Encoded Therapeutics Revenue, Valuation, Funding & Investors

Encoded Therapeutics is valued at $433M as of June 2019, a 8.0x multiple on its last reported $54M revenue.

Last Encoded Therapeutics valuation

$433M

Series C · Jun 2019

Last Encoded Therapeutics funding round

$275M

Series F · Sep 2026

Encoded Therapeutics revenue

$54M

Series C · Jun 2019

Key investors in Encoded Therapeutics

  • ARCH Venture Partners
  • Illumina Ventures
  • RTW Investments
  • Matrix Capital Management
  • GV
  • Menlo Ventures

Encoded Therapeutics Overview

About Encoded Therapeutics

Encoded Therapeutics is a South San Francisco-based clinical-stage biotech developing AAV gene therapies for genetic disorders. Its lead candidate ET-001 targets Dravet syndrome via SCN1A gene augmentation, with Phase 1/2 trials ongoing. Pipeline addresses neurogenetic diseases like CNKSR2 deficiency. Founded in 2017, Encoded partners with Roche and has dosed first patients in 2023.


Founded

2014

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$54M (Jun 2019)

Valuation

$433M (Jun 2019)

Encoded Therapeutics Valuation

Encoded Therapeutics is currently valued at $433M, based on its Series C in June 2019.

The $104M round was led by ARCH Venture Partners and Venrock, with participation from Boxer Capital, RTW Investments, Illumina Ventures, Menlo Ventures, Alexandria Venture Investments and 2 other investors.

Encoded Therapeutics valuation by funding round

Encoded Therapeutics valuation by funding round
DateStageValuationRevenue Multiple
Jun 2019Series C$433M8.0x

Encoded Therapeutics Revenue

Encoded Therapeutics' latest recorded revenue is $54M, as of its Series C in June 2019. At a $433M valuation, that implies a 8.0x revenue multiple.

Encoded Therapeutics revenue by funding round

Encoded Therapeutics revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jun 2019$54M$433M8.0xSeries C

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Encoded Therapeutics Funding History

Encoded Therapeutics has raised a total of $514M across 4 funding rounds.

Encoded Therapeutics' first fundraising round was a $100K pre-seed round in October 2014. The most recent completed round was a $275M Series F in September 2026.

Encoded Therapeutics funding rounds

Encoded Therapeutics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2026Series FGV (lead); Nolan Capital; RTW Investments; Illumina Ventures; SoftBank Vision Fund; Invus; Matrix Capital Management; Janus Henderson; Venrock; Farallon Capital Management; Braidwell; ARCH Venture Partners$275M-Encoded Therapeutics closed a $275 million Series F financing in September 2026, with participation from ARCH Venture Partners among other new and existing investors. The round was co-led by GV and another healthcare fund. The proceeds will fund the pivotal study of ETX101 in infants and young children with SCN1A+ Dravet syndrome, an expansion study through age 18, commercial-scale GMP manufacturing build-out, and advancement of ETX301 toward a 2027 IND submission. Encoded Therapeutics is a clinical-stage biotechnology company focused on precision genetic medicines for severe neurological disorders. Its lead program, ETX101, is being developed as a disease-modifying therapy for Dravet syndrome, while its broader pipeline includes additional neurology assets and internal manufacturing capabilities to support late-stage development and potential commercialization.
Jul 2020Series DGV (lead); Boxer Capital; Nolan Capital; RTW Investments; Illumina Ventures; Menlo Ventures; SoftBank Group; Matrix Capital Management; Green Sands Equity; Farallon Capital Management; Meritech Capital Partners; ARCH Venture Partners$135M-Encoded Therapeutics is a biotechnology company focused on developing genetic medicines for severe central nervous system (CNS) disorders, including conditions such as Dravet syndrome, Angelman syndrome, and Lennox-Gastaut syndrome. The company is leveraging an AAV-based gene therapy platform and vector engineering technology to create precision genetic medicines for its target indications. In July 2020, Encoded Therapeutics raised $135 million in its Series D funding round, bringing total raised capital to $239.12 million across multiple rounds according to available funding records. The company has progressed significantly with its pipeline, achieving milestones including UK Clinical Trial Authorisation approval for its ETX101 candidate as a potential treatment for children with SCN1A+ Dravet syndrome. The company continues to advance multiple preclinical and clinical programs targeting severe genetic disorders, with presentations and updates shared at industry conferences through 2024.
Jun 2019Series CARCH Venture Partners (lead); Venrock (lead); Boxer Capital; RTW Investments; Illumina Ventures; Menlo Ventures; Alexandria Venture Investments; Matrix Capital Management; Altitude Life Science Ventures$104M$433MEncoded Therapeutics is a precision gene therapy company focused on developing innovative therapeutics for severe genetic disorders, particularly genetic diseases affecting the central nervous system and other organ systems. The company was incubated in Illumina's accelerator and is led by co-founders Kartik Ramamoorthi (CEO) and Stephanie Tagliatela (Chief Scientific Officer), with Sean P. Nolan, former CEO of AveXis Inc., serving as board chairman. On June 26, 2019, Encoded Therapeutics announced a $104 million Series C financing round led by existing shareholders Venrock and ARCH Venture Partners. The round valued the company at $433.3 million on a post-money basis. Additional investors included Illumina Ventures, Matrix Capital Management, Altitude Life Science Ventures, Menlo Ventures, RTW Investments, Boxer Capital of Tavistock Group, and Alexandria Venture Investments. This represented a significant expansion of the company's investor base with the addition of new institutional backers. The Series C proceeds were allocated toward advancing the company's lead program targeting Dravet syndrome, a severe genetic disorder characterized by seizures, developmental delays, and increased risk of sudden unexpected death in epilepsy. The funding also supported progression of the company's preclinical pipeline across four core therapeutic areas: neurocircuitry disorders, liver and metabolic disease, neurodegeneration, and cardiovascular disease. The company was also developing treatments for ataxia, a condition affecting coordination and balance. Encoded Therapeutics had built a seasoned executive team experienced in gene therapy development and commercialization, positioning itself as a fully-integrated therapeutics company. The company's precision gene therapy platform was designed to address genetic disorders not amenable to existing gene therapy approaches, establishing it as an emerging leader in the gene therapy field during a period of significant innovation in genetic medicine.
Oct 2014Pre-seedIllumina Accelerator$100K--

Who has invested in Encoded Therapeutics?

