Leonhardt Ventures LLC Valuations Innovation Assets and Startups
Leonhardt’s Launchpads innovation and startup launch accelerator usually receives 9% non diluting (unless formally waived in writing) equity for mentorship services and has pre-emptive right to purchase or earn via services provided (both at market prevailing rates) up to 20% equity right up to graduation from the accelerator or exit
Graduation from the accelerator is generally after completing a first in human study of a product deemed final or near final to go to market
| Heart and Cardiovascular Group | |||||
| Startup/LTP | Price Per Share | Valuation | Cal-X Ownership Estimated Value | No. Authorized Shares | Website, Video Link or Slide Deck |
| Second Heart Assist, Inc. | $12 | $144 million | $2,772,000.00 | 12,000,000 | www.secondheartinc.com |
| BioLeonhardt LTP | $3 | $60 million | $5,400,000.00 | 20,000,000 | www.bioleonhardt.com |
| AortaCell LTP | $1.67 | $5 million | $450,000.00 | 2,300,000 | https://leonhardtventures.com/aortacell https://vimeo.com/176895719 |
| BioPace LTP | $1 | $3 million | $270,000.00 | 3,000,000 | www.bio-pace.com |
| Valvublator, Inc. | $1 | $3 million | $270,000.00 | 3,000,000 | www.valvublator.com |
| VibroCell LTP | $2.60 | $6 million | $540,000.00 | 2,300,000 | https://leonhardtventures.com/vibrocell/ |
| Vascustim LTP | $4.34 | $10 million | $900,000.00 | 30,000,000 | www.vascustim.com |
| PressureStim LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.pressurestim.com |
| Brain Group | |||||
| Startup/LTP | Price Per Share | Valuation | Cal-X Ownership Estimated Value | No. Authorized Shares | Website, Video Link or Slide Deck |
| CerebraCell LTP | $4.35 | $10 million | $900,000.00 | 3,000,000 | www.cerebracell.com |
| MemoryStim LTP | $1 | $3 million | $270,000.00 | 3,000,000 | www.memory-stim.com |
| Second Brain LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.secondbrainstim.com |
| TremorStim LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.tremorstim.com |
| SpineStim LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.spine-stim.com (NEW) |
| DepressiStim LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.depressistim.com (NEW) |
| AddictiStim LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.addictistim.com (NEW) |
| Cosmetic, Personal Care and Reproductive Health Group | |||||
| Startup/LTP | Price Per Share | Valuation | Cal-X Ownership Estimated Value | No. Authorized Shares | Website, Video Link or Slide Deck |
| TestiStim LTP | $2 | $20 million | $1,800,000.00 | 10,000,000 | www.testistim.com |
| Stem Cell Bra LTP | $5 | $50 million | $4,500,000.00 | 10,000,000 | www.stemcellbra.com |
| OrthodontiCell, Inc | $8 | $40 million | $6,120,000.00 | 5,000,000 | www.orthodonticell.com |
| DentaCell Accelerator LTP | $4 | $9.2 million | $828,000.00 | 2,300,000 | www.dentalcellaccelerator.com |
| ImplantStim LTP | $1 | $5 million | $450,000.00 | 5,000,000 | www.implantstim.com |
| ArchStim LTP | $1 | $8 million | $720,000.00 | 8,000,000 | www.archstim.com |
| BreatheStim LTP | $1 | $8 million | $720,000.00 | 8,000,000 | www.breathestim.com |
| SinusStim LTP | $1 | $3 million | $270,000.00 | 3,000,000 | www.sinustim.com (NEW) |
| HairCell LTP | $5 | $50 million | $4,500,000.00 | 10,000,000 | www.haircellstim.com |
| SkinStim LTP | $5 | $15 million | $1,350,000.00 | 3,000.00 | www.skin-stim.com |
| MyoStim ED | $15 | $52.5 million | $4,725,000.00 | 3,500,000 | www.erectistim.com |
| KlothoBios LTP | $0.40 | $4 million | $360,000.00 | 10,00,000 | www.klothoyears.com |
| Lionheart Health, Inc. | $1 | $15 million post money | $0 | 15,000,000 | www.lionhearthealthstim.com |
| Major Organ Regeneration Group | |||||
| Startup/LTP | Price Per Share | Valuation | Cal-X Ownership Estimated Value | No. Authorized Shares | Website, Video Link or Slide Deck |
| EyeCell LTP | $15 | $34.5 million | $3,105,000.00 | 2,300,000 | www.eye-cell.com |
| InStim LTP | $3 | $15 million | $1,350,000.00 | 5,000,000 | www.instimcell.com |
| PancreaCell LTP | $1 | $3 million | $270,000.00 | 3,000,000 | https://vimeo.com/170533425 |
