500,000 deposit and paid $5.0 million at closing. The rest of the roughly $36.4 million is $6.5 million fixed for Jabil cure costs, a further $10.4 million less other cure costs, and assumed liabilities. Plastics News reported that Jabil’s Nypro unit had filed a $15.69 million claim and would receive $11 million.
  5. Assets exceeded debts on paper, and equity still got zero.The petition listed about $146 million of assets against $85 million of debts, per GenomeWeb. The plan confirmed on September 19, 2023 cancelled all 41,763,433 shares with no distribution and sent unsecured creditors to a liquidating trust.
  6. The tax assets outlived the business.As of April 1, 2023 the company reported about $132.8 million of federal and $81.6 million of state net operating losses, and said it would file no financial statements for the sale because it was no longer an operating company.

Commercial signals

Signal Detail Source type
Regulatory Four emergency use authorizations between Nov 2020 and Feb 2023. No 510(k), de novo or PMA ever granted. Public record
Revenue $0.3M in 2020, $93.1M in 2021, $90.5M in Q1 2022, $26.1M in Q2, $34.4M in Q3. No 10-K was filed for 2022. Public record
Profitability Net income of $13.1M in Q1 2022, the only profitable quarter. Net loss of $135.5M over the first nine months of 2022. Public record
Inventory Q3 2022 GAAP gross loss of $99.6M, driven by charges for excess inventory and non cancellable purchase commitments. Public record
Concentration One manufacturing partner, Jabil, and effectively one product line. About 150 of 225 staff cut in late 2022. Record and reporting
End state Sale closed Apr 20, 2023. Form 15-12G filed Oct 4, 2023. Both EUAs revoked at Pfizer’s request effective Oct 22, 2025. Public record

What to watch

  • Distributions from the liquidating trust, and the final decree in case 23-10242.
  • Where the Lucira patents end up now that Pfizer has wound the product down.
  • Whether the 2019 Series B investors are ever named. No filing does so.

The Lucira Health story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Comprehend Systems: Shared investor: Hercules Capital. A Y Combinator company that sold software for watching clinical trials while they were still running
  • Verge Genomics: Shared investor: Hercules Capital. The first company to carry a drug from an AI platform into ALS patients
  • Scanbase: Also in Diagnostics. An API that turns a phone photo of a rapid diagnostic test into a result, sold to the companies that make and ship the tests
  • VedaBio: Also in Diagnostics. A San Diego company building a CRISPR test that removes the copying step at the heart of PCR

Sources

  1. Public recordForm D, Lucira Health, Inc.SEC · Aug 7, 2019
  2. Public recordForm D/A, Lucira Health, Inc.SEC · Jan 16, 2020
  3. Public recordProspectus on Form 424B4SEC · Feb 8, 2021
  4. Public recordForm 10-K for fiscal year 2021SEC · Mar 31, 2022
  5. Public recordForm 10-Q, quarter ended September 30, 2022SEC · Nov 14, 2022
  6. Public recordForm 8-K, Hercules and SVB loan agreementSEC · Feb 8, 2022
  7. Public recordForm 8-K, repayment and termination of the loanSEC · Dec 28, 2022
  8. Public recordForm 8-K, chapter 11 petition, case 23-10242SEC · Feb 22, 2023
  9. Public recordForm 8-K, asset sale completed, net operating lossesSEC · Apr 24, 2023
  10. Public recordForm 8-K, plan of liquidation confirmedSEC · Sep 25, 2023
  11. Public recordRevocation of Two Authorizations of Emergency UseFederal Register · Jan 2, 2026
  12. IndependentPfizer Buys Lucira Health for $36.4M Through Bankruptcy AuctionGenomeWeb · Apr 2023
  13. IndependentPfizer buys bankrupt COVID-19 test manufacturer Lucira HealthPlastics News · Apr 26, 2023
  14. Peer reviewedFrom startup to shutdown: the rise and fall of the first at-home combo testLab on a Chip · 2025

Compiled from SEC, FDA and Federal Register public records and published reports as of September 22, 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 Lucira Health. This page is not an offer to sell or a recommendation to buy any security.