Encoded raises $275M to push Dravet gene therapy toward registration

Encoded Therapeutics raised $275 million in a Series F financing to move ETX101, its AAV9-based gene-regulation therapy for SCN1A-positive Dravet syndrome, through pivotal development.

GV co-led the round with an undisclosed healthcare fund. Other participants included ARCH Venture Partners, Janus Henderson Investors, RTW Investments and SoftBank Vision Fund.

ETX101 is designed to increase SCN1A expression in inhibitory brain interneurons, aiming to restore sodium-channel function in a severe genetic epilepsy. The FDA had granted the program Breakthrough Therapy Designation in January 2026.

Proceeds also support expansion of Encoded’s internal GMP manufacturing capabilities, including its North Carolina facility, intended to supply pivotal studies and eventually commercial demand.

The company also plans to advance its broader neurology pipeline, including a targeted 2027 IND submission for ETX301, an AAV9-vectorized microRNA therapy for post-amputation neuroma pain.