TriAgenics

TriAgenics

Growth Stage

Imagine Eliminating Wisdom Teeth Extractions with a Non-Surgical Procedure!

Imagine Eliminating Wisdom Teeth Extractions with a Non-Surgical Procedure!

Overview

Raised this Round: Raised: $3,605,950

Total Commitments ($USD)

Platform

StartEngine

Start Date

06/06/2023

Close Date

07/15/2024

Min. Goal
$15,000
Max. Goal
$4,000,002
Min. Investment

$300

Security Type

Equity - Preferred

Series

Series A

SEC Filing Type

RegCF    Open SEC Filing

Price Per Share

$3.00

Pre-Money Valuation

$33,867,972

Year Founded

2013

Industry

Healthcare & Pharmaceuticals

Tech Sector

HealthTech

Distribution Model

B2B2C

Margin

High

Capital Intensity

High

Location

REDMOND, Oregon

Business Type

Growth

TriAgenics, with a valuation of $33.87 million, is raising funds on StartEngine. The company has developed a Zero3 Tooth Bud Ablation technology to eliminate the need for wisdom teeth extractions. The Zero3 TBA technology of TriAgenics offers a high-precision and minimally invasive procedure that prevents the formation of wisdom teeth, thereby eliminating the need for extractions and the associated costs, pain, and recovery time. TriAgenics is in the pre-revenue stage and has completed pre-production prototype development. Leigh Colby founded TriAgenics in January 2013. The current crowdfunding campaign has a minimum target of $15,000 and a maximum target of $4 million. The campaign proceeds will be used for the FDA clearance application, conducting human clinical trials, company employment, operations, and consulting services.

Summary Profit and Loss Statement

FY 2022 FY 2021

Revenue

$0

$0

COGS

$859,420

$563,628

Tax

$3,442

$3,376

 

 

Net Income

$-1,433,220

$-1,062,543

Summary Balance Sheet

FY 2022 FY 2021

Cash

$1,458,412

$2,793,870

Accounts Receivable

$0

$0

Total Assets

$1,570,161

$2,980,140

Short-Term Debt

$49,913

$47,364

Long-Term Debt

$2,524

$4,476

Total Liabilities

$52,437

$51,840

Financials as of: 06/06/2023
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Analyst Report Analyst Report Methodology Article

Synopsis

Wisdom teeth extractions are a common rite of passage for many, often associated with pain, recovery time, and considerable healthcare costs. TriAgenics aims to render this traditional procedure obsolete with its groundbreaking Zero3 Tooth Bud Ablation (TBA) technology. This innovative approach offers a high-precision and minimally invasive solution that prevents the formation of wisdom teeth, thereby eliminating the need for future extractions. The procedure will be performed on children aged 6-12 and cost $350 per site.

TriAgenics has successfully completed research and development and is now preparing for human trials. The company immediately focuses on applying for FDA clearance, a critical step toward bringing this transformative technology to market. With a total of $7.5 million already raised in prior funding rounds, TriAgenics is poised for its next phase of growth and development.

Next Section: Price

Price

TriAgenics is entering the equity crowdfunding with a pre-money valuation of $33.87 million, a significant figure for a pre-revenue company in the healthcare and pharmaceuticals sector. This valuation is primarily based on the company’s promising Zero3 Tooth Bud Ablation (TBA) technology, which aims to revolutionize dental care by eliminating the need for wisdom teeth extractions. With over $7.5 million already raised in capital, 100% success in animal trials, and 13 patents, TriAgenics showcases a strong foundation in research and development, setting a solid groundwork for future FDA clearance and commercial success.

For investors, the potential of TriAgenics lies in its ability to disrupt the US Dental Services market, a sector ripe for innovation and improvements. The success of TriAgenics’ Zero3 TBA product could lead to significant market penetration and revenue generation, justifying the current valuation in the long term. However, investors should be prepared for a lengthy timeline to profitability, given the regulatory hurdles and the need for clinical trials to demonstrate safety and efficacy in humans.

The exit potential for startups like TriAgenics is typically through acquisition by larger pharmaceutical or medical device companies or, less commonly, through an initial public offering (IPO). For TriAgenics to provide a 10X return to investors on exit, it would need to achieve a post-exit valuation of approximately $338.7 million. This would require a successful FDA clearance commercial launch and widespread adoption of its technology within the dental services industry. Given the innovative nature of its product and the size of the addressable market, such outcomes are ambitious but not beyond the realm of possibility.

