Disclaimer: This analysis is for educational and research purposes only. This is a hypothetical framework. No actual investment is being made. Early-stage biotech is extremely high-risk and most companies fail. Nothing here should be construed as investment advice. All opinions are the author's. See full disclosure here.
I watched Prometheus last night. I would have preferred an enlightening reunion with the big humans, but the ending is what it is.
But here's the thing. The part that actually got my thinking was the cryopods.
The entire crew of the USCSS Prometheus gets sealed into these chambers, cooled, hurtled across lightyears of empty space, then woken up on the other side with nothing worse than a hangover. The film treats it like boarding a flight. Nobody marvels at the technology. They just complain about feeling groggy.
In 2012 when the film came out, that was pure fantasy. In 2026, it is rapidly becoming an engineering problem.
And that shift, from "impossible" to "difficult engineering," is the most important transition in any field of science. Because that's when something becomes investable.
The Framework Problem That Made Me Build L-45
Here's what happened when I tried to run cryopreservation companies through the EverLife Capital 25-Gate Framework (v4.1).
They failed immediately. Gate 1. Done.
Gate 1 is Aging Hallmark Primary: the company must target at least one core aging hallmark. Fail = Mission Filter. Cryopreservation doesn't target an aging hallmark. It doesn't clear senescent cells, restore mitochondrial function, reduce inflammaging, or modulate any of the molecular mechanisms we associate with biological aging. The goal of it is to pause biological time (if it works).
By the rules of the framework I built, Until Labs (the most compelling cryopreservation company, in my opinion) gets the same designation as a supplement company with no IND filing.
That bothered me. Because if Until Labs succeeds at whole-body cryopreservation, it could be the most aggressive longevity bet in the entire space. A healthy person diagnosed with something incurable at 65 could theoretically pause biological time and wake up when a cure exists. That's not a therapeutic. That's a different category entirely.
So in February 2026, I added the L-45 Infrastructure Classification to the framework (v4.2 extension). Here's the definition
“…their technology is a necessary condition for radical lifespan extension. They enable, accelerate, or provide infrastructure for the longevity ecosystem.”
The 25-Gate Framework was built to evaluate longevity therapeutics with clear paths to a liquidity event, whether that's a pharma acquisition, an IPO, a strategic partnership, or another exit. The gates assume a company is developing a drug or biologic that targets aging hallmarks, moves through FDA-regulated clinical stages, and reaches a value inflection that creates a return. L-45 companies don't fit that mold. They have different exit mechanics, different regulatory paths, and different evaluation criteria.
L-45 companies are tracked but not scored on the standard 25-gate scale. Eight gates DO apply: Gate 6 (Founder/Science Pedigree), Gate 7a (Capital Efficiency), Gate 7b (VETO: Single Pivotal Demo), Gate 9 (VETO: Dilution/Governance), Gate 12 (Competitive Landscape), Gate 17 (Management Track Record), Gate 18 (Exit Pathway Visibility), and Gate 22 partial (Acquisition Magnetism). The rest don't apply because they assume a therapeutic targeting aging hallmarks moving through FDA clinical stages.
Four gates get modified application for L-45 companies. Gate 23 (Mechanism Convergence) becomes Ecosystem Convergence: does the infrastructure enable multiple therapeutic categories? Organ banking enables transplant, xenotransplantation, and trauma care simultaneously. That gets scored +0.0 to +0.5. Gate 21 (Composite Score) becomes a qualitative tier: TRACK, WATCH, or FLAG. Gate 24 (Follow-On) uses infrastructure milestones instead of clinical ones: technical demo success, first revenue, strategic partnership, regulatory clearance. Gate 25 (Re-Evaluation) follows Watch List cadence with event-driven triggers for tech breakthroughs or M&A in the category.
Cryopreservation falls under L-45A: Cryopreservation & Biostasis. There are seven companies I am tracking in this subcategory as of this writing.
Let me walk you through all of them.
