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- ReCode Therapeutics
ReCode Therapeutics Valuation, Funding & Investors
ReCode Therapeutics is valued at $372M as of June 2022.
Last ReCode Therapeutics valuation
$372M
Series B · Jun 2022
Last ReCode Therapeutics funding round
Undisclosed stage
Amount undisclosed · Aug 2026
Cumulative funding ReCode Therapeutics raised
$357M
across 8 funding rounds
Key investors in ReCode Therapeutics
OrbiMed
OUP (Osage University Partners)
Pfizer Venture Investments
Sanofi Ventures
MPM Capital
Vida Ventures
About ReCode Therapeutics
ReCode Therapeutics is a Menlo Park, California-headquartered clinical-stage genetic medicines company developing mRNA and gene-edited therapies. Its SORT LNP platform enables extrahepatic delivery to lungs and other organs for diseases like primary ciliary dyskinesia and cystic fibrosis. ReCode advances RCT2100 into Phase II trials and partners with CRISPR pioneers for targeted corrections.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing
Valuation
$372M (Jun 2022)
ReCode Therapeutics Valuation
ReCode Therapeutics is currently valued at $372M, based on its Series B in June 2022.
The $120M round was led by Leaps by Bayer and Matrix Capital Management, with participation from Amgen Ventures, Pfizer Venture Investments and Sanofi Ventures.
ReCode Therapeutics valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2022 | Series B | $372M |
ReCode Therapeutics Funding History
ReCode Therapeutics has raised a total of $357M across 8 funding rounds.
ReCode Therapeutics' first fundraising round was a $2M seed round in February 2019. The most recent completed round was a undisclosed-stage round in August 2026.
ReCode Therapeutics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2026 | Undisclosed stage | Cystic Fibrosis Foundation (lead) | - | - | - |
| Nov 2024 | Series A | Cystic Fibrosis Foundation (lead) | $15M | - | ReCode Therapeutics is a clinical-stage genetic medicines company developing tissue-specific delivery platforms for mRNA and gene correction therapeutics, focusing on cystic fibrosis (CF) and primary ciliary dyskinesia. Its lead program, RCT2100, is an inhaled mRNA therapy targeting the 10% of CF patients with CFTR mutations unresponsive to approved modulators, currently in a Phase 1b multi-dose study. RCT1100 addresses DNAI1 mutations in primary ciliary dyskinesia. On approximately November 18, 2024, the Cystic Fibrosis Foundation agreed to invest up to $15 million in new funding to support ReCode's gene correction research program in collaboration with Intellia Therapeutics. This funding targets development of up to three gene correction programs for CF mutations not addressed by existing therapies, aiming to deliver treatments via lung cells for patients non-responsive or intolerant to CFTR modulators. The investment builds on prior CFF support, including an earlier up to $15 million for RCT2100 and additional contributions totaling up to $33 million across mRNA and gene editing efforts. This round complements ReCode's broader financing, such as a prior Series B totaling $210 million and over $29 million raised in September 2025 to advance its pipeline, including preclinical and clinical programs for CF therapies using the SORT LNP delivery platform. |
| Sep 2023 | Series B | Bioluminescence Ventures (lead); Vida Ventures; Amgen Ventures; Pfizer Venture Investments; Matrix Capital Management; MPM Capital; Leaps by Bayer; OrbiMed; Solasta Ventures; Sanofi Ventures; EcoR1 Capital; OUP (Osage University Partners) | $50M | - | ReCode Therapeutics is a clinical-stage genetic medicines company using precision delivery to advance mRNA and gene correction therapeutics. The company's Selective Organ Targeting (SORT) lipid nanoparticle (LNP) platform enables highly precise and targeted delivery of genetic medicines directly to organs and cells implicated in disease. Lead programs include RCT1100 for primary ciliary dyskinesia and RCT2100 for treatment of Class I mutations in cystic fibrosis patients who do not respond to currently approved CFTR modulators. On September 19, 2023, ReCode Therapeutics closed an extension to its Series B financing, raising an additional $50 million for a total of $260 million in Series B funding. New investors in this extension included Bioluminescence Ventures (as lead investor) and Solasta Ventures, with strong support from existing investors including OrbiMed Advisors, Matrix Capital Management (via AyurMaya), Leaps by Bayer, Vida Ventures, MPM Capital, Pfizer Ventures, EcoR1 Capital, Sanofi Ventures, Amgen Ventures, and Osage University Partners. Proceeds were designated to advance primary ciliary dyskinesia and cystic fibrosis clinical development programs and to expand the SORT LNP pipeline to include mRNA and gene correction therapeutics for central nervous system, lung, liver, and musculoskeletal indications. As of September 2025, ReCode raised an additional $29 million to accelerate development of inhaled mRNA therapy for cystic fibrosis, supported by $3 million from the Cystic Fibrosis Foundation and a new collaboration with Praxis Precision Medicines. |
| Jan 2023 | Series A | Cystic Fibrosis Foundation (lead) | $10M | - | ReCode Therapeutics is a clinical-stage genetic medicines company developing mRNA and gene-editing therapies using its proprietary SORT (Selective Organ Targeting) lipid nanoparticle platform. The company's lead programs include RCT2100, an inhaled mRNA therapy for cystic fibrosis patients with rare or nonsense mutations that do not respond to existing CFTR modulators, and RCT1100 for primary ciliary dyskinesia. In January 2023, the Cystic Fibrosis Foundation announced a strategic investment of up to $15 million in ReCode, consisting of an initial $10 million equity investment to support preclinical studies and Investigational New Drug (IND) application activities, with a committed additional $5 million upon achievement of development milestones. This investment was part of ReCode's Series B financing round, which totaled $210 million and included participation from other institutional and strategic investors. The CF Foundation's investment was structured to fund both preclinical research and early-stage clinical trials for RCT2100. By September 2025, ReCode had completed a Series B extension raising $50 million for a total Series B of $260 million, and the CF Foundation had expanded its total committed support to $33 million across multiple programs including gene-editing research conducted in collaboration with Intellia Therapeutics. |
