Formation Bio is an AI-native pharma company that develops clinical-stage drugs faster and more efficiently. It uses a tech-driven platform to improve drug development across the lifecycle, aiming to bring new treatments to patients sooner.
Access to pre-IPO shares is available to accredited investors through UpMarket.
Latest Price
$372M
Series D, Jun 2024, Perplexity
UpMarket Estimate
$371M
Based on UpMarket valuation model
How to Invest in Formation Bio Through UpMarket
Formation Bio shares are not on public exchanges. UpMarket provides accredited investors access through secondary market transactions.
Step 01
Verify accredited investor status
Confirm eligibility under SEC Rule 501 of Regulation D. Income or net worth threshold applies.
Step 02
Create an UpMarket account
Complete KYC/AML onboarding. Typically 1–2 business days. Licensed rep assigned on signup.
Step 03
Review available Formation Bio offerings
Full offering memoranda and risk disclosures provided before any commitment is required.
Step 04
Complete subscription documents
Review and sign subscription agreement. All documents handled digitally through the platform.
Step 05
Fund your investment
Wire transfer or ACH. $50K minimum. Funds held in custodial account until close.
Pre-IPO investments are illiquid, speculative, and involve risk of total loss of capital.
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Valuation Growth Over Time
Post-money valuation by round
Previous roundsMost recent
Date
Round
PPS (split-adj.)
Valuation
Jun 2024
Series D
$372M
Why Investors Are Watching Formation Bio
Growth Signal
Formation Bio raised $372M Series D to expand pipeline
Formation Bio closed a $372 million Series D in June 2024, led by Andreessen Horowitz with participation from Sanofi, Sequoia, Thrive, Emerson Collective and others. The company said the capital would grow its drug pipeline and expand its AI-driven drug development platform.
Competitive Moat
Off-balance-sheet development model de-risks pharma partners
Formation Bio says it provides an off-balance-sheet development pathway for pharma and biotech companies, letting partners pursue more programs without adding internal cost or risk. Its model targets pre-Phase 2 assets, where it can use its proprietary platform to accelerate development before licensing or sale.
Market Opportunity
Four drugs in development across immune and musculoskeletal areas
As of December 2025, Formation Bio had four drugs in development focused on inflammatory and immune-mediated diseases and musculoskeletal conditions. The company’s model aims to acquire promising candidates, advance them for two to three years, then exit de-risked assets to larger pharma buyers.
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No. As of March 2026, Formation Bio is a private company and does not trade on any public stock exchange. Accredited investors can access Formation Bio shares through UpMarket, a FINRA-registered broker-dealer that specializes in pre-IPO investments.
Formation Bio does not have a public stock price because it is privately held. The most recent known share price comes from its last funding round. Pre-IPO share prices on the secondary market may differ from the last round price depending on supply, demand, and market conditions.
Yes. Accredited investors can indicate interest in Formation Bio shares through UpMarket by filling out the form on this page or creating an account at upmarket.co. All pre-IPO offerings are subject to availability and require a $50,000 minimum investment. UpMarket is a FINRA-registered broker-dealer and has brokered alternative investments since 2019.
Pre-IPO investments carry significant risks. Formation Bio shares are illiquid, meaning there is no public market to sell them quickly. There is no guaranteed exit timeline or return. The investment is speculative in nature, and investors should be prepared for the possibility of total loss. Valuations of private companies can fluctuate substantially between funding rounds. Investors should consult their financial advisor and review all offering documents before investing.
In a pre-IPO transaction, accredited investors purchase shares from existing shareholders (such as employees, early investors, or other holders) through secondary market platforms. The company itself does not issue new shares in these transactions. UpMarket facilitates these trades as a FINRA-registered broker-dealer, handling compliance, documentation, and settlement on behalf of both parties.
There are two primary exit paths for pre-IPO holdings: selling your shares on the secondary market to another buyer, or holding until the company completes an IPO or is acquired. Both paths are subject to transfer restrictions, company approval (right of first refusal), and market conditions. The timing of any exit is unpredictable, and investors should plan for a multi-year holding period.
The minimum investment for most pre-IPO offerings on UpMarket is $50,000. This amount may vary depending on the specific offering and share availability. There are no fees to create an UpMarket account or browse available investments. Investors only pay transaction-related fees when they complete an investment.
UpMarket's valuation estimate of is derived from a proprietary model that incorporates multiple data sources: funding round data (Caplight), revenue estimates (Sacra), secondary market pricing, and public company comparables. The model applies a private company discount to the public comp multiple to account for illiquidity and information asymmetry. This estimate is not investment advice and may differ substantially from the price at which shares actually trade.
Formation Bio develops AI-native clinical-stage drugs more efficiently and was valued at $371M, after raising $372M in its Series D to expand its pipeline — accredited investors can access Formation Bio stock through UpMarket.