Investing.com -- OpenEvidence is generating close to $300m in annualized revenue, double its revenue run rate from about seven months ago, according to The Information and cited on Bloomberg, Bank of America said in a note on Monday.

The company was considering a $200m capital raise after receiving offers from investors at a valuation of around $20bn, but is unlikely to proceed given concerns around diluting founders and shareholders, the bank added.

OpenEvidence exited 2025 at a roughly $150m annualized revenue run rate. The pharma advertising market is approximately $3bn and growing 5% to 7% per year, Bank of America noted.

Some of OpenEvidence's revenue could come from health system enterprise contracts, which would be additive to the $3bn pharma market, according to the bank. This represents another market opportunity that is in scope for Doximity (NYSE: DOCS).

Bank of America recently downgraded Doximity shares to Underperform around the execution risk on the pivot to AI. The pace of growth for OpenEvidence could constrain growth from players like Doximity in the near-term or require Doximity to invest more to defend share, the bank said.

Last week Doximity announced that Doximity Ask, its clinical AI platform, outperformed leading frontier AI models, including OpenEvidence, in an independent Stanford-Harvard study of clinical AI safety.