| Jun 2022 | Series B | Leaps by Bayer (lead); Matrix Capital Management (lead); Amgen Ventures; Pfizer Venture Investments; Sanofi Ventures | $120M | $372M | ReCode Therapeutics, a biopharmaceutical company founded in Dallas with operations in Menlo Park, California, develops a selective organ targeting (SORT) lipid nanoparticle (LNP) delivery platform for genetic medicines including mRNA, siRNA, and gene correction therapies targeting diseases in lungs, brain, central nervous system, liver, and oncology. The company focuses on precision delivery to disease-relevant cells, building on mRNA vaccine technology to enable treatments for conditions like primary ciliary dyskinesia (PCD), cystic fibrosis (CF), and others. In May 2022, ReCode presented preclinical data at the American Thoracic Society conference showing effective protein expression in target cells for PCD and CF programs, with plans for IND filings in late 2022 for PCD and mid-2023 for CF. On June 29, 2022, ReCode closed a $120 million oversubscribed extension to its Series B round, initially raised at $80 million in October 2021, bringing the total Series B to $200 million. The extension was co-led by Leaps by Bayer and AyurMaya (an affiliate of Matrix Capital Management), with participation from Amgen Ventures, alongside prior investors including Pfizer Ventures, EcoR1 Capital, Sanofi Ventures, OrbiMed, and others. Proceeds fund pipeline diversification into CNS, liver, and oncology, advancement of lead PCD and CF programs to clinic, and platform enhancements for broader genetic cargo delivery. New board members included Alan Colowick from Matrix and Rakhshita Dhar from Leaps by Bayer. This followed a $80 million Series A in March 2020, with total funding reaching over $400 million across rounds by later dates. |
| Oct 2021 | Series B | EcoR1 Capital (lead); Pfizer Venture Investments (lead); Vida Ventures; Colt Ventures; Superstring Capital; MPM Capital; Tekla Capital Management; OrbiMed; Sanofi Ventures; NS Investment; OUP (Osage University Partners) | $80M | - | ReCode Therapeutics, a biopharmaceutical company pioneering genetic medicines using a proprietary lipid nanoparticle (LNP) delivery platform for pulmonary diseases like cystic fibrosis (CF) and primary ciliary dyskinesia (PCD), closed an oversubscribed $80 million Series B financing round on October 21, 2021. The round was co-led by EcoR1 Capital and Pfizer Ventures, with participation from Colt Ventures, MPM Capital, NS Investment, OrbiMed, Osage University Partners, Sanofi Ventures, Superstring Capital, Tekla Capital Management, and Vida Ventures. Proceeds were allocated to advance lead programs in PCD and CF into human clinical trials, including filing Investigational New Drug applications, and to develop the non-viral LNP platform for organ-specific RNA therapies and gene editing. The company, formed from the merger of TranscipTx and earlier ReCode efforts, focuses on mRNA-mediated protein replacement, tRNA NanoCorrectors for nonsense mutations, and gene editing to address genetic respiratory diseases. Preclinical studies demonstrated potential for targeted RNA therapies in life-threatening conditions, positioning ReCode to deliver disease-modifying treatments to patients lacking effective options. David Lockhart, Ph.D., served as CEO, emphasizing acceleration toward clinic with support from world-class investors. Oleg Nodelman from EcoR1 Capital joined the board, highlighting the platform's potential to enable novel genetic medicines beyond first-generation mRNA and gene editing capabilities. This Series B followed an earlier $80M Series A in 2020 led by OrbiMed and Colt Ventures for similar preclinical advancement. Subsequent financings included a Series B extension to $260M total by 2023 and over $29M additional in 2025, supporting ongoing Phase 2 trials like RCT2100 for CF and collaborations such as with the Cystic Fibrosis Foundation. |
| Mar 2020 | Series A | Colt Ventures (lead); OrbiMed (lead); Vida Ventures; MPM Capital; OUP (Osage University Partners) | $80M | - | ReCode Therapeutics, a biopharmaceutical company developing precision medicines for genetic respiratory diseases, closed an $80 million Series A financing round on March 26, 2020, co-led by OrbiMed Advisors and Colt Ventures with participation from MPM Capital, Vida Ventures, Hunt Technology Ventures, and Osage University Partners. The company was formed from the combination of TranscipTx and ReCode Therapeutics, with roots in a research project at UT Southwestern Medical Center. ReCode's pipeline included lead programs for primary ciliary dyskinesia and nonsense mutations in cystic fibrosis, powered by a proprietary non-viral lipid nanoparticle delivery platform enabling targeted organ-specific delivery of RNA therapies and gene editing components. With the Series A proceeds, the company planned to advance preclinical programs into human clinical trials over the next two years, with applications for clinical trials expected in 2021. The funding also supported expansion of ReCode's LNP platform and manufacturing capabilities, positioning the company to pursue mRNA-mediated protein replacement therapies, tRNA NanoCorrectors, and gene editing approaches across multiple therapeutic modalities. |
| Feb 2019 | Seed | - | $2M | - | - |
Who has invested in ReCode Therapeutics?
