X-Therma is proud to announce an important milestone on our journey toward enabling more and better organ transplants and off-the-shelf regenerative medicine therapies: Our company is now officially a graduate of the National Science Foundation’s (NSF) Small Business Innovation Research (SBIR) program, having received funding and positive evaluations at all stages of the program.
It’s a key moment in X-Therma’s evolution as a company because it signifies that, in the eyes of the NSF, we’ve moved beyond initial concept and research and development to market viability.
The market has been confident in our future for some time, as we closed on an oversubscribed $13 million Series A funding round in December 2021. Still, we remain grateful for the early and consistent support from the NSF through what the agency calls “America’s Seed Fund.”
Inclusion in SBIR doesn’t just mean funding, although money to support research and development is crucial to the sort of early startup that X-Therma was in 2018. The NSF also gives guidance on the science and, critically, training for first-time entrepreneurs. Of the companies that submit proposals to SBIR, only 10% receive Phase I funding.
From there about half make it to Phase II, which means more funding, plus more guidance on building a business to support your science. Companies at this stage undergo regular financial audits and must demonstrate viable business plans. A small number of Phase II participants qualify for a supplemental, Phase IIB round of funding — designed to accelerate commercialization of those concepts that already attracted outside funding during their time in Phase II.
We’re confident X-Therma will continue to justify the faith the NSF has demonstrated in us.