20 investors have backed Encoded Therapeutics across its funding rounds, including ARCH Venture Partners, Illumina Ventures, RTW Investments, Matrix Capital Management, GV and Menlo Ventures.

Lead investors include GV, ARCH Venture Partners and Venrock.


Encoded Therapeutics Investors

Investors in Encoded Therapeutics by funding rounds participated
InvestorHQRoundsRoleFirst check
RTW InvestmentsUnited StatesNew York City, NY3ParticipantJun 2019
Illumina VenturesUnited StatesSan Francisco, CA3ParticipantJun 2019
Matrix Capital ManagementUnited StatesBoston, MA3ParticipantJun 2019
ARCH Venture PartnersUnited StatesChicago, IL3LeadJun 2019
Boxer CapitalUnited StatesOrlando, FL2ParticipantJun 2019
Nolan CapitalUnited StatesLos Angeles, CA2ParticipantJul 2020
Menlo VenturesUnited StatesSan Francisco, CA2ParticipantJun 2019
GVUnited StatesSan Francisco, CA2LeadJul 2020
VenrockUnited StatesSan Francisco, CA2LeadJun 2019
Farallon Capital ManagementUnited StatesSan Francisco, CA2ParticipantJul 2020
SoftBank Vision FundUnited KingdomLondon1ParticipantSep 2026
SoftBank GroupJapanTokyo1ParticipantJul 2020
Alexandria Venture InvestmentsUnited StatesLos Angeles, CA1ParticipantJun 2019

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Encoded Therapeutics Competitors

Encoded Therapeutics competitors include listed companies like Prothena Corp., Kyverna Therapeutics, Dong-A Socio Holdings and Zura Bio, and private ones like Huaota Biopharm and Biocytogen.

Public and private companies comparable to Encoded Therapeutics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Prothena Corp.IrelandIrelandPublicly listed$10M($214M)$435M2.5x
Kyverna TherapeuticsUnited StatesUnited StatesPublicly listed-($168M)$435M-
Dong-A Socio HoldingsSouth KoreaSouth KoreaPublicly listed$1B$127M$436M0.7x
Zura BioUnited StatesUnited StatesPublicly listed-($75M)$436M-
Huaota BiopharmChinaShanghaiPrivate--$440M-
BiocytogenChinaBeijingPrivate--$425M-

Encoded Therapeutics Public Comps

Encoded Therapeutics is still privately-owned, but its public comps include Prothena Corp., Kyverna Therapeutics, Dong-A Socio Holdings, Zura Bio, Nika Pharmaceuticals, Cabaletta Bio, Opus Genetics, Allergy Therapuetics, Renata and Atea Pharmaceuticals.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Prothena Corp.$10M($214M)15.9x2.5x(0.7x)-
Kyverna Therapeutics-($168M)--(1.6x)(1.6x)
Dong-A Socio Holdings$1B$127M0.7x0.7x6.1x5.8x
Zura Bio-($75M)--(3.1x)-
Nika Pharmaceuticals-($76K)--(5627.2x)-
Cabaletta Bio-($170M)--(1.4x)(1.2x)
Opus Genetics$14M($48M)27.2x31.5x(8.0x)-
Allergy Therapuetics$74M($39M)6.3x5.8x(12.0x)(10.1x)

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Common questions about Encoded Therapeutics

When was Encoded Therapeutics founded?Encoded Therapeutics was founded in 2014.
Where is Encoded Therapeutics headquartered?Encoded Therapeutics is headquartered in San Francisco, CA, United States.
Is Encoded Therapeutics publicly listed?No, Encoded Therapeutics is a private, VC-backed company.
What is Encoded Therapeutics' valuation?Encoded Therapeutics was last valued at $433M in its Series C in June 2019.
How much funding has Encoded Therapeutics raised?Encoded Therapeutics has raised $514M across 4 funding rounds.
What was Encoded Therapeutics' last funding round?Encoded Therapeutics' last funding round was a $275M Series F in September 2026, led by GV.
Who are Encoded Therapeutics' investors?Encoded Therapeutics' investors include RTW Investments, Illumina Ventures, Matrix Capital Management, ARCH Venture Partners, Boxer Capital, Nolan Capital, Menlo Ventures, GV, Venrock, Farallon Capital Management and 10 others.
What is Encoded Therapeutics' revenue?Encoded Therapeutics' latest recorded revenue is $54M (June 2019).
What is Encoded Therapeutics' revenue multiple?Encoded Therapeutics' latest valuation implies a 8.0x revenue multiple ($433M valuation on $54M of revenue).
Which companies are comparable to Encoded Therapeutics?Companies comparable to Encoded Therapeutics include Prothena Corp., Kyverna Therapeutics, Dong-A Socio Holdings, Zura Bio, Huaota Biopharm and Biocytogen.

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