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- Tessera Therapeutics
Tessera Therapeutics Valuation, Funding & Investors
Tessera Therapeutics is valued at $1.7B as of April 2022.
Last Tessera Therapeutics valuation
$1.7B
Series C · Apr 2022
Last Tessera Therapeutics funding round
$150M
Strategic investment · Dec 2025
Cumulative funding Tessera Therapeutics raised
$732M
across 5 funding rounds
Key investors in Tessera Therapeutics
SoftBank Group
Flagship Pioneering
Altitude Life Science Ventures
Alaska Permanent Fund
Longevity Vision Fund
T. Rowe Price
About Tessera Therapeutics
Tessera Therapeutics is a Boston-headquartered biotechnology company advancing Gene Writing technology. This platform enables precise insertion of small and large DNA sequences into the genome without double-strand breaks, surpassing CRISPR limitations. Developed by Flagship Pioneering and launched in 2022, Tessera targets genetic diseases like sickle cell and muscular dystrophy through in vivo editing. Its proprietary enzymes support therapeutic rewriting in liver, muscle, and hematopoietic cells.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing
Valuation
$1.7B (Apr 2022)
Sectors
Tessera Therapeutics Valuation
Tessera Therapeutics is currently valued at $1.7B, based on its Series C in April 2022.
The $300M round included Flagship Pioneering, Hanwha Impact Partners, SoftBank Group, Abu Dhabi Investment Authority, March Capital and 7 other investors.
Tessera Therapeutics valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2022 | Series C | $1.7B |
Tessera Therapeutics Funding History
Tessera Therapeutics has raised a total of $732M across 5 funding rounds.
Tessera Therapeutics' first fundraising round was a $2M seed round in May 2020. The most recent completed round was a $150M strategic investment round in December 2025.
Tessera Therapeutics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Strategic investment | Regeneron (lead) | $150M | - | On December 1, 2025, Regeneron Pharmaceuticals and Tessera Therapeutics announced a global collaboration to develop and commercialize TSRA-196, Tessera's investigational in vivo gene writing program for alpha-1 antitrypsin deficiency (AATD). Tessera, a well-funded startup backed by Flagship Pioneering, is developing TSRA-196 as a one-time, disease-modifying genetic treatment targeting a rare inherited monogenic disorder. Regeneron is providing $150 million comprising both upfront cash payment and equity investment, with an additional $125 million in potential near- and mid-term development milestone payments, for a total deal value of up to $275 million. Under the partnership terms, Tessera will lead the initial first-in-human trial, while Regeneron will manage subsequent global development and commercialization post-IND filing. Both companies will equally share worldwide development costs and future profits from TSRA-196. Recent preclinical findings in mice and non-human primates demonstrated high liver editing specificity and no off-target editing, supporting the program's advancement. Tessera was preparing to submit an Investigational New Drug application and multiple Clinical Trial Applications to the FDA by the end of 2025. This partnership reflects Regeneron's broader strategic expansion in genetic medicine, following its acquisition of Decibel Therapeutics in 2023 for $213 million and its longstanding multi-product alliance with Intellia Therapeutics using CRISPR/Cas9 technology. |
| Dec 2024 | Undisclosed stage | Bill & Melinda Gates Foundation (lead) | $50M | - | Tessera Therapeutics, founded in 2018 by Flagship Pioneering, develops Gene Writing and proprietary lipid nanoparticle delivery platforms for in vivo genome engineering to create curative genetic medicines. The company announced on December 18, 2024, an agreement with the Bill & Melinda Gates Foundation for investments of up to $50 million, including an initial investment, to jointly fund its in vivo program for sickle cell disease (SCD). This funding supports advancing Tessera's SCD treatment into the clinic, aiming for a one-time intravenous administration that corrects the sickle mutation to wild-type in hematopoietic stem cells without stem cell mobilization or chemotherapy conditioning. The therapy targets global accessibility for SCD patients underserved by ex vivo treatments like Casgevy and Lyfgenia, which require intensive preparatory regimens. Tessera's approach uses non-viral lipid nanoparticles for targeted RNA delivery, positioning it as safer, easier, and more scalable. CEO Michael Severino highlighted its potential to reshape the SCD treatment landscape worldwide. A separate Gates Foundation grant to Tessera in January 2026 committed $6.4 million for an HIV cure treatment in low- and middle-income countries, but it is unrelated to the SCD funding. |
