# Ethyreal Bio

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/ethyreal-bio

- Industry: Biotechnology
- Headquarters: Cambridge, US
- Website: www.ethyrealbio.com/
- Total disclosed funding: $60M
- Latest round: Series B (Jun 10, 2026)
- Investors on record: 4

## About

Ethyreal Bio, Inc. is a US-based biotechnology firm focused on developing innovative therapies targeting Thyroid Eye Disease (TED) and Graves’ Disease, with its leading product being the investigational therapy ETHY-001.Ethyreal Bio, Inc. specializes in creating therapies for thyroid-related disorders. Founded in Cambridge, US, the company has undergone strategic developments to enhance its operational focus. Ethyreal Bio raised total USD 101 million in Series A (USD 41 million) and B (USD 60 million) funding co-led by Atlas Venture and Medicxi Ventures and other returning investors, Nandi Life Sciences and Checkpoint Capital. The funding will support the advancement of their anti-TSHR antibody into clinical development. Ethyreal Bio is primarily focused on the development of innovative therapies for Thyroid Eye Disease (TED) and Graves’ Disease, with its flagship product being ETHY-001. This investigational therapy is designed to precisely target the causal disease processes underlying these conditions by blocking autoantibody activation of the TSH receptor (TSHR). ETHY-001 aims to offer a differentiated therapeutic approach for patients suffering from TED and Graves’ Disease, providing a potentially best-in-class anti-TSHR antibody. The company engages with healthcare providers and institutions in the United States, as well as potentially expanding into markets in Europe and Asia, to reach a diverse client base of patients and specialists focused on treating these thyroid-related disorders.Ethyreal Bio's revenue model is structured around the development and potential commercialization of its investigational therapies, including ETHY-001. Transactions within the business typically occur through partnerships with healthcare providers and institutions, where agreements may involve clinical trial collaborations and future product distribution contracts. As the company progresses through clinical trials and moves towards regulatory approval, it may establish pricing plans based on established market rates for similar biologic therapies. The anticipated revenue streams will arise from both direct sales to healthcare institutions and possible licensing agreements with pharmaceutical partners. These collaborative relationships are crucial for bringing their products to market and generating ongoing revenue. Ethyreal Bio plans to leverage its recent Series A funding to advance its anti-TSHR antibody into clinical development for Thyroid Eye Disease and Graves’ Disease. The company is also targeting expansion into European and Asian markets, enhancing its reach and impact in treating these disorders. Specific timelines for product launches and regional expansions have not been detailed.

## Funding rounds

- Series B, Jun 10, 2026, $60M — Atlas Venture, Avoro Capital Advisors, Medicxi, Checkpoint Capital
- Series A, date not disclosed — Atlas Venture, Medicxi, Checkpoint Capital

## Investors

- Atlas Venture (https://capitalatlas.ai/funds/atlas-venture) — Series A, Series B
- Medicxi (https://capitalatlas.ai/funds/medicxi) — Series A, Series B
- Checkpoint Capital — Series A, Series B
- Avoro Capital Advisors — Series B