| RegenaLung LTP | $2 | $6 million | $540,000.00 | 3,000,000 | https://leonhardtventures.com/regenalung/ |
| OrthoStim and Orthostim Accelerator LTP | $1 | $3 million | $270,000.00 | 3,000,000 | www.ortho-stim.com and www.orthostimaccelerator.com |
| LiverCell LTP | $1.30 | $3 million | $270,000.00 | 2,300,000 | www.livercellstim.com |
| KidneyCell LTP | $1 | $2.3 million | $207,000.00 | 2,300,000 | www.kidney-cell.com |
| EarCell LTP | $1 | $2.3 million | $207,000.00 | 2,300,000 | www.ear-cell.com |
| BioLeonhardt Whole Body | $1 | $30 million | $2,700,000.00 | 30,000,000 | https://vimeo.com/179280204 |
| BodStim LTP | $1.38 | $12.54 million | $1,128,108.60 | 10,000,000 | |
| BladderCell LTP | $5 | $15 million | $1,350,000.00 | 3,000,000 | www.bladdercell.com and www.b-alivestim.com |
| Cancer Group | |||||
| Startup/LTP | Price Per Share | Valuation | Cal-X Ownership Estimated Value | No. Authorized Shares | Website, Video Link or Slide Deck |
| CancerCell LTP | $3 | $9 million | $810,000.00 | 3,000,000 | www.cancercellinc.com |
Significant Risk Factors: These are all very early stage developments not yet proven to either safe or effective. Patents issued may not be maintained. Patents pending may not be issued. Company product developments may be found to be infringing on patents of others. The company may not have resources to defend itself against infringers of its patents. The teams are attempting to accomplish major goals such as total organ regeneration, never achieved by others before, even others with substantially greater resources. Timelines quoted or implied may take significantly longer even by decades. The company and product development teams, startups lack sufficient resources both in cash and personnel to bring these products through clinical studies and to market. The company relies on a small core staff and a board of advisors that all have other sources of income and have their time divided to many projects. Due to a small staff having the responsibility to update over 50 web sites and thousands of documents information may be out of date or even inaccurate at times due to changes or new information. If you have any questions about a particular risk factor please ask. The company is heavily reliant on a few key individuals and suppliers of which there is no guarantees their services as needed will be maintained.
See our Annual Reports for additional risk warnings and additional information on our team members and product developments – 2019/20 Annual Report > https://leonhardtventures.com/wp-content/uploads/2020/04/4_23_2020.pdf. The 2020/2021 Annual Report is due to be published by spring of 2021. Here are links to some updates published on our web site in December 2020 https://leonhardtventures.com/leonhardts-launchpads-executive-chairman-ceo-year-end-2020-stakeholder-update/ and January 2021 https://leonhardtventures.com/2020-top-achievements/
See our Product Pipeline Page for lines to each LTP and Startup and Chart Showing Current Stage (subject to change) of Development for Each Innovation – https://leonhardtventures.com/development-pipeline/. Note for many product developments we start with only non-invasive bioelectric stimulation using our FDA 510K cleared stimulator from Mettler Electronics of Anaheim, California (cleared for improving blood circulation, muscle healing, muscle motion and pain relief) and then only move into bioelectrics and biologics combination clinical studies after animal and other pre-clinical studies have been completed.
Notes and Further Disclaimers:
1. Valuations are primarily determined by the board of Leonhardt Ventures LLC, market acceptance and the Wilson Sonsini Quarterly Entrepreneurs Report with Current Private Company Financing Trends – https://www.wsgr.com/images/content/2/8/28975/EntrepreneursReport-Q3-2020.pdf. The Leonhardt Ventures LLC board and advisors to both Leonhardt Ventures LLC and Leonhardt’s Launchpads by Cal-X Stars Business Accelerator, Inc. have substantial industry experience including the setting of valuations in this sector.