Next Section: Market

Market

The U.S. Dental Services market, with an addressable size of approximately $154.96 billion in 2024 and a growth rate of 6.24%, represents a significant opportunity for TriAgenics. The company focuses on an innovative solution to eliminate the need for wisdom tooth extractions. This places TriAgenics in a unique niche, tapping into the broader dental market with a specific, targeted solution. Because the procedure is such a niche, the truly addressable market is only a fraction of the size of the total dental services space. However, wisdom tooth surgery remains one of the most common surgeries worldwide.

Market drivers such as the push to avoid opioid use and increased awareness of the benefits of wisdom tooth removal highlight the potential demand for TriAgenics’ Zero3 Tooth Bud Ablation (TBA) technology. This technology offers a high-precision, minimally invasive procedure that prevents the formation of wisdom teeth, thereby addressing significant pain points in the current wisdom tooth extraction process, including pain, recovery time, and the associated costs.

Despite the high market potential due to these drivers, TriAgenics faces significant regulatory hurdles. The high level of market regulation, particularly the requirement for FDA clearance, poses challenges but also acts as a barrier to entry for competitors, potentially limiting direct competition.

Next Section: Performance

Performance

TriAgenics has shown impressive progress despite being in the pre-revenue stage. The company’s dedication to innovation is evidenced by its successful capital raise of over $7.5 million, which underscores investors’ confidence in its potential. This financial backing is critical as TriAgenics moves forward with its Zero3 Tooth Bud Ablation (TBA) product, which aims to revolutionize dental care by eliminating the need for wisdom teeth extractions.

The company’s research and development efforts have culminated in successful animal trials, setting the stage for human trials and FDA clearance. This step is crucial for TriAgenics as it transitions from a development-focused entity to one poised to enter the market with a unique offering. The successful completion of 100% of its animal trials further validates the efficacy and safety of the Zero3 TBA technology, positioning the company favorably for the forthcoming clinical trials and regulatory review processes.

Intellectual property is a cornerstone of TriAgenics’ strategy to carve out a competitive edge in the healthcare sector. With 13 patents, the company has protected its innovative technology and laid a strong foundation for future growth and market penetration. This robust patent portfolio indicates TriAgenics’ commitment to innovation and its potential to disrupt the US Dental Services market.

Despite its pre-revenue status, TriAgenics has demonstrated prudent financial management, with cash and cash equivalents totaling $1.5 million. This financial discipline is essential as the company navigates the capital-intensive phases of FDA clearance application and human clinical trials.

TriAgenics has laid a solid foundation for growth through successful capital raises, completion of R&D, and securing a strong patent portfolio. The company is now at a pivotal juncture as it prepares for regulatory approval and market entry. The successful transition from pre-revenue to market launch will be key to realizing the potential of its Zero3 TBA technology and achieving its goal of eliminating the need for wisdom teeth extractions, thereby offering a high-precision and minimally invasive alternative to current dental practices.

Next Section: Differentiators

Differentiators

TriAgenics stands out in the healthcare and pharmaceuticals industry, particularly within the dental sector, with its innovative Zero3 Tooth Bud Ablation (TBA) technology. This groundbreaking approach aims to revolutionize how wisdom teeth issues are addressed, moving away from traditional surgical extractions to a minimally invasive procedure that prevents the formation of wisdom teeth altogether. This promises to eliminate the need for extraction surgeries and the associated costs, pain, and recovery time, presenting a significant advancement in dental care.

The company’s success in animal trials, with a 100% success rate, alongside the completion of research and development phases, underscores the potential efficacy and safety of the Zero3 TBA technology. Furthermore, securing 13 patents showcases TriAgenics’ commitment to innovation and protecting its intellectual property, which is crucial in a sector where technological advancements can be easily replicated.

Despite being in the pre-revenue stage, TriAgenics has demonstrated considerable traction by raising more than $7.5 million in capital. This financial backing and the company’s move towards scaling manufacturing in preparation for FDA premarket clearance application indicate a robust strategy to bring the Zero3 TBA product to market. The lack of direct competitors in this specific niche—targeting the prevention of wisdom tooth formation rather than extraction—positions TriAgenics uniquely in the market. This lack of competition, coupled with high barriers to entry, including the technological, regulatory, and financial hurdles associated with healthcare innovation, further solidifies TriAgenics’ potential to disrupt the dental services market.

