Gene Therapy Specialist Kriya Raises $313M in Latest Funding Round

Kriya Therapeutics, a North Carolina-based gene therapy company, has secured $313.3 million in its latest funding round, as disclosed in a recent SEC filing. This significant investment comes amid a challenging landscape for gene therapy developers and positions Kriya among the top fundraisers in the biopharmaceutical industry this year.

Kriya's Gene Therapy Pipeline

Kriya is advancing a diverse portfolio of single-dose gene therapies targeting a range of chronic conditions. The company's most advanced asset, KRIYA-825, has successfully completed IND-enabling studies and is poised to enter clinical testing for geographic atrophy (GA). This therapy is designed to disrupt the complement cascade, a biological process implicated in the development and progression of GA, and can be administered via an in-office eye injection.

Another promising candidate in Kriya's pipeline is KRIYA-748, a gene therapy engineered to express an ion channel that could reduce the frequency and severity of pain attacks in patients with trigeminal neuralgia. The company is also developing therapies for thyroid eye disease, focal epilepsy, and metabolic disorders such as type 1 diabetes and metabolic dysfunction-associated steatohepatitis (MASH).

Funding in Context

This latest funding round adds to Kriya's already impressive financial history, which includes a $100 million Series B raise in July 2021, a $270 million Series C round in May 2022, and a $150 million extension to the Series C in July 2023. The current $313.3 million raise involved two undisclosed investors and places Kriya among the top fundraisers in the biopharmaceutical sector for the year.

Other notable funding rounds in the industry this year include Isomorphic Labs' $600 million raise in March, Verdiva Bio's $411 million in January, and Pathos AI's $365 million in May. Biotech unicorn Eikon Therapeutics also secured $351 million in February, slightly surpassing Kriya's recent haul.

Challenges in the Gene Therapy Landscape

Kriya's substantial funding comes at a time when the gene therapy field faces significant regulatory and clinical challenges. Recent developments highlight the risks associated with these innovative treatments. The FDA has narrowed the coverage of bluebird's Skysona for cerebral adrenoleukodystrophy due to an elevated risk of blood cancer. Additionally, Sarepta Therapeutics' Duchenne muscular dystrophy treatment, Elevidys, has been linked to two patient deaths, prompting a temporary halt in shipments at the FDA's request.

These setbacks underscore the complexities and potential risks involved in gene therapy development, emphasizing the importance of rigorous safety monitoring and regulatory oversight in this rapidly evolving field.