Reg CF was designed around a basic transparency tradeoff: founders get access to everyday investors, and investors get annual reporting until that obligation is properly terminated. But new Kingscrowd analysis shows a major gap. Out of 5,325 companies that successfully closed Reg CF rounds, 2,511 have filed neither a Form C-AR annual report nor a Form C-TR termination notice—meaning nearly 47% have effectively gone dark. The data highlights why post-raise compliance matters for investors, founders, and the credibility of the market itself.

Most investors focus on building wealth.

But what happens after that?

Join Kingscrowd and Zeus Companies for a live conversation with Dr. Steven Kaufman, Founder and CEO of Zeus Companies, on passive real estate income, wealth preservation, and why Zeus focuses on conservative first-lien real estate debt instead of chasing speculative upside.

We’ll discuss:

Is SpaceX really worth $2 trillion?

This week on the Kingscrowd Podcast, Brian Belley, Scott Kitun, and Teddy Lyons analyze the most anticipated IPO in years. From Starlink's rapid growth and AI infrastructure ambitions to secondary-market investors and the future of private-market liquidity, the team explores what investors are actually buying when they buy SpaceX.

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By Teddy Lyons \ Deal Report

Brief: Rejuvenate Bio is a San Diego biotechnology company developing gene therapies for chronic, age-related diseases in pets and humans. Built from research originating at Harvard Medical School and the Wyss Institute, the company uses targeted gene delivery to restore beneficial biological signals tied to metabolism, inflammation, fibrosis, and tissue repair. Its near-term strategy focuses on companion animal health, giving Rejuvenate Bio a path to test therapies in naturally aging pets while advancing human programs for serious cardiac and metabolic disease. By combining gene therapy, veterinary medicine, and age-related biology, the company aims to address the underlying drivers of chronic disease with durable, one-time treatments.

Teddy’s Quick Take: 

Kingscrowd Capital has previously invested in two gene therapy companies we’re very excited about. Siren Biotechnology is developing AAV-based immuno-gene therapies that deliver instructions directly to the immune system, with an initial focus on brain cancer. Foment Bio is building a non-viral, transient gene therapy platform designed to activate the body’s natural healing processes in cardiometabolic diseases such as heart failure.

We may have found another winner in Rejuvenate Bio.

The company is developing one-shot gene therapies aimed at treating age-related chronic diseases by restoring youthful cellular function. The science comes out of George Church’s lab at Harvard Medical School. Church is one of the most influential figures in synthetic biology and genomics, and his lab has helped launch a number of notable biotech companies.

On the human health side, the company is advancing programs focused on cardiometabolic disease. At the same time, it is building an animal health business that could create earlier commercial traction than a traditional human therapeutics path. On this front, Rejuvenate has secured more than $130 million in contracted milestone payments from six animal health partners, which should start hitting the company’s top line in 2028. This has the potential to create a funding flywheel, where revenue from the animal health side of the business can be used to push the human program forward.

In my diligence of this company, one of the more interesting aspects of their approach is how far they’ve driven down manufacturing costs. Rejuvenate can produce a one-time therapeutic dose for roughly $100, whereas most human gene therapy doses are priced in the millions. That cost advantage is what makes direct-to-consumer sales viable in animal health and helps explain why they’ve been able to sign deals with half of the leading animal health companies, with expectations of signing with 80–90% of them by the end of the year.

Kingscrowd Capital is actively evaluating the company. Our diligence will focus on the path to first-in-human trials, the timing and likelihood of meaningful animal health revenue, and whether Rejuvenate can scale manufacturing for one-shot gene therapies.

Fureelz

By Léa Bouhelier-Gautreau

Scrolling through cute pet videos could actually spark a virtuous cycle. With Fureelz, you can get your dose of dopamine while also helping animals. I’m just left wondering whether that will be enough to win the fierce battle for attention dominated by social media giants.

Anodos Labs

By Teddy Lyons

Anodos is building a privacy-focused AI mobile banking app with self-custody for borderless users. Its existing DEX and Wallet have processed over $100M in transaction volume, attracted 20,000+ users at 25% monthly growth, and secured a $130K Ripple grant plus $150K in angel funding.

That's a wrap on this week's issue!

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