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

<ul><li>Now, as they expand to cancer therapy selection and monitoring, they’re competing with Natera, Myriad Genetics, and Guardant Health.</li><li>Developed during co-founder &amp; CEO Oguzhan Atay’s quantitative cell biology PhD at Stanford, the core tech behind BillionToOne (founded 2016) counts DNA molecules in the blood using machine learning with 1,000x higher resolution to identify risk factors in single base-pair mutations—which the company productized into the UNITY Screen (2019), a test for conditions like cystic fibrosis, SMA and sickle cell disease with a single non-invasive blood draw rather than invasive amniocentesis.</li><li>Hitting 500,000 total prenatal tests processed in June, Sacra estimates BillionToOne generated $153M in revenue in 2024, up 113% YoY from $72M in 2023, with 60%+ gross margins, valued at $1B as of their $130M June 2024 Series D for a 6.5x revenue multiple on nearly $400M raised in total.</li></ul>

Now, as they expand to cancer therapy selection and monitoring, they’re competing with Natera, Myriad Genetics, and Guardant Health.Developed during co-founder &amp; CEO Oguzhan Atay’s quantitative cell biology PhD at Stanford, the core tech behind BillionToOne (founded 2016) counts DNA molecules in the blood using machine learning with 1,000x higher resolution to identify risk factors in single base-pair mutations—which the company productized into the UNITY Screen (2019), a test for conditions like cystic fibrosis, SMA and sickle cell disease with a single non-invasive blood draw rather than invasive amniocentesis.Hitting 500,000 total prenatal tests processed in June, Sacra estimates BillionToOne generated $153M in revenue in 2024, up 113% YoY from $72M in 2023, with 60%+ gross margins, valued at $1B as of their $130M June 2024 Series D for a 6.5x revenue multiple on nearly $400M raised in total.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>I expect GRAIL shares will appreciate over time as investors gain greater conviction in one of the most meaningful opportunities in healthcare.</li>
<li>A fast-growing maker of MCED screening tests reported ~46% sales growth of Galleri tests in 2024. Commercial Galleri sales surpassed 250K tests since launch.</li>
<li>At ~0.5x EV/2025E revenues, GRAIL shares trade at a significant discount to Guardant Health and Tempus AI. GRAIL shares appreciated ˃100% from October 4, 2024.</li>
</ul>


I expect GRAIL shares will appreciate over time as investors gain greater conviction in one of the most meaningful opportunities in healthcare.
A fast-growing maker of MCED screening tests reported ~46% sales growth of Galleri tests in 2024. Commercial Galleri sales surpassed 250K tests since launch.
At ~0.5x EV/2025E revenues, GRAIL shares trade at a significant discount to Guardant Health and Tempus AI. GRAIL shares appreciated ˃100% from October 4, 2024.


GRAIL: Significant Sales Growth of Galleri Test and The Increase in 2025 Revenue Guidance

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.

<ul><li>Tempus AI reported its third-quarter 2024 financial results, reflecting positive revenue growth but continuing to face profitability challenges.</li><li>Revenue rose by 33%, reaching $180.9 million, driven by growth in the Genomics and Data and Services segments.</li><li>Notably, the Genomics unit growth accelerated to 23.9%, which shows a significant uptick from the previous quarter.</li></ul>

Tempus AI reported its third-quarter 2024 financial results, reflecting positive revenue growth but continuing to face profitability challenges.Revenue rose by 33%, reaching $180.9 million, driven by growth in the Genomics and Data and Services segments.Notably, the Genomics unit growth accelerated to 23.9%, which shows a significant uptick from the previous quarter.

Tempus AI: Initiation Of Coverage - Expansion in Minimal Residual Disease (MRD) Testing & 4 Other Factors That Could Shape Its Future! - Major Drivers

Equity Capital Markets

<ul>
<li>In June of 2024, GRAIL, a market leader in early cancer detection, spun off from Illumina into an independent publicly traded company.</li>
<li>Following the spin-off, Illumina retains up to ~15% ownership interest in GRAIL and continues to fund GRAIL’s operations and R&amp;D with disposal funding of ~$974M.</li>
<li>I view GRAIL as a market leader in the MCED testing market and uniquely positioned to be very effective in detecting some of the most aggressive early-stage cancers.</li>
</ul>


In June of 2024, GRAIL, a market leader in early cancer detection, spun off from Illumina into an independent publicly traded company.
Following the spin-off, Illumina retains up to ~15% ownership interest in GRAIL and continues to fund GRAIL’s operations and R&amp;D with disposal funding of ~$974M.
I view GRAIL as a market leader in the MCED testing market and uniquely positioned to be very effective in detecting some of the most aggressive early-stage cancers.


GRAIL: Detecting Early-Stage Cancers With Galleri Test, A Significant Market Opportunity

<ul><li>Benchling (founded 2012) found product-market fit with their “GitHub for experiments,” giving biotech researchers a way to digitize and streamline their experiment design, documentation, and sample tracking.</li><li>Benchling rode the wave of new modalities like CRISPR, gene therapy, and cell therapy moving out of academia and into professional labs in the mid-2010s.</li><li>Sacra estimates that Benchling hit $210M ARR in May 2024, up 27% year-over-year with 1,200 customers for an average of $175K per customer.</li></ul>

Benchling (founded 2012) found product-market fit with their “GitHub for experiments,” giving biotech researchers a way to digitize and streamline their experiment design, documentation, and sample tracking.Benchling rode the wave of new modalities like CRISPR, gene therapy, and cell therapy moving out of academia and into professional labs in the mid-2010s.Sacra estimates that Benchling hit $210M ARR in May 2024, up 27% year-over-year with 1,200 customers for an average of $175K per customer.

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tempus AI (TEM US)

BillionToOne At $153M/yr

TL;DR: Offering genetic testing to expecting mothers with a non-invasive blood draw rather than invasive amniocentesis, Sacra estimates...

Sacra

GRAIL: Significant Sales Growth of Galleri Test and The Increase in 2025 Revenue Guidance

GRAIL shares have materially outperformed Nasdaq and peers. The stock has bottomed in the low $13s and gained more than 100%. I see further room...

Andrei Zakharov

Tempus AI: Initiation Of Coverage - Expansion in Minimal Residual Disease (MRD) Testing & 4 Other Factors That Could Shape Its Future! - Major Drivers

Tempus AI reported its third-quarter 2024 financial results, reflecting positive revenue growth but continuing to face profitability...

Baptista Research

GRAIL: Detecting Early-Stage Cancers With Galleri Test, A Significant Market Opportunity

GRAIL, a fast-growing Galleri test maker, spun off from Illumina in June. The population-scale MCED screening test identifies 50+ types of cancer...

Andrei Zakharov

The $210M/year GitHub Of Biotech

TL;DR: Sacra estimates that Benchling hit $210M ARR in May 2024, up 27% year-over-year, with 1,200 customers for their GitHub for scientific...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)