Formation Bio (formerly TrialSpark) is an AI-native pharma company that in-licenses drug assets and uses AI plus in-house development to run trials faster and cheaper.
Biotech📍 New York, NYFounded 2016
Current Valuation
$1.7B
as of 2024
UNICORN
QL Price
$932.23M
-45% vs last round
QuantLogix's current estimate for Formation Bio, published 2026-09-21 — below the last disclosed round of $1.7B (2024).
Confidence
medium
Basis
secondary led
What backs this price
Last disclosed round
$1.7B
2024
weight 0.3
Secondary market print
$542.3M
2026-06-27
weight 0.6
How this price has held up
No round has priced for Formation Bio since QuantLogix began publishing a price for it, so there is nothing to grade yet. The claim above is on the record from 2026-09-21 and will be graded against the next priced round. See the full accuracy record →
Which publicly-traded funds already hold it, what $10,000 buys, and whether any route is open to you.
Cite this price as QuantLogix QL Price, Formation Bio, 2026-09-21 (037c81919db4c8c7).
The id pins this exact claim, so a citation stays checkable after the price moves.
Model estimate for research — not a quote, target price, or investment advice.
IPO Outlookprivate
Is Formation Bio going public?
No. Formation Bio is private and has not filed to go public. There is no S-1 on file.
What is Formation Bio's valuation in 2026?
Formation Bio is valued at $1.7B as of 2024. That is the last confirmed mark, not a live price — private shares do not trade continuously.
Has Formation Bio filed an S-1?
No public S-1 is on file for Formation Bio.
Can you buy Formation Bio stock?
No. Formation Bio is a private company — its shares are not listed on any exchange and there is no ticker. The routes to exposure are pre-IPO secondary marketplaces and funds (accredited investors), employee tender offers when the company runs one, and public companies with read-through exposure. QuantLogix maps every route it can verify for Formation Bio on its Pre-IPO Access Desk.
Answers are derived from the roster record shown on this page — filing status, last round and confirmed marks. Where the record is silent, the answer says so rather than guessing.
Company Profile
CEO
Benjamine Liu
Founded
2016
HQ
New York, NY
IPO Status
private
Fundraising Status
private
Secondary Market
Implied price / share
$2.61
Last round price / share
$8.18
vs last round
-68.1%
Open interest
2
Last round price vs secondary price
Secondary price return by period
Implied per-share price from private secondary transactions, as of Jun 2026. This is a point estimate, not a quote — the feed carries no bid, ask or spread, and a secondary print is evidence of what someone paid on that date rather than a live market. Compare across every tracked name →
Vertical Intelligence — Biotech / Gene Therapy
Registered trials
2
1 active · 1 recruiting
Lead phase
Phase 2
most advanced registered study
Focus areas
Dermatitis, Atopic
Pruritus · Healthy
Latest trial start
2026-04-27
Name-verified against lead sponsor "Formation Bio, Inc." on ClinicalTrials.gov as of 2026-09-18. Verify on ClinicalTrials.gov ↗
Talent Signal
Hiring trend
▶ Hiring steady
+5% vs 2026-08
Open roles
21
via greenhouse
Product-build share
43%
engineering, research, product, design
Trajectory
steady
balanced build + GTM — 43% builders vs 57% go-to-market/G&A — scaling both sides.
Actively hiring with no tracked executive churn.
Open roles by month
Open roles by function
■ product-building ■ go-to-market / G&A
Associate Director, Data EngineeringAssociate Director, PharmacologyEngineering Manager, InfrastructurePrincipal Data ScientistPrincipal Data Scientist, Medical ImagingSenior Data Scientist
Counted from Formation Bio's live job board as of 2026-09-16; role functions classified from posting titles. Open-role counts are an activity signal, not headcount. Refreshed monthly.
Founders & Key People
Benjamine Liu
Products
AI-native drug development platform
Competitors
Eikon Therapeutics · Recursion (RXRX) · Insitro
BiotechAI Drug DevelopmentPharma
Private-company numbers are not real-time. Reflects publicly disclosed valuations from press releases, news reports, and tender offers as of 2024. Refreshed quarterly.