DiagMetrics

Executive Summary

DiagMetrics is a San Francisco-based diagnostics company pioneering non-invasive, mask-based diagnostic (MBD) technology. Founded in 2018, the company collects exhaled breath condensate (EBC) to enable simple, accessible, and affordable testing for infectious diseases, starting with COVID-19 and tuberculosis. Its versatile platform is designed for point-of-care or mass testing environments, potentially disrupting traditional diagnostic methods by eliminating the need for blood draws or nasal swabs. The MBD technology could lower barriers to testing, especially in resource-limited settings, and address a wide range of conditions beyond respiratory infections. The company has made progress in developing its platform but has not yet commercialized a product or disclosed significant funding. Key challenges include navigating regulatory pathways, demonstrating clinical sensitivity and specificity comparable to existing diagnostics, and scaling manufacturing. If successful, DiagMetrics could capture a meaningful share of the growing point-of-care diagnostics market. Conviction is moderate given the early stage and lack of disclosed milestones, but the technology's novelty and potential impact warrant attention.

Upcoming Catalysts (preview)

• Q3 2026FDA Emergency Use Authorization or clinical trial results for COVID-19 MBD test40% success
• Q4 2026Partnership with major healthcare provider or diagnostics distributor35% success
• Q2 2026Series A or B funding round completion50% success