What Changed In The Science
Three things happened that moved cryopreservation from the fringes to the frontier.
First, someone actually did it with a real organ. In June 2023, a team at the University of Minnesota published a paper in Nature Communications that will likely be remembered as one of the landmark results in biopreservation. They vitrified rat kidneys (cooled them into an ice-free, glass-like state), stored them for up to 100 days, rewarmed them using iron oxide nanoparticles activated by magnetic fields, and successfully transplanted them into living rats. Full kidney function restored. Five for five.
That had never been done before. Ever. The technique they called "nanowarming" solved the biggest unsolved problem in cryobiology: how to rewarm vitrified tissue rapidly and uniformly enough that it doesn't form ice crystals (which shred cells from the inside) or crack from thermal stress (which destroys tissue from the outside).
They've since moved to pig kidneys, which are close to human size. Unpublished so far, but the team's lead, John Bischof, has said publicly there's no physical reason the approach won't scale.
Second, Laura Deming entered the building. When arguably the most credentialed person in longevity investing stops investing and starts operating a cryopreservation company, that's a signal.
Third, the money followed. Over $100 million in disclosed venture funding flowed into cryopreservation in 2025 alone. Founders Fund led a $58M Series A. That's Peter Thiel's firm. When they write a check, it tells you something about where the frontier actually is.
L-45A: The Full Cryopreservation Company Map
Until Labs (San Francisco, USA)
This is the one to watch.
Founded by Laura Deming and chief scientist Hunter Davis. Deming started working in Cynthia Kenyon's pioneering aging lab at age 11. At 17, she became a Thiel Fellow and launched The Longevity Fund, the first VC fund dedicated exclusively to longevity biotech. She followed with Age1. When she pivoted from investing to operating, founding Cradle (now Until Labs) with Davis (PhD in physical chemistry from Caltech, postdoc in neuroscience at Harvard), it sent a clear signal: she found something worth building rather than funding.
Total raised: over $100M ($48M seed + $58M Series A led by Founders Fund, with Lux Capital and Field Ventures).
Their approach is brilliant because of the monetization ladder. They're NOT going straight to whole-body cryopreservation. They're starting with organ preservation for transplant. This matters because 17 people die every day in the U.S. waiting for organ transplants. Thousands of donated organs get discarded annually because they can't reach recipients in time (4 to 12 hours for hearts, lungs, and livers, 24 to 36 hours for kidneys). The FDA regulatory pathway for extending organ viability is well-understood. And every protocol they develop for kidney cryopreservation directly de-risks whole-body work later.
As Hunter Davis put it in a late 2025 interview, vitrification leverages physics rather than targeting specific biomolecular pathways, making it somewhat organ-agnostic.
Current milestones achieved: recovered electrical activity from cryopreserved and rewarmed rodent neural tissue (February 2024), built a proprietary discovery engine for new cryoprotective molecules, developed a custom electromagnet rewarming system, and scaled from neural tissue slices to large-animal organ protocols.
Applicable Gates:
Gate 6 (Founder/Science Pedigree): 5/5. Deming is tier-1 longevity pedigree. Davis is Caltech PhD + Harvard postdoc. As good as it gets.
Gate 7a (Capital Efficiency): PASS. $100M+ raised with milestone-driven deployment. Organ preservation as near-term revenue path reduces cash-burn risk.
Gate 7b (Single Pivotal Demo): PASS for now. Valuation is not yet riding on one binary outcome, but will need to monitor once large-animal organ rewarm is attempted. A single failed demo at that stage could trigger this veto.
Gate 9 (Dilution/Governance): PASS. Clean cap table. Founders Fund lead, no predatory terms visible.
Gate 12 (Competitive Landscape): 4/5. Strongest-funded by far. Sylvatica and Viridian are real but years behind. University of Minnesota is academic, not commercial. Not a 5 because the field is attracting new entrants.
Gate 17 (Management Track Record): 5/5. Deming built two successful longevity VC funds. Davis has deep scientific credibility. Combined operating + investing pedigree is rare.