| Apr 2022 | Series C | Flagship Pioneering; Hanwha Impact Partners; SoftBank Group; Abu Dhabi Investment Authority; March Capital; Longevity Vision Fund; Artis Ventures; T. Rowe Price; SALT Fund; Altitude Life Science Ventures; Cormorant Asset Management; Alaska Permanent Fund | $300M | $1.7B | Tessera Therapeutics, founded in 2018 by Geoffrey von Maltzahn, Jacob Rubens, and Noubar Afeyan of Flagship Pioneering, emerged publicly in 2020 as a biotechnology company developing Gene Writing technology. This platform uses mobile genetic elements to enable precise genomic modifications, including changing any base pair, making small insertions or deletions, and writing entire genes into the genome using only RNA delivery, without double-stranded breaks or reliance on host cell DNA repair. The technology aims to treat genetic diseases, cancer, and enable preventive medicines, with potential applications in vivo and ex vivo, and has partnerships like an R&D agreement with the Cystic Fibrosis Foundation. On April 19, 2022, Tessera announced it raised over $300 million in a Series C financing round, following a $230 million Series B a year earlier, bringing total funding to more than $500 million in 15 months. New investors included Abu Dhabi Investment Authority, Alaska Permanent Fund, Altitude Life Science Ventures, Artis Ventures, Cormorant Asset Management, Flagship Pioneering, Hanwha Impact Partners, Longevity Vision Fund, March Capital, SALT Fund, SoftBank Vision Fund 2, and T. Rowe Price, alongside existing shareholders. The round supports expansion of Gene Writing platforms, development of multiple therapeutic programs toward clinical stages, platform investment, in-house manufacturing buildout, and team growth beyond 200 employees. Leaders emphasized Gene Writing's potential to revolutionize genetic medicine beyond CRISPR, base editing, and gene therapies by addressing limitations in efficiency, specificity, and scope. CEO von Maltzahn highlighted advancing portfolios across gene writing categories for various therapeutics, while Chairman Afeyan noted its unique advantages. Investors like SoftBank's Vali Barsan praised the platform's innovation in creating a new category of genetic medicines for untreatable diseases. |
| Jan 2021 | Series B | Alaska Permanent Fund (lead); SoftBank Group (lead); Flagship Pioneering; Qatar Investment Authority; Longevity Vision Fund; Saya Bio; Altitude Life Science Ventures | $230M | - | Tessera Therapeutics, an early-stage life sciences company founded by Flagship Pioneering, raised over $230 million in a Series B financing round announced on January 12, 2021, co-led by Alaska Permanent Fund Corporation, Altitude Life Science Ventures, and SoftBank Vision Fund 2, with participation from Qatar Investment Authority and others. The company is pioneering Gene Writing, a new category in genetic medicine that enables writing small and large therapeutic messages into the genome to treat diseases at their source, building on gene editing and therapy while addressing their limitations. Funds will accelerate research and development of Gene Writing technologies, expand the team, and establish manufacturing and automation capabilities to advance multiple therapeutic programs toward clinical development. CEO and Co-Founder Geoffrey von Maltzahn highlighted the transformative potential of Gene Writing as a defining technology for medicine, supported by world-class investors. The platform combines gene editing, manufacturing, and synthesizing technologies for precise, tailored therapeutic instructions to genetic code, expanding targetable pathogens and mutations. Tessera emerged from Flagship Pioneering's ecosystem, which has invested over $2.2 billion in founding companies and facilitated $18 billion in follow-on investments. |
| May 2020 | Seed | - | $2M | - | - |
Who has invested in Tessera Therapeutics?
16 investors have backed Tessera Therapeutics across its funding rounds, including SoftBank Group, Flagship Pioneering, Altitude Life Science Ventures, Alaska Permanent Fund, Longevity Vision Fund and T. Rowe Price.
