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- ADARx Pharmaceuticals
ADARx Pharmaceuticals Valuation, Funding & Investors
ADARx Pharmaceuticals is valued at $828M as of August 2023.
Last ADARx Pharmaceuticals valuation
$828M
Series C · Aug 2023
Last ADARx Pharmaceuticals funding round
$200M
Series C · Aug 2023
Cumulative funding ADARx Pharmaceuticals raised
$332M
across 5 funding rounds
Key investors in ADARx Pharmaceuticals
OrbiMed
Lilly Asia Ventures
SR One
Sirona Capital
Bain Capital
HBM Healthcare Investments
About ADARx Pharmaceuticals
ADARx Pharmaceuticals is a San Diego biotechnology company developing RNA-targeting therapeutics. Its research spans oligonucleotide inhibition, degradation and editing, together with delivery technologies. The company develops medicines for conditions including hereditary angioedema and complement-mediated diseases, with candidates supported by clinical development programs. The company raised $75 million in a Series B financing in September 2021 and announced a $46 million Series B-1 financing in January 2023. Its platform addresses RNA through multiple mechanisms rather than relying solely on one editing technology. Delivery is a component of its research because an RNA-targeting drug must reach the appropriate tissue to produce its intended effect. ADARx uses financing to advance its drug candidates and research platform, and is distinct from a commercial clinical laboratory or healthcare services provider.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$828M (Aug 2023)
Sectors
ADARx Pharmaceuticals Valuation
ADARx Pharmaceuticals is currently valued at $828M, based on its Series C in August 2023.
The $200M round was led by Bain Capital, TCG Crossover and HBM Healthcare Investments.
ADARx Pharmaceuticals valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2023 | Series C | $828M |
ADARx Pharmaceuticals Funding History
ADARx Pharmaceuticals has raised a total of $332M across 5 funding rounds.
ADARx Pharmaceuticals' first fundraising round was a $5M seed round in August 2020. The most recent completed round was a $200M Series C in August 2023.
ADARx Pharmaceuticals funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2023 | Series C | Bain Capital (lead); TCG Crossover (lead); HBM Healthcare Investments (lead) | $200M | $828M | ADARx Pharmaceuticals is a clinical-stage biotechnology company based in San Diego, California, developing next-generation RNA therapeutics including ADAR editing and siRNA platforms. The company focuses on treating rare genetic diseases and complement-mediated conditions, with lead programs ADX-324 (for hereditary angioedema) and ADX-038 (for multiple complement-mediated diseases) advancing into clinical development. On August 9, 2023, ADARx closed an oversubscribed $200 million Series C financing led jointly by Bain Capital Life Sciences and TCG Crossover (TCGX), establishing a post-money valuation of approximately $827.77 million. The round included participation from new investors BlackRock, Commodore Capital, Cormorant Asset Management, HBM Healthcare Investments, Invus Group, Marshall Wace, Redmile Group, T. Rowe Price Associates, Venrock Healthcare Capital Partners, and Vivo Capital, alongside existing investors Ascenta Capital, Lilly Asia Ventures, OrbiMed, and SR One Capital Management. The Series C proceeds were allocated to advance clinical development of ADX-324 and ADX-038, as well as to support a pipeline of innovative mRNA silencing and editing candidates. This $200 million raise nearly doubled ADARx's previous combined funding from Series B and Series B-1 rounds, which together totaled approximately $121 million raised since September 2021, with the Series B-1 adding $46 million in January 2023. |
| Jan 2023 | Series B | Ascenta Capital (lead); Sirona Capital; SR One; Lilly Asia Ventures; OrbiMed | $46M | - | ADARx Pharmaceuticals is a clinical-stage biotechnology company based in San Diego developing next-generation RNA therapeutics, including oligonucleotides for mRNA inhibition, degradation, and base editing, targeting genetic, cardiometabolic, and central nervous system diseases. The company's proprietary platforms include targeted delivery technologies like PLR™ and broad SPE™ technology. Its lead product candidate, ADX-324, targets hereditary angioedema and entered Phase 1 clinical trials around the time of the Series B-1 financing, while ADX-038 addresses complement-mediated diseases. In January 2023, ADARx closed a $46 million Series B-1 financing led by Ascenta Capital, with participation from OrbiMed Advisors, SR One Capital Management, Lilly Asia Ventures, and Sirona Capital. Dr. Lorence Kim of Ascenta Capital joined the board. Proceeds were allocated to advance the RNA targeting platform, including novel delivery technologies, coinciding with ADX-324's clinical initiation. Prior to this, ADARx completed a $75 million Series B round co-led by SR One and OrbiMed, with Sirona Capital and Lilly Asia Ventures participating. Subsequent to the Series B-1, the company raised an oversubscribed $200 million Series C in August 2023 led by Bain Capital Life Sciences and TCGX, with participation from new investors like BlackRock, Commodore Capital, Cormorant, HBM, Invus, Marshall Wace, Redmile, T. Rowe Price, Venrock, and Vivo, plus existing backers including Ascenta, Lilly Asia Ventures, OrbiMed, and SR One. The Series C had a post-money valuation of $827.77 million and supported advancement of ADX-324, ADX-038, and additional pipeline candidates. Total funding across rounds reached approximately $352.5 million by mid-2023. |