2. We also analyze and incorporate into determining valuations all similar financing and exit transactions of similar companies and similar stages of development. We source this information from Crunchbase, Pitchbook, press releases and other similar sources.
3. We periodically spot check our internally set valuations with 3rd party external independent reviews of Fair Market Valuation by parties such as Morgan Stanley Shareworks and Carta as well as utilizing valuation determination software programs such as those from Cayenne Consulting.
4. LTP stands for a Licensable Technology Platform asset with fractional ownership shares and Pre-Incorporation Rights. LTPs with fractional ownership have a cap table and authorized shares and are treated in every way just like a C corporation cap table. All LTP stakeholders have Pre-Incorporation Rights which guarantee IF the LTP is converted to a C corporation their ownership stake in that organ or purpose specific LTP will match exactly with their ownership in the newly formed converted C corporation with the same terms. In fact when we convert LTPs to C corporations as we have done on three occasions so far we use the exact same cap table simply changing the title by example from OrthodontiCell LTP to OrthodontiCell, Inc. Every entry remains exactly the same.
5. The business model of the innovation accelerator is to seek a strategic partner/acquirer for each biotech or medtech organ specific application for its core IP after completing first in human studies in an Asset Purchase/Sale Agreement. We seek to sell the IP for that specific organ use as well as other accompanying assets also related to that specific organ and purpose such as supporting data, regulatory documents, supply contacts, drawings and blueprints, study protocols, trademarks and other branding assets, web sites, video, animations, IFUs and more. Wilson Sonsini our M&A counsel advises that over 90% of all very early stage innovations sold or licensed in the biotech and medtech sectors are done so via Asset Purchase Agreements which most often cut at least in half due diligence time and cost compared to purchasing an entire company with all its contingent liabilities. With this in mind our business strategy is to sell our organ and/or purpose specific IP assets via Asset Purchase Agreements or Licenses not by selling a company.
6. Our Private Placement Memorandum lists significant RISK FACTORS which should be read. Please email howard@leonhardtventures.com to receive a copy. We can also send our latest financial statements upon request including Management Analysis of financials.
7. Our Accelerator Membership Agreement https://calxstars.com/accelerator-membership-agreement/ and Accelerator Legal Terms https://leonhardtventures.com/legal-terms-summary/explains terms for startups and LTPs within the accelerator portfolio class.
8. Our Master IP and Product Development Agreement explain IP and Product Development Terms for accelerator portfolio IP assets and products under development – https://leonhardtventures.com/wp-content/uploads/2021/01/MasterPatentIPLicenseandDevelopmentAgreementVer2.0.pdf
9. Our Basic Term Sheet Explains explains the Charter Terms for IP assets/LTPs and startups within the accelerator and basic outside investor terms – https://leonhardtventures.com/term-sheet/
10. See our News Page for additional updates > https://leonhardtventures.com/news/
11. Investment in our innovation and startup launch accelerator has to be viewed as the highest risk category for total loss due to the early stage nature of the innovations and the bold goals that are being attempted to achieve that have not been achieved by others before with far greater resources. This investment is only applicable to verified accredited sophisticated investors with significant investment experience in biotech and medtech or early stage investments. The greatest risk factor is the extended time that may be needed to overcome hurdles to get the product developments to a position to be ripe to be licensed or acquired. Here below are published industry averages on time to exit and stage of development at exit time. The peak exit time period is between 6 and 10 year after conception with some exits taken longer than 16 years to occur if at all. Only 2% exit in under 2 years. Only 7% exit in 2 to 4 years. Only 16% exist in 4 to 6 years. This exit data is based on the performance of teams that primarily only focused on one single exit opportunity at one time. Since our accelerator is moving forward as many as 40 to 50 innovations all at one time this may extend the time period needed for exits.