TriAgenics’ differentiation lies in its novel approach to a common dental problem, backed by successful animal trials, a strong patent portfolio, and significant capital investment. The company’s path toward FDA approval and subsequent market introduction of the Zero3 TBA technology will be critical milestones to watch, potentially setting a new standard in dental care.

Next Section: Team

Team

TriAgenics is spearheaded by its founder and CEO, Leigh Colby, who brings several decades of relevant industry experience to the company, including time as a dentist. Colby’s extensive background in dental services positions him as a highly knowledgeable leader in developing TriAgenics’ innovative Zero3 Tooth Bud Ablation (TBA) product. This product aims to revolutionize dental care by eliminating the need for wisdom teeth extractions, offering a high-precision and minimally invasive procedure preventing wisdom teeth formation.

Colby’s leadership is further validated by his successful track record, including a previous exit from a dental care group. This underscores his capability to navigate the complexities of growing and scaling a company. His experience is critical as TriAgenics moves towards applying for FDA premarket clearance and embarks on conducting human clinical trials. Despite being a pre-revenue company, under Colby’s guidance, TriAgenics has completed animal trials and is scaling manufacturing in preparation for these significant milestones.

The team at TriAgenics is currently small, with only two members listed, indicating a lean operation at this stage of development. However, the company also benefits from the support of four industry-leading advisors, suggesting that while the core team may be compact, a broader network of expertise contributes to TriAgenics’ strategic direction and operational execution.

Overall, Leigh Colby’s extensive experience and focused and strategic approach to product development and regulatory approval position TriAgenics as a promising player in the healthcare and pharmaceutical industry. The company’s innovative approach to dental care has the potential to impact the US Dental Services market significantly, and investors and industry observers alike will closely watch its progress.

Next Section: Risks

Risks

TriAgenics faces several unique risks. The company is currently in a pre-revenue phase, which inherently carries high financial and operational risk. TriAgenics dedicates significant resources to scaling manufacturing and preparing for FDA premarket clearance for its Zero3 Tooth Bud Ablation (TBA) product. The high capital intensity required for these activities, as evidenced by a monthly burn rate of $119,435, may pose a liquidity risk if additional funding is not secured or there are delays in achieving these milestones.

Given the company’s high valuation of $33.87 million in a pre-revenue stage, there is a risk that TriAgenics may be overvalued, which could impact investor returns. Additionally, the company’s development phase is marked by conducting animal trials and preparing for human clinical trials, which introduces a significant scientific and regulatory risk. The success of these trials is critical for obtaining FDA clearance, without which the product cannot be brought to market. Any failure or significant delay in these trials could adversely affect the company’s financial condition and business prospects.

Furthermore, despite the innovative nature of the Zero3 TBA technology, TriAgenics faces the challenge of market acceptance. The dental services market in the US is traditional and may be slow to adopt new technologies, especially ones that significantly deviate from standard practices like wisdom tooth extraction. Convincing dentists and patients to adopt a non-surgical procedure over a well-established surgical one requires substantial marketing efforts and may encounter resistance due to the conservative nature of medical practice adoption.

Next Section: Bullish Outlook

Bullish Outlook

TriAgenics stands at the forefront of innovation within the US Dental Services market with its groundbreaking Zero3 Tooth Bud Ablation (TBA) technology. The company’s unique proposition to eliminate the need for wisdom teeth extractions through a non-surgical, minimally invasive procedure positions it as a potential game-changer in dental care. This technology promises to reduce the pain, costs, and recovery time associated with traditional wisdom teeth surgeries and aligns with the growing preference for less invasive medical treatments.

The company’s significant progress, including the completion of animal trials and the preparation for FDA clearance, illustrates TriAgenics’ commitment to bringing its innovative solution to market. The successful raising of $7.5 million in prior rounds underscores investor confidence in the company’s vision and the potential of its Zero3 TBA technology.

While competitive, the US dental services market lacks recent innovations that address the root causes of dental issues like wisdom teeth extractions. TriAgenics, with its patented technology, faces high barriers to entry that could deter potential competitors, thereby securing a unique position in the market.

