Cage Bio

What Cage Bio does

CAGE Bio Inc. is a privately held, clinical-stage biotechnology company developing topical therapeutics for immuno-dermatology conditions using a proprietary deep eutectic ionic liquid platform branded CAGE (Choline And Geranic Acid / CG-101). The company is headquartered in San Carlos, California, with an additional R&D footprint in Fort Worth, Texas, and was founded by Prof. Samir Mitragotri of Harvard. The CAGE platform is a biocompatible ionic liquid formed from GRAS (Generally Recognized As Safe) materials that enables penetration of small molecules, peptides, proteins, and nucleic acids — including siRNA and DNA aptamers — across the stratum corneum and into deeper skin layers after topical application, with minimal disruption to barrier function. CAGE is recognized in peer-reviewed literature as the first 'drug delivery ionic liquid' to enter clinical trials, and CAGE-based formulations have been administered to more than 200 patients across multiple Phase 1 and Phase 2 studies.

The clinical pipeline currently comprises three lead immuno-dermatology programs — atopic dermatitis (CGB-500, 1% topical tofacitinib delivered via CAGE, with a Phase 2b readout reported September 4, 2025), alopecia areata, and vitiligo (CGB-600, a topical DNA aptamer therapy, Phase 2 initiated October 23, 2025, enrolling 36 patients) — augmented by an August 27, 2025 co-development collaboration on first-in-class topical treatments for cutaneous Graft-versus-Host Disease. A previously developed non-prescription product, IonLAST (CG-101), is a long-lasting sanitizing skin protectant gel that demonstrated multi-hour antimicrobial activity in human studies and inactivated human coronavirus hCoV-229E in vitro.

CAGE Bio operates on a clinical-stage, partnership-oriented go-to-market model with no current product revenue. The company does not sell approved drugs and has no proprietary sales force; future prescription product revenue is expected to flow through out-licensing or co-development deals with pharmaceutical partners, supplemented by potential consumer-health revenue from the IonLAST product line. Visibility is driven by press releases, peer-reviewed publications, and a KOL advisory board of academic dermatologists at Stanford, Yale, Duke, Melbourne, and Jefferson, with no evidence of paid digital marketing. Total disclosed funding to date is approximately $12.7 million across a 2019 round, a 2021 Propel(X)-led $7.2 million round, and a 2025 Propel(X) event, against a headcount of 1–10 employees plus an experienced C-suite (CEO Nitin Joshi, CSO Carmine Durham, CCO Srini Sripada) and board including Jeff Keyser (former COO of ZS Pharma, acquired by AstraZeneca for $2.7 billion).

Name

Cage Bio

Legal name

CAGE Bio Inc.

Website

https://cagebio.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

CAGE Bio Inc. is a clinical-stage biotechnology company that develops topical immuno-dermatology therapies using a proprietary deep eutectic ionic liquid (CAGE) delivery platform, targeting atopic dermatitis, alopecia areata, vitiligo, and cutaneous graft-versus-host disease for patients with chronic autoimmune skin conditions.

Ownership category

akta.pro rank

Product category

Topical Dermatology Therapeutics

NAICS

Pharmaceutical Preparation Manufacturing (325412)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Dermatology Specialty Pharmaceuticals (HLAIACAL)

akta.pro secondary industry

Immunology & Inflammation Pharmaceuticals (HLAIAAAD)

Keywords

• Topical drug delivery
• Ionic liquid platform
• Immuno-dermatology therapeutics
• Skin permeation technology
• Dermatology pharmaceuticals

Headquarters

HQ city

San Carlos

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Future topical prescription drug sales: Clinical-stage company not yet generating product revenue; intends to commercialize proprietary topical dermatology products (e.g., CGB-500 tofacitinib, CGB-600 aptamer, AD franchise) — revenue model expected to be one-time prescription product sales post-approval, likely through partnership/out-licensing.
2. Strategic collaborations / out-licensing: Press releases indicate collaborative partnerships (e.g., August 27, 2025 collaboration on cutaneous Graft-versus-Host Disease), suggesting near/medium-term revenue from collaboration agreements, licensing, or co-development milestones.
3. Sanitizer / consumer health product line (IonLAST): IonLAST (CG-101) sanitizing skin protectant gel is a non-prescription product opportunity leveraging the same CAGE platform, with prior human volunteer studies demonstrating multi-hour protection.

Pricing tiers

Go-to-market motion3 records

Distribution channels2 records

Marketing channels5 records

Core offering

CAGE Bio develops a proprietary deep eutectic ionic liquid (CAGE) drug delivery platform that enables topical administration of small molecules, peptides, proteins, and nucleic acids into the skin for the treatment of immuno-dermatology conditions. Its clinical pipeline includes CGB-500 (1% tofacitinib) for atopic dermatitis, CGB-600 (DNA aptamer) for vitiligo, and an alopecia areata program, with additional early-stage work in cutaneous Graft-versus-Host Disease. The company has also previously developed IonLAST (CG-101), a long-acting sanitizing skin protectant.

