- Companies
- TORL BioTherapeutics
TORL BioTherapeutics Valuation, Funding & Investors
TORL BioTherapeutics is valued at $500M as of October 2025.
Last TORL BioTherapeutics valuation
$500M
Series C · Oct 2025
Last TORL BioTherapeutics funding round
$96M
Series C · Oct 2025
Cumulative funding TORL BioTherapeutics raised
$412M
across 3 funding rounds
Key investors in TORL BioTherapeutics
Perceptive Advisors
Moore Strategic Ventures
Bristol-Myers Squibb
Deep Track Capital
Vertex Ventures HC
UC Investments
About TORL BioTherapeutics
TORL BioTherapeutics is a UK-headquartered clinical-stage biopharmaceutical company developing antibody-drug conjugates and monoclonal antibodies for oncology indications with high unmet needs. Its pipeline includes TORL-1-23, a next-generation ADC targeting solid tumors, advancing through Phase 1 trials. TORL employs proprietary payload-linker technologies to enhance efficacy and safety profiles. With facilities in London and partnerships in drug discovery, the firm addresses breast, lung, and other cancers through differentiated therapeutic candidates.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing
Valuation
$500M (Oct 2025)
Sectors
TORL BioTherapeutics Valuation
TORL BioTherapeutics is currently valued at $500M, based on its Series C in October 2025.
TORL BioTherapeutics valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2025 | Series C | $500M |
TORL BioTherapeutics Funding History
TORL BioTherapeutics has raised a total of $412M across 3 funding rounds.
TORL BioTherapeutics' first fundraising round was a $158M Series B in April 2023. The most recent completed round was a $96M Series C in October 2025.
TORL BioTherapeutics funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2025 | Series C | - | $96M | $500M | TORL BioTherapeutics is a clinical-stage biotechnology company founded in 2019, headquartered in Los Angeles, focused on discovering and developing antibody-based immunotherapies, particularly antibody-drug conjugates (ADCs), to treat cancer patients worldwide. Through a strategic partnership with the Slamon Research Lab at UCLA, it holds exclusive rights to biologics targeting novel cancer antigens in solid tumors and hematologic malignancies. The company closed a $96 million Series C financing round on October 7, 2025, led by Cormorant Asset Management with participation from BVF Partners and existing investors. This round brings total funding raised since inception to over $450 million across multiple rounds, including a $158.3 million Series B2 in April 2024. One source reports the Series C valuation at $500 million. Proceeds will primarily fund the clinical development of lead candidate TORL-1-23, a Claudin 6 (CLDN6)-targeted ADC currently in a registrational Phase 2 study for CLDN6-positive platinum-resistant ovarian cancer, Phase 1 for other CLDN6+ cancers like non-small cell lung cancer, and support upcoming Phase 3, ongoing Phase 1 studies, and IND-enabling work for its pipeline. TORL-1-23 updated Phase 1 results were presented at the 2025 European Society of Medical Oncology Congress (ESMO 2025) in Berlin. The company, with over 90 employees, aims to advance toward key data readouts in 2027. Leadership includes CEO Mark J. Alles and CFO Dave Licata, emphasizing targeted treatments for hard-to-treat cancers. |
| Apr 2024 | Series B | Deep Track Capital (lead); Blue Owl Capital Inc.; Avidity Partners; UCOP; UC Investments; Vertex Ventures HC; Gianna Hoffman-Luca; Goldman Sachs; Bristol-Myers Squibb; RA Capital Management; Moore Strategic Ventures; Perceptive Advisors | $158M | - | TORL BioTherapeutics is a clinical-stage biotechnology company founded in 2018 and based in Culver City, California, focused on developing novel antibody-drug conjugates (ADCs) to address unmet needs in oncology, particularly for cancer patients worldwide with an emphasis on equitable access and holistic care. The company announced the closing of an oversubscribed $158 million Series B-2 financing on or around April 10-15, 2024 (noting some sources list October 4, 2024, possibly a date error), led by Deep Track Capital, with new investors including RA Capital Management, Perceptive Advisors, and Avidity Partners, alongside existing backers such as Goldman Sachs Alternatives, UC Investments, Bristol-Myers Squibb, Vertex Ventures HC, Moore Strategic Ventures, Blue Owl Healthcare Opportunities, and Perceptive Xontogeny Venture Fund. This round brings total funding raised to date to over $350 million. Proceeds from the Series B-2 are designated to advance the clinical development of TORL's ADC pipeline, including completing a pivotal, registration-enabling Phase 2 study for lead candidate TORL-1-23, a first-in-class ADC targeting CLDN6 in platinum-resistant ovarian cancer (NCT05103683), slated to start later in the year. The funds will also support ongoing Phase 1 trials for other programs, such as TORL-2-307 targeting CLDN18.2-positive advanced solid tumors (NCT05159440), and additional clinical-stage assets. Leadership, including Chairman and CEO Mark Alles and comments from Deep Track's Rebecca Luse, highlighted confidence in the team's expertise and the potential of TORL's emerging ADC pipeline amid the growing ADC era in oncology. TORL continues to prioritize data-driven milestones from its antibody-based discovery platform and oncology pipeline. |