Gate 18 (Exit Pathway Visibility): 4/5. Getinge paid $477M for Paragonix in 2024. TransMedics is public at ~$5B. Clear medtech acquisition precedent. IPO path also viable post clinical proof-of-concept.
Gate 22 (Acquisition Magnetism, partial): 4/5. Fills a gap incumbents cannot close with existing tech. Can't build vs buy when the core IP is novel vitrification + nanowarming protocols. Partial score because full pharma fit is less direct than a therapeutic company.
Ecosystem Convergence (modified Gate 23): +0.4. Organ banking enables transplant + xenotransplantation + trauma care. Infrastructure that multiplies across therapeutic categories.
Sylvatica Biotech (Charleston, USA)
Biomimetic approach inspired by the Arctic wood frog, which survives being frozen solid every winter. Founded in 2015 by Sebastian Giwa. Developing non-toxic, multi-component cryoprotectant cocktails.
Key achievement: extended liver preservation to 5 days, a 10x improvement over standard viability. Funded primarily through NIH SBIR grants across seven NIH institutes, plus Department of Defense funding. Collaborating with Harvard and Johns Hopkins.
Applicable Gates:
Gate 6: PASS. Strong academic founder. Multi-institution collaboration (Harvard, Johns Hopkins).
Gate 7a: CONCERN. Grant-funded, no institutional venture round. Capital efficiency is good (doing a lot with SBIR money) but scaling requires private capital.
Gate 9: PASS. No dilution concerns visible at this stage.
Gate 12: 3/5. Biomimetic approach is differentiated but Until Labs has a massive funding lead. Multiple new entrants arriving.
Gate 17: 3/5. Academic and NIH grant track record. No prior commercial exit.
Gate 18: 3/5. Same medtech acquirer universe as Until Labs, but further from a product. Acquisition more likely as an acqui-hire or tech acquisition than standalone deal.
Gate 22 partial: 3/5. Interesting IP but further from commercialization than Until Labs.
Tomorrow Bio (Berlin / Rafz, Switzerland)
Europe's leading cryonics service provider. Founded 2020 by Dr. Emil Kendziorra and Fernando Azevedo Pinheiro. Raised a €5M seed round in 2025. They've cryopreserved 20 people and 10 pets, with 800+ signed up. Total contract value over €160M.
Pricing: €200,000 for whole-body, €75,000 for brain-only. Most fund through life insurance.
Important distinction: this is a service provider, not a technology developer. They use current protocols that have not been demonstrated to be reversible. It's a bet on future technology.
Applicable Gates:
Gate 6: MARGINAL. Kendziorra is MD with cancer research background, not deep cryobiology pedigree.
Gate 7a: PASS. Revenue-generating from day one. €160M+ contract value.
Gate 9: PASS. No governance concerns visible.
Gate 12: 3/5. Competing with Alcor and Cryonics Institute, but differentiated by European positioning and modern ops.
Gate 17: 3/5. Entrepreneurial track record but no exits in biotech/medtech.
Gate 18: 2/5. No technology to acquire. Service model not strategically attractive to medtech acquirers.
Gate 22 partial: 2/5. No proprietary technology platform. Service companies have lower acquisition magnetism.
Alcor Life Extension Foundation (Scottsdale, USA)
The original. Founded 1972. Over 200 patients cryopreserved, 1,393 members. Non-profit. Whole-body starts at $200,000. Longest track record and most operational experience, but not developing new technology. Infrastructure, not investment.
Cryonics Institute (Michigan, USA)
Founded 1976 by Robert Ettinger. 240 patients, 239 pets stored. Non-profit. Lower cost, lower-touch service.
CryoPets (Salt Lake City, USA)
Founded 2022. Pet cryopreservation. Preserved their first animal recently. Plans for human expansion. Early, undisclosed financing.