17 investors have backed ReCode Therapeutics across its funding rounds, including OrbiMed, OUP (Osage University Partners), Pfizer Venture Investments, Sanofi Ventures, MPM Capital and Vida Ventures.
Lead investors include Cystic Fibrosis Foundation, Bioluminescence Ventures, Leaps by Bayer, Matrix Capital Management, EcoR1 Capital and 3 other investors.
ReCode Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Mar 2020 | ||
| 3 | Lead | Oct 2021 | ||
| 3 | Participant | Mar 2020 | ||
| 3 | Lead | Mar 2020 | ||
| 3 | Participant | Oct 2021 | ||
| 3 | Participant | Mar 2020 | ||
| 3 | Lead | Jan 2023 | ||
| 2 | Participant | Jun 2022 | ||
| 2 | Lead | Mar 2020 | ||
| 2 | Lead | Jun 2022 | ||
| 2 | Lead | Jun 2022 | ||
| 2 | Lead | Oct 2021 | ||
| 1 | Participant | Oct 2021 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialReCode Therapeutics Competitors
ReCode Therapeutics competitors include listed companies like Prelude Therapeutics and Myriad Genetics, and private ones like Vanqua Bio, CureGenetics, Valo Health and Hexagon Bio.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $333M | - | ||
| Private | - | - | $311M | - | ||
| Private | - | - | $300M | - | ||
| Private | - | - | $297M | - | ||
| Publicly listed | $12M | ($98M) | $365M | 7.3x | ||
| Publicly listed | $825M | ($332M) | $396M | 0.6x |
ReCode Therapeutics Public Comps
ReCode Therapeutics is still privately-owned, but its public comps include Bioage Labs, Egetis Therapeutics, DiaMedica, Galectin Therapeutics, Circio Holding, ProKidney, Swedencare, Fennec Pharmaceuticals, Prelude Therapeutics and Enanta Pharmaceuticals.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $9M | ($93M) | 6.2x | 6.9x | (0.6x) | (0.5x) | |||
| $6M | ($34M) | 53.7x | 11.2x | (10.2x) | 13.5x | |||
| - | ($33M) | - | - | (10.0x) | (7.9x) | |||
| - | ($24M) | - | - | (21.2x) | (27.5x) | |||
| - | ($5M) | - | - | (63.7x) | - | |||
| $893K | ($158M) | 1460.7x | 2113.8x | (8.2x) | (7.5x) | |||
| $274M | $46M | 2.0x | 1.8x | 11.7x | 9.2x | |||
| $45M | ($8M) | 7.5x | 5.2x | (40.9x) | 36.7x | |||
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Common questions about ReCode Therapeutics
| When was ReCode Therapeutics founded? | ReCode Therapeutics was founded in 2015. |
| Where is ReCode Therapeutics headquartered? | ReCode Therapeutics is headquartered in Dallas, TX, United States. |
| Is ReCode Therapeutics publicly listed? | No, ReCode Therapeutics is a private, VC-backed company. |
| What is ReCode Therapeutics' valuation? | ReCode Therapeutics was last valued at $372M in its Series B in June 2022. |
| How much funding has ReCode Therapeutics raised? | ReCode Therapeutics has raised $357M across 8 funding rounds. |
| What was ReCode Therapeutics' last funding round? | ReCode Therapeutics' last funding round was a undisclosed-stage round in August 2026, led by Cystic Fibrosis Foundation. |
| Who are ReCode Therapeutics' investors? | ReCode Therapeutics' investors include Vida Ventures, Pfizer Venture Investments, MPM Capital, OrbiMed, Sanofi Ventures, OUP (Osage University Partners), Cystic Fibrosis Foundation, Amgen Ventures, Colt Ventures, Matrix Capital Management and 7 others. |
| Which companies are comparable to ReCode Therapeutics? | Companies comparable to ReCode Therapeutics include Vanqua Bio, CureGenetics, Valo Health, Hexagon Bio, Prelude Therapeutics and Myriad Genetics. |
See companies similar to ReCode Therapeutics
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