Ethyreal Bio Emerges from Stealth with $101 Million in Financing to Advance ETHY-001, a Potentially Best-in-Class Anti-TSHR Antibody for Thyroid Eye Disease and Graves’ Disease

– ETHY-001 targets the causal pathogenic mechanism underlying both conditions –

– Patient-friendly subcutaneous administration with half-life extension for infrequent dosing –

– First-in-human clinical trial expected to initiate in the second half of 2026 –

– Preclinical data to be presented in an oral presentation at ENDO on June 15, 2026 –

– Backed by leading healthcare investors including Atlas Venture, Medicxi Ventures, Avoro Capital, Nandi Life Sciences, and Checkpoint Capital –

CAMBRIDGE, Mass., June 10, 2026 (GLOBE NEWSWIRE) -- Ethyreal Bio (“Ethyreal” or “the Company”), a biotechnology company developing precision therapies for thyroid diseases with high unmet need, launched today with $101 million in financing from leading healthcare investors. The Series A was co-led by Atlas Venture and Medicxi Ventures, alongside Nandi Life Sciences and Checkpoint Capital. The Series B included all Series A investors and was led by Avoro Capital.

Ethyreal’s lead program, ETHY-001, is a monoclonal antibody designed to block autoantibody-mediated activation of the thyroid stimulating hormone receptor (TSHR), the shared pathogenic driver of Graves’ disease (GD) and thyroid eye disease (TED). The therapy has the potential to comprehensively halt disease activity and is predicted to support a favorable safety profile suitable for extended administration and durable disease control. ETHY-001 is formulated for convenient low-volume subcutaneous administration, with plans for an autoinjector, and incorporates half-life extension technology to enable infrequent dosing.

Ethyreal plans to initiate first-in-human clinical trials in the second half of 2026 and will present preclinical data on ETHY-001 at the Endocrine Society’s 2026 Annual Meeting (ENDO 2026) in Chicago on June 15.

“GD and TED are prevalent and debilitating conditions with a shared causal driver – pathogenic stimulating autoantibodies to the TSHR,” said Niranjan Kameswaran, Ph.D., Chief Executive Officer of Ethyreal Bio. “These two conditions frequently co-exist in the same individual, yet current treatments for GD do not treat or prevent TED, and conversely, TED treatments do not address the hyperthyroidism characteristic of GD. By blocking autoantibody activation of the TSHR, ETHY-001 is designed to target the underlying cause of disease and has the potential to address both conditions through a single, mechanism-driven therapy.”

Dr. Kameswaran continued, “With our purpose-built team and backing from leading investors, we are focused on rapid, disciplined execution as we advance ETHY‑001 into the clinic in the second half of 2026. Our mission is to deliver a therapy that can meaningfully improve outcomes for people living with these burdensome conditions.”

“Ethyreal has assembled an accomplished management team and seasoned Board of Directors with the scientific, clinical and company-building experience needed to translate compelling biology into transformative medicines,” said Simon Read, Chairman of the Board. “ETHY-001’s differentiated profile is unique in its potential to address two closely related, debilitating conditions. The Company has made rapid progress and is supported by a healthy capital position. We have strong conviction in Ethyreal’s ability to execute with focus and urgency and to establish itself as the leading company in GD and TED.”

Leadership Team

Ethyreal is led by a highly qualified management team with deep domain expertise and a proven track record of building and advancing biotechnology companies from discovery through commercialization.

Leadership Team

Niranjan Kameswaran, Ph.D., Chief Executive Officer
Jessica Stromme, Chief Development Officer
Kelly Foster, Ph.D., SVP Translational Medicine
Stephen Huang, M.D., SVP Clinical Development

Board Members

Simon Read, Ph.D., Chairman of the Board, Independent Director
Mark Chin, Partner, Head of Avoro Ventures
Michael Gladstone, Partner at Atlas Venture
Jernej Godec, Ph.D., Principal at Atlas Venture
Niranjan Kameswaran, Ph.D., Chief Executive Officer at Ethyreal Bio
Karen Smith, M.D., Ph.D., M.B.A., L.L.M., Independent Director
Nick Williams, M.Pharm, Ph.D., Partner at Medicxi Ventures

Preclinical Data to be Presented at ENDO 2026

Ethyreal will present preclinical data on ETHY-001 in an oral presentation at the Endocrine Society’s 2026 Annual Meeting (ENDO 2026) in Chicago:

Title: “ETHY-001, a Half-Life Extended, TSHR Monoclonal Antibody Antagonist, Potently Inhibits TSHR Activation Induced by Patient Sera and M22-Induced Hyaluronan and IL-6 Secretion from TED Patient-Derived Orbital Fibroblasts”
Presenter: Kelly Foster, Ph.D., SVP, Translational Medicine, Ethyreal Bio
Date: Monday, June 15, 2026
Time / Session: 1:45 PM - 3:15 PM CT / “See through TED”

About Graves’ Disease and Thyroid Eye Disease

Graves’ disease (GD) is the most common cause of hyperthyroidism, affecting approximately 1–2% of the adult population. GD is driven by pathogenic autoantibodies that activate the thyroid stimulating hormone receptor (TSHR), leading to excess thyroid hormone production and significant systemic consequences, including cardiovascular, neurological, and metabolic complications. Approximately half of patients with GD develop thyroid eye disease (TED). Today, treatment options for GD are limited, do not address the underlying cause, are associated with high rates of relapse, and carry risks of serious side effects. Many patients eventually undergo permanent thyroid removal. Existing therapies do not treat or prevent TED.

Thyroid eye disease is a serious, disfiguring, and potentially vision-threatening manifestation of GD that arises when pathogenic autoantibody-mediated TSHR activation occurs within the orbit of the eye. Most patients with TED have coexisting hyperthyroidism due to GD. TED can cause inflammation, proptosis, pain, diplopia, and in severe cases, permanent vision loss. Treatment options are limited and may be associated with burdensome systemic side effects including hyperglycemia and risk of hearing loss, as well as risk of relapse.

There remains a significant unmet need for safe, effective, durable, and targeted therapies for GD and TED that can address the full spectrum of disease.

About Ethyreal Bio

Ethyreal Bio is a biotechnology company headquartered in Cambridge, Massachusetts, developing precision therapies for thyroid diseases with high unmet need. The company’s lead program, ETHY-001, is a monoclonal antibody antagonist of the thyroid stimulating hormone receptor (TSHR). ETHY-001 is designed to rapidly and comprehensively block autoantibody-mediated activation of TSHR, the shared pathogenic driver of Graves’ disease and thyroid eye disease. ETHY-001 is formulated for patient-friendly subcutaneous administration and incorporates half-life extension technology to enable infrequent dosing. Ethyreal plans to initiate first-in-human clinical trials in the second half of 2026.

For more information, please visit www.ethyrealbio.com and follow the Company on LinkedIn.

Media & Investor Contact

Investor Contact
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Christina.tartaglia@precisionaq.com

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