Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

Tahoe Therapeutics / Private Capital Markets

<ul><li>Tahoe Therapeutics raised $30 million in August 2025, bringing its total funding to $42 million and valuing the company at $120 million.</li><li>Tahoe has introduced Tahoe-100M, a dataset comprising 100 million cellular datapoints that document cancer cell responses to over 1,000 molecules.</li><li>Tahoe&#39;s virtual cell modeling approach extends beyond oncology into immunology, rare metabolic diseases, and neurological disorders.</li></ul>

Tahoe Therapeutics raised $30 million in August 2025, bringing its total funding to $42 million and valuing the company at $120 million.Tahoe has introduced Tahoe-100M, a dataset comprising 100 million cellular datapoints that document cancer cell responses to over 1,000 molecules.Tahoe&#39;s virtual cell modeling approach extends beyond oncology into immunology, rare metabolic diseases, and neurological disorders.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Heartflow Inc., a commercial-stage medical technology company that has pioneered the use of software and AI for diagnosing and managing CAD, is expected to IPO this week.</li>
<li>Heartflow is marketing the sale of ~16.7M shares at $17-$18 per share in upsized initial public offering in the United States.</li>
<li>I believe current IPO valuation range appears to capture much of the near- to mid-term upside potential. Moreover, I’m concerned about the lack of profitability and mounting losses.</li>
</ul>


Heartflow Inc., a commercial-stage medical technology company that has pioneered the use of software and AI for diagnosing and managing CAD, is expected to IPO this week.
Heartflow is marketing the sale of ~16.7M shares at $17-$18 per share in upsized initial public offering in the United States.
I believe current IPO valuation range appears to capture much of the near- to mid-term upside potential. Moreover, I’m concerned about the lack of profitability and mounting losses.


Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Caris Life Sciences / Equity Capital Markets

<ul>
<li>Caris Life Sciences increased the price range on its IPO on Monday ahead of a Wednesday scheduled debut.</li>
<li>According to our sources, the deal is multiple-times oversubscribed with a mix of new and existing investors. There are multiple mutual-fund anchor orders in the book.</li>
<li>Given how important this company’s technology is to the cancer arena and the revenue growth  that is “ramping” into the IPO, we like the risk-reward profile of this deal.</li>
</ul>


Caris Life Sciences increased the price range on its IPO on Monday ahead of a Wednesday scheduled debut.
According to our sources, the deal is multiple-times oversubscribed with a mix of new and existing investors. There are multiple mutual-fund anchor orders in the book.
Given how important this company’s technology is to the cancer arena and the revenue growth  that is “ramping” into the IPO, we like the risk-reward profile of this deal.


Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Tempus' first-quarter financial results for 2025 reveal a complex yet promising outlook.</li><li>The company saw a significant increase in quarterly revenue, which rose by 75.4% year-over-year to $255.7 million.</li><li>Genomics emerged as a key driver, growing by 89% year-over-year to $193.8 million.</li></ul>

Tempus' first-quarter financial results for 2025 reveal a complex yet promising outlook.The company saw a significant increase in quarterly revenue, which rose by 75.4% year-over-year to $255.7 million.Genomics emerged as a key driver, growing by 89% year-over-year to $193.8 million.

Tempus AI Strikes $200M Pharma Deal—Will Its Foundation Models Help Revolutionize Cancer Treatment?

<ul><li>Tempus Labs, Inc. reported robust financial results for the fourth quarter of 2024, underscored by significant revenue growth and strategic acquisitions.</li><li>Tempus' revenue for Q4 experienced a notable acceleration, rising 35.8% year-over-year, while gross profit growth outpaced revenue at 49.7%, reflecting improved operational efficiencies and cost management.</li><li>The company ended 2024 with a total remaining contract value of $940 million and a net revenue retention rate of 140%, both of which indicate substantial business traction and customer loyalty.</li></ul>

Tempus Labs, Inc. reported robust financial results for the fourth quarter of 2024, underscored by significant revenue growth and strategic acquisitions.Tempus' revenue for Q4 experienced a notable acceleration, rising 35.8% year-over-year, while gross profit growth outpaced revenue at 49.7%, reflecting improved operational efficiencies and cost management.The company ended 2024 with a total remaining contract value of $940 million and a net revenue retention rate of 140%, both of which indicate substantial business traction and customer loyalty.

Tempus AI Just Acquired Deep 6 AI: A Potential Game-Changer for Precision Medicine?

United States

Tempus AI, Inc. operates as a clinical laboratory. The Company provides genomic sequencing services and analyze molecular and therapeutic data to help physicians to make real-time and data-driven decisions.Tempus AI serves customers in the United States.

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Tempus AI (TEM US)

Primer: Tahoe Therapeutics - 15 Aug 2025

Biotechnology company using AI models and in vivo data to discover better drugs for more patients

Sacra

Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product

Heartflow Inc., a provider of AI-powered scalable software platform for diagnosing and managing CAD, set to IPO this week. In my insight, I...

Andrei Zakharov

Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand

Caris Life Sciences raises IPO price range due to high demand from investors, reflecting confidence in company's technology and revenue growth...

IPO Boutique

Tempus AI Strikes $200M Pharma Deal—Will Its Foundation Models Help Revolutionize Cancer Treatment?

Tempus' first-quarter financial results for 2025 reveal a complex yet promising outlook. The company saw a significant increase in quarterly...

Baptista Research

Tempus AI Just Acquired Deep 6 AI: A Potential Game-Changer for Precision Medicine?

Tempus Labs, Inc. reported robust financial results for the fourth quarter of 2024, underscored by significant revenue growth and strategic...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Tahoe Therapeutics - 15 Aug 2025

Biotechnology company using AI models and in vivo data to discover better drugs for more patients

Sacra

Heartflow IPO: Mounting Losses, ~99% Revenue Concentration From a Single Product

​Heartflow Inc., a provider of AI-powered scalable software platform for diagnosing and managing CAD, set to IPO this week. In my insight, I...

Andrei Zakharov

Caris Life Sciences, Inc. (CAI): Price Bumped Higher, Intersection of Cancer and AI in High Demand

​Caris Life Sciences raises IPO price range due to high demand from investors, reflecting confidence in company's technology and revenue growth...

IPO Boutique

Tempus AI Strikes $200M Pharma Deal—Will Its Foundation Models Help Revolutionize Cancer Treatment?

Tempus' first-quarter financial results for 2025 reveal a complex yet promising outlook. The company saw a significant increase in quarterly...

Baptista Research

Tempus AI Just Acquired Deep 6 AI: A Potential Game-Changer for Precision Medicine?

Tempus Labs, Inc. reported robust financial results for the fourth quarter of 2024, underscored by significant revenue growth and strategic...

Baptista Research

Heartflow Inc., a provider of AI-powered scalable software platform for diagnosing and managing CAD, set to IPO this week. In my insight, I...

Caris Life Sciences raises IPO price range due to high demand from investors, reflecting confidence in company's technology and revenue growth...