| Sep 2021 | Series B | OrbiMed (lead); SR One (lead); Sirona Capital; Lilly Asia Ventures | $75M | - | ADARx Pharmaceuticals, Inc., a San Diego-based biotechnology company, develops a proprietary RNA targeting platform including oligonucleotides for inhibition, degradation, and editing, along with novel delivery technologies. The platform targets diseases in genetic, cardiometabolic, and central nervous system areas, with a growing pipeline of therapeutics. On September 8, 2021, ADARx announced the completion of a $75 million Series B financing co-led by SR One Capital Management and OrbiMed Advisors, with participation from Sirona Capital and existing investor Lilly Asia Ventures. The proceeds were intended to advance and expand the drug development pipeline, including launch of a Phase 1 trial for lead program ADX-324 in hereditary angioedema. This Series B was the first tranche of what became joint Series B rounds totaling $121 million by early 2023, with a $46 million Series B-1 extension in January 2023 led by Ascenta Capital to support clinical entry of the lead product. Investors in the Series C included Bain Capital Life Sciences, TCGX, BlackRock, and others, alongside continuing backers like Lilly Asia Ventures, OrbiMed, and SR One. ADARx has raised over $352.5 million across eight funding rounds as of 2023. The company progressed ADX-324 into a Phase 1 safety and tolerability study in healthy volunteers and hereditary angioedema patients in Australia, and planned to advance ADX-038 for complement-mediated diseases. |
| Nov 2020 | Series A | - | $6M | - | - |
| Aug 2020 | Seed | - | $5M | - | ADARx Pharmaceuticals is a clinical-stage biotechnology company developing next-generation RNA therapeutics, including oligonucleotides for inhibition, degradation, and editing, along with novel delivery technologies. The company targets diseases such as hereditary angioedema with lead candidate ADX-324 and complement-mediated diseases with ADX-038. Around early 2021, ADARx closed a $46 million Series B-1 financing led by Ascenta Capital, with participation from OrbiMed Advisors, SR One Capital Management, Lilly Asia Ventures, and Sirona Capital. The proceeds supported advancing the drug pipeline as ADX-324 entered Phase I clinical trials and funded discovery efforts across multiple therapeutic areas. Sources reference a first funding round dated 8/7/2020, likely aligning with the queried approximate date, though specific details on amount or investors for that exact event are not detailed. |
Who has invested in ADARx Pharmaceuticals?
8 investors have backed ADARx Pharmaceuticals across its funding rounds, including OrbiMed, Lilly Asia Ventures, SR One, Sirona Capital, Bain Capital and HBM Healthcare Investments.
Lead investors include Bain Capital, TCG Crossover, HBM Healthcare Investments, Ascenta Capital, OrbiMed and 1 other investor.
ADARx Pharmaceuticals Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Sep 2021 | ||
| 2 | Lead | Sep 2021 | ||
| 2 | Participant | Sep 2021 | ||
| 2 | Lead | Sep 2021 | ||
| 1 | Lead | Aug 2023 | ||
| 1 | Lead | Aug 2023 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialADARx Pharmaceuticals Competitors
ADARx Pharmaceuticals competitors include listed companies like Hisamitsu Pharmaceutical, Gen İlaç, Esperion Therapeutics and BlossomHill Therapeutics, and private ones like Huisheng Biopharmaceutical and Stramsen Biotech.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $978M | $202M | $828M | 0.1x | ||
| Publicly listed | $394M | $49M | $830M | - | ||
| Publicly listed | $403M | $60M | $819M | 2.3x | ||
| Publicly listed | - | ($64M) | $819M | - | ||
| Private | - | - | $809M | - | ||
| Private | - | - | $807M | - |
ADARx Pharmaceuticals Public Comps
ADARx Pharmaceuticals is still privately-owned, but its public comps include Hisamitsu Pharmaceutical, Gen İlaç, Esperion Therapeutics, BlossomHill Therapeutics, Achieve Life Sciences, Youcare Pharmaceutical, 4D Molecular Therapeutics, Geron, Climb Bio and HK inno.N.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $978M | $202M | 0.1x | 0.1x | 0.5x | - | |||
| $394M | $49M | 2.4x | - | 19.1x | - | |||
| $403M | $60M | 2.3x | 2.3x | 15.2x | 15.2x | |||
| - | ($64M) | - | - | (15.5x) | - | |||
| - | ($55M) | - | - | (11.7x) | - | |||
| $365M | ($2M) | 2.0x | - | (305.9x) | - | |||
| $85M | ($152M) | 5.7x | 14.6x | (3.2x) | (1.9x) | |||
| $184M | ($68M) | 3.6x | 3.0x | (9.9x) | (9.5x) | |||
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Common questions about ADARx Pharmaceuticals
| When was ADARx Pharmaceuticals founded? | ADARx Pharmaceuticals was founded in 2019. |
| Where is ADARx Pharmaceuticals headquartered? | ADARx Pharmaceuticals is headquartered in San Diego, CA, United States. |
| Is ADARx Pharmaceuticals publicly listed? | No, ADARx Pharmaceuticals is a private, VC-backed company. |
| What is ADARx Pharmaceuticals' valuation? | ADARx Pharmaceuticals was last valued at $828M in its Series C in August 2023. |
| How much funding has ADARx Pharmaceuticals raised? | ADARx Pharmaceuticals has raised $332M across 5 funding rounds. |
| What was ADARx Pharmaceuticals' last funding round? | ADARx Pharmaceuticals' last funding round was a $200M Series C in August 2023, led by Bain Capital, TCG Crossover and HBM Healthcare Investments. |
| Who are ADARx Pharmaceuticals' investors? | ADARx Pharmaceuticals' investors include Sirona Capital, SR One, Lilly Asia Ventures, OrbiMed, TCG Crossover, HBM Healthcare Investments, Bain Capital and Ascenta Capital. |
| Which companies are comparable to ADARx Pharmaceuticals? | Companies comparable to ADARx Pharmaceuticals include Hisamitsu Pharmaceutical, Gen İlaç, Esperion Therapeutics, BlossomHill Therapeutics, Huisheng Biopharmaceutical and Stramsen Biotech. |
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