CryoDAO
Decentralized autonomous organization. 6,000+ members. $3M+ raised through token launches. Funded 6 research projects including CRYORAT (high-subzero preservation and revival) and ultrasound-based rewarming. Building a purpose-built storage and research facility (STASIS) in Comfort, Texas, with Tomorrow Bio and CryoPets.
Novel funding model for frontier research traditional VCs won't touch. Not a traditional investment.
Other L-45A-Adjacent Players
Viridian (USA): Targeting whole-organ banking. Early stage, undisclosed funding.
WakeBio: Emerging 2025. Undisclosed financing. Too early to evaluate.
ATP-Bio / University of Minnesota: Not a company. The academic powerhouse behind the nanowarming breakthrough. $26M NSF award. 30+ senior researchers across seven institutions. Any investor in this space needs to track ATP-Bio publications.
The Market
The organ preservation market is currently valued at roughly $280 to $540 million, growing at 7 to 10% annually. But those figures reflect the old paradigm: cold storage solutions and machine perfusion.
Cryopreservation that enables indefinite organ banking would expand the category, not just improve it. Bank organs. Test them. Match globally. Ship on schedule. That transforms transplantation from an emergency procedure to an elective one. The addressable market expands 5 to 10x.
The broader transplantation market exceeds $16 billion. Layer in xenotransplantation (unlimited pig organs that NEED banking capability) and the convergence is enormous.
Medium-term, medical hibernation for terminal patients could be $5 to $20 billion. That's the application that made Founders Fund write the check.
Long-term? The Prometheus application. NASA and ESA have both published studies on the necessity of biological stasis for missions beyond Mars. Decades out. But the near-term revenue case and the far-future vision are the same technology at different scales.
L-45 Impact For A Healthy 45-Year-Old
This is where I need to be straight with you.
The L-45 personal impact score estimates potential healthspan extension for a healthy 45-year-old. It is NOT a gate score. It's a supplemental estimate, probability-weighted: P(you need it) × benefit if you do × P(tech exists when needed). Each point represents approximately one year of additional healthy life.
For a healthy person, cryopreservation does not score the way a direct therapeutic does. A senolytic clears senescent cells in your body today. A mitochondrial therapy improves your cellular energy production right now. Those are direct interventions.
Cryopreservation is insurance. And the question is: what's the probability you'll need it, and how much does it add if you do?
Organ Banking (Until Labs, Sylvatica) L-45 = 1.5 to 2.5
You don't need a transplant today. But over the next 48 to 68 years (I'm 52, targeting 120+), the probability of organ failure is not trivial. Kidney disease affects roughly 35% of people over 65. Heart failure, liver disease, and lung degeneration are leading causes of death in older age.
If there's a 15 to 25% chance you'll face organ failure before 120, and organ banking provides 10 to 20 years when it happens, the probability-weighted gain is roughly 1.5 to 5 years. I'm scoring conservatively at 1.5 to 2.5.
But here's the multiplier the raw math misses. If you're stacking interventions (senolytics, mitochondrial therapies, metabolic optimization), the longer you live, the more likely you'll eventually need a replacement organ. Organ banking becomes more valuable the more successful your other longevity interventions are. It's the safety net underneath the tightrope.
Factor in xenotransplantation convergence (eGenesis and others making unlimited pig organs) and cryopreservation becomes the enabling infrastructure for unlimited organ supply.
Medical Hibernation (Until Labs long-term) L-45 = 2.0 to 3.5 (probability-weighted)
If you develop an incurable cancer at 65 and medical hibernation exists, you could pause for 5 to 15 years until a cure arrives. Raw gain: 20 to 40 years. But the probability weighting is heavy. The technology is 10 to 20+ years out, success isn't guaranteed, and not all conditions will be curable even with extra time.
Lifetime probability of facing a terminal diagnosis that could benefit: maybe 20 to 30%. Potential gain when it works: 10 to 30 years. Probability the tech exists and works when needed: maybe 20 to 40%.
That gives roughly 0.4 to 3.6 years expected. I'm scoring 2.0 to 3.5 with the range reflecting deep uncertainty.
