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- AIRNA
AIRNA Valuation, Funding & Investors
AIRNA is valued at $331M as of April 2025.
Last AIRNA valuation
$331M
Series B · Apr 2025
Last AIRNA funding round
$155M
Series B · Apr 2025
Cumulative funding AIRNA raised
$245M
across 3 funding rounds
Key investors in AIRNA
ARCH Venture Partners
+ND Capital
Forbion Capital Partners
Alexandria Venture Investments
Nextech Invest
RTW Investments
About AIRNA
AIRNA is a biotechnology company, based in Cambridge, Massachusetts, and Tübingen, Germany, that develops RNA editing therapeutics through its proprietary RESTORE+ platform. The platform makes precise edits to RNA to introduce beneficial genetic variants or repair disease-causing mutations, producing re-administrable medicines with simplified manufacturing compared to gene therapies. Its lead candidate targets alpha-1 antitrypsin deficiency, a genetic disorder that causes lung and liver disease, with additional programs planned in cardiometabolic conditions.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing
Valuation
$331M (Apr 2025)
AIRNA Valuation
AIRNA is currently valued at $331M, based on its Series B in April 2025.
The $155M round was led by Forbion Capital Partners and Venrock Healthcare Capital Partners, with participation from RTW Investments, Nextech Invest, +ND Capital and ARCH Venture Partners.
AIRNA valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2025 | Series B | $331M |
AIRNA Funding History
AIRNA has raised a total of $245M across 3 funding rounds.
AIRNA's first fundraising round was a $30M Series A in September 2023. The most recent completed round was a $155M Series B in April 2025.
AIRNA funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2025 | Series B | Forbion Capital Partners (lead); Venrock Healthcare Capital Partners (lead); RTW Investments; Nextech Invest; +ND Capital; ARCH Venture Partners | $155M | $331M | AIRNA, a biotechnology company based in Cambridge, MA, and Tübingen, Germany, develops RNA editing therapeutics using its proprietary RESTORE+™ platform to address rare and common diseases, including alpha-1 antitrypsin deficiency (AATD), cardiometabolic conditions, and others. The platform enables precise RNA edits to introduce beneficial genetic variants or repair mutations, offering re-administrable medicines with streamlined manufacturing. AIRNA's lead candidate, AIR-001, targets AATD, a genetic disorder causing lung and liver disease due to deficient AAT protein production. On April 1, 2025, AIRNA closed an oversubscribed $155 million Series B financing round, bringing total funding to approximately $245 million following prior Series A rounds totaling around $90 million. The round was co-led by Venrock Healthcare Capital Partners and Forbion Growth (also referred to as Forbion Capital Partners), with participation from RTW Investments, Nextech Invest, new and existing investors including ARCH Venture Partners, Forbion Ventures, and ND Capital. One source lists a Series B post-money valuation of $330.71 million. Proceeds will fund a Phase 1/2 clinical trial for AIR-001, with a clinical trial application expected in the second half of 2025, and expand the pipeline. AIRNA emerged from stealth in 2023 and this Series B follows quickly after its Series A2, reflecting strong investor confidence in RNA editing's potential amid competition, such as Wave Life Sciences' Phase 1 data for a similar AATD program. CEO Kris Elverum highlighted the approach's ability to mimic healthy genetic variants via single RNA edits, positioning it as a new class of genetic medicines distinct from one-time therapies. |
| Jul 2024 | Series A | Forbion Capital Partners (lead); Alexandria Venture Investments; +ND Capital; Ono Venture Investment; ARCH Venture Partners | $60M | - | AIRNA is a biotech company pioneering RNA editing therapeutics to treat rare and common diseases, with a lead program targeting alpha-1 antitrypsin deficiency (AATD), a genetic condition causing lung and liver disease by repairing the PiZ mutation in the SERPINA1 gene to restore functional protein production. On July 31, 2024, AIRNA raised an oversubscribed $60 million in a Series A extension led by Forbion Capital Partners, bringing total Series A funding to $90 million. Participants included Ono Venture Investment, Alexandria Venture Investments, new investors, and existing backers ARCH Venture Partners and ND Capital. Proceeds fund advancement of the lead AATD product candidate into clinical trials and pipeline expansion. Josh Brumm, General Partner at Forbion, joined AIRNA's Board of Directors, with Tim Lohoff as Board Observer. AIRNA's CEO Kris Elverum emphasized the cost benefits of RNA editing for large diseases and earlier treatment. The company differentiates with a platform enabling precise, durable edits for inaccessible targets. Post-Series A, AIRNA raised a $155 million oversubscribed Series B in April 2025, co-led by Venrock Healthcare Capital Partners and Forbion Growth, with RTW Investments, Nextech Invest, ARCH Venture Partners, Forbion Ventures, ND Capital, and others. Series B funds Phase 1/2 trials for AIR-001 (AATD candidate), with a clinical trial application planned for 2H 2025, and further pipeline development in cardiometabolic diseases. |
