Theromics has developed an injectable nanogel that moves energy more effectively in tissue. The gel, considered a device by the FDA, has wide-ranging applications in treating cancer, women's health conditions, and pain, with a combined TAM of $12B. The company has identified thermal ablation of cancer (CAGR 12%) as its beachhead market; however, it has partnered with pharma to use the gel to locally deliver chemo drugs to reduce side effects.