The Medical Device Milestone Map and Exit Data From 2000 to Now on 331 Deals
Click Here
Click Here
Medtech Exits Valuations
< $50 million = 24% > $50 to $150 million = 28%
> 150 million to $250 million = 10%
> $250 million to $350 million 7%
> $350 million to $500 million 6%
> $500 million + = 4%
> 150 million to $250 million = 10%
> $250 million to $350 million 7%
> $350 million to $500 million 6%
> $500 million + = 4%
Timeline To Exit
Under 2 years = 2%
2 to 4 years = 7%
4 to 6 years = 16%
6 to 8 years = 22%
8 to 10 years = 22%
10 to 12 = 13%
12 to 14 years = 8%
14 to 16 years = 5%
16 years + = 4%
2 to 4 years = 7%
4 to 6 years = 16%
6 to 8 years = 22%
8 to 10 years = 22%
10 to 12 = 13%
12 to 14 years = 8%
14 to 16 years = 5%
16 years + = 4%
Revenues at Exit
Pre-revenue $0 = 28%
< $10 milllion = 6%
$10 to $25 million = 8%
$25 to $50 million = 7%
$50 million+ = 3.5%
$100 million = 2.5%
Unknown = 47%
< $10 milllion = 6%
$10 to $25 million = 8%
$25 to $50 million = 7%
$50 million+ = 3.5%
$100 million = 2.5%
Unknown = 47%
12. Our INVESTORs FAQs page provides additional information and risk factors – https://leonhardtventures.com/frequently-asked-questions/ including a longer description of how Valuations are determined. See Below…
Q: FAQ – How do we determine valuations of startups/LTPs?
The valuation of our Licensable Technology Platform (LTP) startups are set in exactly the same way as C corporation valuations = a combination of comparables, discount of future earnings and the market (which can change). The Licensable Technology Platform (LTP) is a security instrument (shares of an asset) exactly like C corporation common stock. Since we plan to sell nearly all our LTPs/startups under Asset Purchase/Sale Agreements it is unlikely that we will convert most of them to C corporations ever.
We analyze date from Wilson Sonsini, Gust, Silicon Valley Bank and other sources to determine comparable valuations – https://www.wsgr.com/en/insights/the-entrepreneurs-report-q1-2020.html.
We also from time to time plug our startups into valuation calculators – https://www.caycon.com/valuation + https://www.calcxml.com/calculators/business-valuation + https://smallbiztrends.com/2016/05/business-valuation-calculators.html + https://www.equitynet.com/crowdfunding-tools/startup-valuation-calculator.aspx
We give greater weight to the Wilson Sonsini comparables https://www.wsgr.com/images/content/2/6/26202/EntrepreneursReport-Q1-2020.pdf than the other input sources due to their accuracy. SVB reports are the second highest weighted source – https://www.svb.com/globalassets/library/uploadedfiles/reports/healthcare-report-2020-annual_abr.pdf
1Q 2020 – Wilson Sonsini Financings U.S.A. Data
SEED = $9 MILLION VALUATION (Launch stage – experienced team – pitch deck – advisory board – web site)
SERIES A = $30 MILLION VALUATION (Prototypes tested in lab, patent filings and start small animals)
SERIES B = $65 MILLION VALUATION (Small and large animal data)
SERIES D = $225 MILLION VALUATION (First in human clinical data stage)
Warning: Investment in our innovation and startup accelerator must be viewed as very high risk for loss. We are attempting to develop organ regeneration technologies where others with far more substantial resources have failed. Our developments are all very early stage. Despite some early data our technologies cannot be considered to be proven to be either safe or effective. Our patents issued, optioned or licensed may not be maintained. Our patents pending may not be issued. We may be found to infringe on others patents. We are developing more than 30 innovations which spreads our small staff thin. We are highly dependent on outside supplier and consultants. Any timelines quoted may take substantially longer by many years. Most, if not all, our team members derive income from other sources which may limit their focus on our accelerator and its startups. The company lacks sufficient resources at this time in all forms to complete development of its products. This investment is only suitable to accredited highly experienced investors with substantial knowledge of the healthcare industry and the risk associated with medical device and biotech startups and their product developments that are prepared to lose their entire investment without incurring financial hardship. Information about the status of our many projects is subject to change often. With a small staff we are not able to keep all web site pages up to date at all times. Much of the information on many of our thousands of web site pages requires updating. If you have any questions please email us at howard@leonhardtventures.com
Any financial projections given are illustrative only and none of the projections or assumptions should be taken as promises on the part of the Company nor should they be taken as implying any indication, assurance or guarantee that those assumptions are correct or exhaustive.
These pitches contain forward-looking statements. These statements relate to, amongst other things, the Company’s future prospects, developments and business strategies. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will” or the negative of those, variations or comparable expressions, including references to assumptions.