| Sep 2023 | Series A | ARCH Venture Partners (lead); Novalis; Fast Track Initiative; +ND Capital; Codon Capital | $30M | - | AIRNA is a biotechnology company pioneering RNA editing therapeutics, founded by academic co-founders Thorsten Stafforst and Jin Billy Li. The company developed the RESTORE+ platform, which optimizes oligonucleotide sequence, chemistry, and delivery for precise, efficient, and safe RNA editing to address diseases with high unmet medical need. AIRNA's lead product candidate is a potential best-in-class treatment for alpha-1 antitrypsin deficiency (AATD), a genetic condition implicated in severe lung and liver disease. On September 19, 2023, AIRNA closed its Series A-1 financing of $30.25 million led by ARCH Venture Partners. The company subsequently closed a Series A-II round of $60 million on July 31, 2024, led by Forbion with participation from ARCH Venture Partners, ND Capital, Alexandria Venture Investments, Ono Venture Investment, and other investors, bringing total Series A funding to over $90 million. In April 2025, AIRNA announced a $155 million Series B financing led by Venrock Healthcare Capital Partners and co-led by Forbion Growth, with participation from RTW Investments, Nextech Invest, and existing investors, to advance its lead candidate AIR-001 into Phase 1/2 clinical trials with an expected clinical trial application filing in the second half of 2025. The company's total funding across all rounds reached at least $245 million as of early 2025. |
Who has invested in AIRNA?
11 investors have backed AIRNA across its funding rounds, including ARCH Venture Partners, +ND Capital, Forbion Capital Partners, Alexandria Venture Investments, Nextech Invest and RTW Investments.
Lead investors include Forbion Capital Partners, Venrock Healthcare Capital Partners and ARCH Venture Partners.
AIRNA Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Sep 2023 | ||
| 3 | Lead | Sep 2023 | ||
| 2 | Lead | Jul 2024 | ||
| 1 | Participant | Apr 2025 | ||
| 1 | Participant | Apr 2025 | ||
| -- | 1 | Participant | Sep 2023 | |
| 1 | Participant | Sep 2023 | ||
| 1 | Participant | Jul 2024 | ||
| 1 | Participant | Jul 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAIRNA Competitors
AIRNA competitors include listed companies like Ildong Pharmaceutical and Compass Therapeutics, and private ones like AgNovos Bioscience, Beacon Therapeutics, Eluminex Biosciences and AZTherapies.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $338M | - | ||
| Private | - | - | $344M | - | ||
| Private | - | - | $300M | - | ||
| Private | - | - | $285M | - | ||
| Publicly listed | $413M | $48M | $332M | 0.9x | ||
| Publicly listed | - | ($73M) | $333M | - |
AIRNA Public Comps
AIRNA is still privately-owned, but its public comps include Ildong Pharmaceutical, Compass Therapeutics, Perspective Therapeutics, Julphar, Agenus, Coltene, Sionna Therapeutics, Q32 Bio, Abbott Pakistan and Evommune.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $413M | $48M | 0.9x | 0.9x | 7.9x | - | |||
| - | ($73M) | - | - | (2.2x) | (1.8x) | |||
| - | ($109M) | - | 201.9x | (0.9x) | (0.8x) | |||
| $293M | $34M | 1.1x | 1.0x | 9.0x | 6.9x | |||
| $114M | $62M | 3.0x | 2.6x | 5.5x | - | |||
| $292M | $32M | 1.3x | 1.3x | 11.8x | 10.9x | |||
| - | ($88M) | - | - | (1.4x) | (1.0x) | |||
| $54M | $29M | 4.1x | 14.3x | 7.6x | (10.2x) | |||
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Common questions about AIRNA
| When was AIRNA founded? | AIRNA was founded in 2021. |
| Where is AIRNA headquartered? | AIRNA is headquartered in United States. |
| Is AIRNA publicly listed? | No, AIRNA is a private, VC-backed company. |
| What is AIRNA's valuation? | AIRNA was last valued at $331M in its Series B in April 2025. |
| How much funding has AIRNA raised? | AIRNA has raised $245M across 3 funding rounds. |
| What was AIRNA's last funding round? | AIRNA's last funding round was a $155M Series B in April 2025, led by Forbion Capital Partners and Venrock Healthcare Capital Partners. |
| Who are AIRNA's investors? | AIRNA's investors include +ND Capital, ARCH Venture Partners, Forbion Capital Partners, RTW Investments, Nextech Invest, Novalis, Fast Track Initiative, Alexandria Venture Investments, Ono Venture Investment, Venrock Healthcare Capital Partners and 1 other. |
| Which companies are comparable to AIRNA? | Companies comparable to AIRNA include AgNovos Bioscience, Beacon Therapeutics, Eluminex Biosciences, AZTherapies, Ildong Pharmaceutical and Compass Therapeutics. |
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