| Apr 2023 | Series B | Goldman Sachs Asset Management (lead); UC Investments; Cowen Healthcare Investments; Vertex Ventures HC; Alexandria Venture Investments; Bristol-Myers Squibb; Deep Track Capital; OCV; Vest Coast Capital; Moore Strategic Ventures; Perceptive Advisors | $158M | - | TORL BioTherapeutics, a clinical-stage biopharmaceutical company headquartered in Los Angeles, focuses on developing novel antibody-based therapeutics, particularly antibody-drug conjugates (ADCs) and monoclonal antibodies (mAbs), for cancer patients with high unmet needs. The company's lead candidate, TORL-1-23, targets CLDN6 for multiple cancer types including platinum-resistant ovarian cancer, with initial Phase I data in June 2023 showing 28% confirmed responses across doses and 32% in ovarian cancer patients, with no dose-limiting toxicities. Additional clinical-stage programs target CLDN18.2, while preclinical efforts include TORL-3-600 for CDH17-positive colorectal cancer and TORL-4-500 for DLK1-positive solid tumors. On April 13, 2023, TORL publicly launched and closed a $158 million oversubscribed Series B financing led by Goldman Sachs Asset Management, with participation from UC Investments (Office of the Chief Investment Officer), Bristol Myers Squibb, Deep Track Capital, Vertex Ventures HC, Moore Strategic Ventures, Cowen Healthcare Investments, Perceptive Xontogeny Venture Fund, Alexandria Venture Investments, and OCV Partners. Amit Sinha from Goldman Sachs Asset Management and Lynn Seely, M.D., from Lyell Immunopharma, joined the board. The proceeds support advancing TORL-1-23 and TORL-2-307 toward late-stage trials and broader pipeline development. This Series B brought TORL's total funding toward $350 million by early 2024, following subsequent rounds including a Series B-2 led by Deep Track Capital with RA Capital, Perceptive Advisors, Avidity Partners, and others, and a $96 million Series C. The company leverages a 30-year scientific collaboration including Dr. Dennis Slamon and continues progressing its ADC pipeline in the rapidly growing oncology sector, expected to reach $30 billion by 2028 per Evaluate. |
Who has invested in TORL BioTherapeutics?
17 investors have backed TORL BioTherapeutics across its funding rounds, including Perceptive Advisors, Moore Strategic Ventures, Bristol-Myers Squibb, Deep Track Capital, Vertex Ventures HC and UC Investments.
Lead investors include Deep Track Capital and Goldman Sachs Asset Management.
TORL BioTherapeutics Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | Apr 2023 | ||
| 2 | Participant | Apr 2023 | ||
| 2 | Participant | Apr 2023 | ||
| 2 | Lead | Apr 2023 | ||
| 2 | Participant | Apr 2023 | ||
| 2 | Participant | Apr 2023 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Participant | Apr 2023 | ||
| 1 | Participant | Apr 2023 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Participant | Apr 2024 | ||
This data is available for Pro users. Sign up to see all 17 TORL BioTherapeutics investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialTORL BioTherapeutics Competitors
TORL BioTherapeutics competitors include listed companies like Boiron and Onconic Therapeutics, and private ones like Immvira, Juvenescence, Macrophage Therapeutics and Ollin Biosciences.
| Company | HQ | Status | Revenue | EBITDA | Valuation |
|---|---|---|---|---|---|
| Private | - | - | $500M | ||
| Private | - | - | $500M | ||
| Private | - | - | $500M | ||
| Private | - | - | $500M | ||
| Publicly listed | $577M | $83M | $500M | ||
| Publicly listed | $39M | $9M | $500M |
TORL BioTherapeutics Public Comps
TORL BioTherapeutics is still privately-owned, but its public comps include Boiron, Onconic Therapeutics, Kamada, Ever Supreme Bio Technology, Contineum Therapeutics, Avacta Group, Pharmicell, Vogenx, Puma Biotechnology and TransThera Sciences.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $577M | $83M | 0.8x | - | 5.3x | - | |||
| $39M | $9M | 11.7x | - | 48.5x | - | |||
| $180M | $37M | 2.5x | 2.3x | 11.9x | 9.2x | |||
| $32M | $16M | 14.9x | 14.6x | 29.1x | - | |||
| - | ($68M) | - | 74.7x | (3.9x) | (3.7x) | |||
| $152K | ($38M) | 3242.0x | 184.3x | (13.0x) | (14.4x) | |||
| $83M | $27M | 5.7x | 6.2x | 17.6x | 18.6x | |||
| - | ($1M) | - | - | (349.7x) | - | |||
This data is available for Pro users. Sign up to see all TORL BioTherapeutics competitors and their valuation data. Start Free Trial | ||||||||
Common questions about TORL BioTherapeutics
| When was TORL BioTherapeutics founded? | TORL BioTherapeutics was founded in 2018. |
| Where is TORL BioTherapeutics headquartered? | TORL BioTherapeutics is headquartered in Los Angeles, CA, United States. |
| Is TORL BioTherapeutics publicly listed? | No, TORL BioTherapeutics is a private, VC-backed company. |
| What is TORL BioTherapeutics' valuation? | TORL BioTherapeutics was last valued at $500M in its Series C in October 2025. |
| How much funding has TORL BioTherapeutics raised? | TORL BioTherapeutics has raised $412M across 3 funding rounds. |
| What was TORL BioTherapeutics' last funding round? | TORL BioTherapeutics' last funding round was a $96M Series C in October 2025. |
| Who are TORL BioTherapeutics' investors? | TORL BioTherapeutics' investors include UC Investments, Vertex Ventures HC, Bristol-Myers Squibb, Deep Track Capital, Moore Strategic Ventures, Perceptive Advisors, Blue Owl Capital Inc., Avidity Partners, UCOP, Cowen Healthcare Investments and 7 others. |
| Which companies are comparable to TORL BioTherapeutics? | Companies comparable to TORL BioTherapeutics include Immvira, Juvenescence, Macrophage Therapeutics, Ollin Biosciences, Boiron and Onconic Therapeutics. |
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