Lead investors include Regeneron, Bill & Melinda Gates Foundation, Alaska Permanent Fund and SoftBank Group.
Tessera Therapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Jan 2021 | ||
| 2 | Lead | Jan 2021 | ||
| 2 | Participant | Jan 2021 | ||
| 2 | Participant | Jan 2021 | ||
| 2 | Lead | Jan 2021 | ||
| 1 | Participant | Apr 2022 | ||
| 1 | Participant | Apr 2022 | ||
| 1 | Participant | Apr 2022 | ||
| 1 | Participant | Jan 2021 | ||
| 1 | Lead | Dec 2024 | ||
| 1 | Lead | Dec 2025 | ||
| 1 | Participant | Apr 2022 | ||
| 1 | Participant | Apr 2022 | ||
This data is available for Pro users. Sign up to see all 16 Tessera Therapeutics investors. Start Free Trial | ||||
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 TrialTessera Therapeutics Competitors
Tessera Therapeutics competitors include listed companies like Alembic Pharmaceuticals, Yifan Pharmaceutical, Taysha GTx and Tyra Biosciences, and private ones like Rakuten Medical and Pathos.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $752M | $115M | $1.7B | 2.2x | ||
| Publicly listed | $765M | $121M | $1.7B | 2.5x | ||
| Publicly listed | $10M | ($117M) | $1.7B | 309.5x | ||
| Publicly listed | - | ($132M) | $1.7B | - | ||
| Private | - | - | $1.7B | - | ||
| Private | $13M | $3M | $1.6B | 123.1x |
Tessera Therapeutics Public Comps
Tessera Therapeutics is still privately-owned, but its public comps include Alembic Pharmaceuticals, Yifan Pharmaceutical, Taysha GTx, Tyra Biosciences, PYC Therapeutics, Bora Pharmaceuticals, Kailera Therapeutics, Jubilant Pharmova, Immunocore Holdings and Intellia Therapeutics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $752M | $115M | 2.4x | 2.2x | 15.8x | 14.3x | |||
| $765M | $121M | 2.5x | 2.5x | 15.6x | 13.7x | |||
| $10M | ($117M) | 131.4x | 309.5x | (11.0x) | (7.5x) | |||
| - | ($132M) | - | - | (10.1x) | (7.4x) | |||
| $14M | ($40M) | 95.7x | 122.6x | (33.7x) | (24.7x) | |||
| $597M | $215M | 3.7x | 3.2x | 10.2x | 13.0x | |||
| - | ($160M) | - | - | (4.8x) | - | |||
| $858M | $128M | 2.2x | 2.1x | 14.9x | 13.5x | |||
This data is available for Pro users. Sign up to see all Tessera Therapeutics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Tessera Therapeutics
| When was Tessera Therapeutics founded? | Tessera Therapeutics was founded in 2018. |
| Where is Tessera Therapeutics headquartered? | Tessera Therapeutics is headquartered in United States. |
| Is Tessera Therapeutics publicly listed? | No, Tessera Therapeutics is a private, VC-backed company. |
| What is Tessera Therapeutics' valuation? | Tessera Therapeutics was last valued at $1.7B in its Series C in April 2022. |
| How much funding has Tessera Therapeutics raised? | Tessera Therapeutics has raised $732M across 5 funding rounds. |
| What was Tessera Therapeutics' last funding round? | Tessera Therapeutics' last funding round was a $150M strategic investment round in December 2025, led by Regeneron. |
| Who are Tessera Therapeutics' investors? | Tessera Therapeutics' investors include Flagship Pioneering, SoftBank Group, Longevity Vision Fund, Altitude Life Science Ventures, Alaska Permanent Fund, Hanwha Impact Partners, Abu Dhabi Investment Authority, March Capital, Qatar Investment Authority, Bill & Melinda Gates Foundation and 6 others. |
| Which companies are comparable to Tessera Therapeutics? | Companies comparable to Tessera Therapeutics include Alembic Pharmaceuticals, Yifan Pharmaceutical, Taysha GTx, Tyra Biosciences, Rakuten Medical and Pathos. |
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