These pitches contain forward-looking statements. These statements relate to, amongst other things, the Company’s future prospects, developments and business strategies. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will” or the negative of those, variations or comparable expressions, including references to assumptions.
The forward-looking statements in this Pitch are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises , or if underlying assumptions prove incorrect, the Company’s actual results may vary materially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on forward looking statements. These forward-looking statements are made only as at the date of the Pitch.
Each recipient of these Pitches must make their own independent assessment of the information provided by the Company and is recommended to seek independent advice on the contents hereof from an authorized person specializing in advising on investments of the kind in question. Neither the Company, Leonhardt’s Launchpads, nor any of their advisers, nor their respective directors, partners, representatives, agents, consultants or employees shall be liable for any direct, indirect or consequential loss or damage suffered by any person relying on statements or omissions from the Pitch and to the maximum extent permitted by law, all conditions, warranties and other terms which might be implied by statute, common law or the law of equity and any such liability are expressly excluded. The Pitch should not be construed as a recommendation to prospective investors by the Company or Leonhardt’s Launchpads, Cal-X Stars Business Accelerator, Inc., or any of their respective officers to invest in the Company, and does not form any commitment by the Company to proceed with an investment. The Company and Leonhardt’s Launchpads, Leonhardt Ventures or Cal-X Stars Business Accelerator, Inc. reserve the right to terminate the procedure at any time and to terminate any discussions and negotiations with any prospective investors at any time and without giving any reason.
Any and all discussions, negotiations and communications, including through any online forums, between any recipient of the Pitches and the Company and their respective directors, shareholders, employees, advisers and/or representatives will remain subject to contract. Any person who invests in the Company at any time must comply with all applicable laws and regulations in force in any jurisdiction in which they acquire, offer or sell shares and must obtain any consent, approval or permission required in respect of any such transaction under the laws and regulations in force in any jurisdiction to which they are subject or in which any such transaction takes place or in which they possess the Pitch. Neither the Company, Leonhardt’s Launchpads, nor any of their respective directors, partners, representatives, agents, consultants or employees shall have any responsibility for any such matters.
The distribution of the Pitches in certain jurisdictions other than California may be restricted by law and therefore persons accessing the Pitch into whose possession the Pitch documents come should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of securities laws of any such jurisdiction. Recipients represent and warrant to the Company and Leonhardt’s Launchpads, that they are able to receive the Pitches without contravention of applicable legal or regulatory restrictions in the jurisdiction in which they reside, conduct business or receive the Pitches, including in particular the requirements of the Act.
The individual startups accept highlighted in this listing of elevator pitches accept responsibility for the information contained in each Pitch. The Pitches are meant to only reflect the most positive and optimistic personal opinion of the company founders and nothing more or less. To the best of the knowledge and belief of the Company (who has taken all reasonable care to ensure that such is the case) the information contained in this Pitch is in accordance with the facts and there are by the extreme brief nature of the few line elevator pitches there are indeed facts the omission of which would affect the validity of such information. This information may be obtained elsewhere such as our private placement memorandum, our annual report or the risk and warnings disclaimers proceeding and following the elevator pitches on this page or on the individual startup web sites . These risks include in brief – patents cited may not protect us, patent license agreements may not hold up, patents pending may not be issued, company lacks resources to complete research, early data is not enough to determine definitively if technology works, all agreements are subject to conditions being met and due to lack of financial resources the likelihood and risk of not meeting such conditions is high, many agreements may not be properly ratified or signed, company is underfunded and understaffed and personnel aboard have diverted attention with other jobs and many projects.
Legacy holdings of Cal-X Stars Business Accelerator, Inc. from social good impact holdings now in Cal-Impact www.cal-impact.com social good impact accelerator. Social good impact holdings began to spin out in 2018, as mandated by board and majority shareholders, and full spin out was completed in 2019.
- Cal-Xelerator www.calxelerator.com = 25.71% ownership
- MilkStim www.milkstim.com = 4.72% ownership
- The California Stock Exchange TM https://www.facebook.com/Calstockexchange =12.36%
- Leonhardt Food & Beverage https://classic.slidebean.com/MaZtimNH9h =15.23%
- Kindheart Lionheart Media & Publishing www.kindheartlionhearttv.com = 12.29%