The demand for non-surgical alternatives in dental care is rising, and TriAgenics has the potential to meet this demand head-on. The company’s focus on scaling manufacturing in anticipation of regulatory approval is a prudent move that could accelerate market entry upon receiving FDA clearance. This strategic approach, combined with the potential to impact patient care and reduce healthcare costs significantly, makes TriAgenics an attractive investment opportunity.

In conclusion, TriAgenics’ innovative approach to a common dental problem, backed by significant investment and progress toward regulatory approval, positions the company for success in the dental healthcare market. The potential to disrupt traditional surgical procedures with a non-invasive, cost-effective solution underlines the company’s growth potential and the bullish investment outlook for TriAgenics.

Next Section: Bearish Outlook

Bearish Outlook

TriAgenics finds itself in a precarious position as it navigates the complex and highly regulated healthcare and pharmaceuticals industry, particularly within the US Dental Services market. The company’s ambition to eliminate the need for wisdom teeth extractions through its innovative Zero3 Tooth Bud Ablation (TBA) product is noteworthy. However, several factors raise concerns about its near-to-medium-term prospects.

First and foremost, the company is pre-revenue and has not yet secured FDA clearance for its Zero3 TBA product. This regulatory hurdle is significant and can be time-consuming and costly. The process of navigating the FDA’s regulatory landscape requires significant financial resources and success in clinical trials, which can be particularly challenging.

Furthermore, TriAgenics’ current financial health raises concerns. With a monthly burn rate of $119,435 and a net income most recent fiscal year end of -$1.4 million, the company’s path to profitability appears uncertain in the absence of a product launch and revenue generation. These financial metrics suggest a high cash consumption rate, which could necessitate further fundraising rounds, potentially diluting current shareholders.

Finally, while the company boasts of having patents, which is certainly an asset, the actual commercial viability and market acceptance of the Zero3 TBA technology remain to be proven. The dental services market in the US is crowded, with numerous established procedures and competitors. Convincing dental professionals and patients to adopt a new, unproven technology could prove challenging, especially without existing partnerships or a demonstrated user base.

In summary, while TriAgenics’ innovative approach to dental care could potentially disrupt the market for wisdom tooth extractions, several significant risks and challenges stand in the way of realizing this potential. Investors should carefully consider these factors when evaluating TriAgenics’ bearish outlook.

Next Section: Executive Summary

Executive Summary

TriAgenics is pioneering a revolutionary approach in dental care with its Zero3 Tooth Bud Ablation (TBA) technology, aimed at eliminating the need for wisdom teeth extractions through a non-surgical procedure. This innovative solution represents a significant advancement in dental healthcare, offering a high-precision, minimally invasive alternative that could transform the standard of care for wisdom tooth management. With the completion of its research and development phase, TriAgenics has achieved 100% success in animal trials and secured 13 patents, underscoring the efficacy and uniqueness of its Zero3 TBA product.

The company is currently in the pre-revenue stage, with more than $7.5 million raised in capital to fund its journey towards commercialization. As it prepares for FDA premarket clearance application, TriAgenics is scaling manufacturing of its Zero3 TBA product, signaling readiness for the next critical phase of regulatory approval and market entry. The dental services market in the US presents a lucrative opportunity for TriAgenics, especially in the context of growing awareness about the benefits of wisdom tooth removal and the increasing push to avoid opioid use for pain management.

However, TriAgenics faces challenges typical of early-stage healthcare innovators, including the high costs associated with scaling manufacturing, navigating the FDA approval process, and conducting human clinical trials. With a monthly burn rate and a pre-money valuation that reflects optimism about its future market potential, TriAgenics is at a pivotal point where strategic investments in regulatory approval and market penetration efforts could significantly impact its trajectory.

The company’s non-competitive landscape, high entry barriers, innovative technology, and the societal shift towards minimally invasive dental procedures position TriAgenics favorably in the market. As it moves towards FDA clearance and eventual commercialization, TriAgenics represents a unique investment opportunity in the healthcare and pharmaceuticals sector with the potential to redefine wisdom tooth management.

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TriAgenics on StartEngine 2023
Platform: StartEngine
Security Type: Equity - Preferred
Valuation: $33,867,972
Price per Share: $3.00

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