Biostasis Services (Tomorrow Bio, Alcor) L-45 = 0.5 to 1.0
Current protocols have not been demonstrated to be reversible. Probability of future revival is unknown but very low. However, non-zero beats zero, which makes it strictly superior to the alternatives from a pure expected-value standpoint.
Composite L-45A sector: 2.0 to 2.5 for a healthy 45-year-old.
That's lower than a senolytic or mitochondrial therapy that benefits you directly today. And that's the honest number.
Why The Sector Still Matters For The Portfolio
Here's the key insight that the L-45 Infrastructure classification was built to capture.
The standard 25-Gate Framework evaluates therapeutic companies for pharma acquisition potential and/or liquidity events. Those companies score high on L-45 personal impact because, if they succeed, may be able to directly improve a healthy person's biology.
L-45A companies score moderately on personal impact for a healthy person. But they score very high on ecosystem value. Millions of people ARE sick. The transplant market exists because hundreds of thousands of people need organs right now. The revenue case doesn't require the investor to personally need the product.
And the personal L-45 goes up over time. That's the unique property of cryopreservation infrastructure. At 45, you're probably healthy and the L-45 is 2.0 to 2.5. But by 80, if your other interventions worked and you're still going strong, your probability of eventually needing what cryo offers has gone way up. The L-45 could be 3.5 to 4.5 at that point.
No other mechanism in the longevity stack has that property. Senolytics are most valuable early. Mitochondrial therapies are most valuable early. Cryopreservation is the one investment that gets MORE personally valuable the more successful everything else in the portfolio is.
That's why it deserves its own classification. That's why it's tracked. And that's why, even though it fails Gate 1, it belongs in the conversation.
What I'm Watching
The milestones that determine whether L-45A moves from TRACK to something more:
Until Labs large-animal organ results. If they cryopreserve and functionally rewarm a pig kidney, that's the inflection point. That would trigger a Gate 24 follow-on review under L-45 modified criteria. Timeline: likely 18 to 24 months.
IND filing for human organ preservation. First clinical regulatory engagement for cryopreservation technology. Under modified Gate 24, this counts as a regulatory clearance milestone.
Less-toxic cryoprotectants. Until's CPA discovery engine is working on this. Progress here benefits the entire field.
Sylvatica capitalization event. Institutional Series A would validate a second approach.
ATP-Bio pig kidney publication. Will be the most important paper in the field since the 2023 rat kidney study.
Getinge/TransMedics/medtech moves. Getinge paid $477M for Paragonix in 2024. If an incumbent acquires or partners with Until Labs or Sylvatica, that validates the entire L-45A category and triggers an event-driven re-evaluation under Gate 25.
The Bottom Line
Laying on the bed watching Elizabeth Shaw climb into that cryopod, I had one of those moments where fiction and reality blur. Not because we're close to interstellar travel. We're not. But because the foundational technology has moved from "maybe someday" to "we're working on it with $100 million in venture funding."
Until Labs is the clear L-45A leader in my opinion. Laura Deming and Hunter Davis have the credentials, the capital, and the strategy. The organ preservation entry point is the smartest monetization path I've seen because it saves lives now while building the platform for everything that comes after.
For someone like me, 52 and targeting 120+, cryopreservation is not the intervention that adds the most years directly. Not today. It's the infrastructure that catches you when other interventions aren't enough. The safety net underneath the tightrope.
And here's the thing about safety nets. They matter more the higher you climb.
Eric is the founder of EverLife Capital, a longevity biotech investment research platform. He evaluates therapeutic companies through a proprietary 25-Gate Framework (v4.1) and tracks infrastructure companies through the L-45 classification system (v4.2 extension), covering nine subcategories from cryopreservation to AI drug discovery to organ manufacturing. Subscribe for deep dives on the companies working to extend healthy human lifespan.
All analyses are educational. Hypothetical paper portfolio only. Most biotech companies fail. This is not investment advice.