Differentiator

Problem solved

Functional benefit

Brands

• IonLAST: Long-lasting sanitizing skin protectant (also referenced as IonLAST™) based on CAGE (Choline And Geranic Acid) ionic liquid / deep eutectic solvent (CG-101), formulated as a gel and clinically tested to provide antimicrobial protection for several hours after a single application.

Products and services

• CGB-500 (1% Tofacitinib) Topical JAK Inhibitor Clinical-stage topical JAK inhibitor (1% tofacitinib) formulated using CAGE Bio's proprietary Ionic Liquid platform for the treatment of atopic dermatitis; in Phase 2b development as of 2025.
• CGB-600 Topical DNA Aptamer Therapy Clinical-stage topical DNA aptamer therapy delivered via CAGE Bio's Ionic Liquid platform for the treatment of vitiligo by targeting autoimmune pathways; currently in a double-blind, vehicle-controlled Phase 2 trial enrolling 36 patients.
• IonLAST (CG-101) Sanitizing Skin Protectant

Quantifiable outcome

• CGB-500 (1% tofacitinib) — Phase 2b atopic dermatitis trial reported 'strong results' (Sep 4, 2025)
• +3 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Three partnerships are on record, tiered core.

• Undisclosed collaborator (cutaneous Graft-versus-Host Disease program)coreStrategic or Co-development Partner · 27 August 2025On August 27, 2025, CAGE Bio announced a collaboration to advance first-in-class treatments for cutaneous Graft-versus-Host Disease (GvHD). The partner name is not stated in the available source material, but the nature of the announcement (co-development of first-in-class therapies) implies a strategic / co-development relationship rather than a pure licensing deal.
• Harvard University (Prof. Samir Mitragotri, founder)coreOthersFounder and Board member Prof. Samir Mitragotri is the Hiller Professor of Bioengineering and Hansjorg Wyss Professor of Biologically Inspired Engineering at Harvard John A. Paulson School of Engineering and Applied Sciences; his lab continues to publish foundational work on the CAGE platform (e.g., Science Advances 2020 on NFKBIZ siRNA delivery). The relationship is academic/scientific in nature rather than a commercial partnership.
• Stanford, Yale, Melbourne, Duke and Jefferson dermatology KOLs (Advisory Board)coreOthersCAGE Bio's Medical / Science Advisory Board comprises senior academic dermatologists (Dr. Justin Ko, Stanford; Dr. Brett King, Yale; Prof. Rodney Sinclair, Melbourne; Dr. Zoe Draelos, Duke; Dr. Guy Webster, Jefferson; Dr. Sunil Dhawan). They provide clinical and scientific guidance across atopic dermatitis, alopecia areata, vitiligo, and psoriasis — effectively a strategic KOL partnership supporting clinical design and credibility.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Arcutis Biotherapeutics: Clinical-stage and recently commercial dermatology company developing topical therapies for atopic dermatitis, seborrheic dermatitis, and psoriasis (e.g., ZORYVE / roflumilast cream). Directly comparable to CAGE Bio in therapeutic focus (topical immuno-dermatology) and small-cap specialty pharma profile.
• Dermavant Sciences: Topical dermatology company (acquired by Organon) that developed VTAMA (tapinarof) for atopic dermatitis and psoriasis. Closely comparable to CAGE Bio as a small, asset-focused topical immuno-dermatology company that ultimately out-licensed/sold to large pharma.
• Vyne Therapeutics: Specialty pharma focused on topical therapeutics for inflammatory skin diseases (e.g., topical pan-JAK inhibitor program). Comparable clinical-stage pipeline strategy and immuno-dermatology focus to CAGE Bio.
• Aclaris Therapeutics: Clinical-stage dermatology company developing topical and systemic therapies for immuno-dermatology indications including alopecia areata, vitiligo, and atopic dermatitis — directly overlapping with CAGE Bio's atopic dermatitis, alopecia areata, and vitiligo programs.
• AnaptysBio: Clinical-stage immunology company developing antibodies for inflammatory/dermatology indications (e.g., atopic dermatitis). Comparable as a small-cap, pipeline-driven biotech pursuing inflammatory skin diseases through novel mechanisms.

Broad incumbents

• Incyte Corporation: Approved Opzelura (topical ruxolitinib) for atopic dermatitis and vitiligo. Functions as both a direct competitive threat to CAGE Bio's pipeline and a potential out-licensing/strategic partner for topical JAK assets.
• Galderma: Global dermatology-focused pharmaceutical company with a broad portfolio across atopic dermatitis, acne, and other immuno-dermatology indications. Comparable as a large established player in the same disease space, and a potential commercialization partner.
• Pfizer (Inflammation & Immunology): Markets EUCRISA (topical crisaborole) for mild-to-moderate atopic dermatitis. Overlaps with CAGE Bio's atopic dermatitis franchise as a major-pharma incumbent in the topical AD space and a likely strategic/licensing counterparty.

Emerging players

• Sonoma Pharmaceuticals: Smaller specialty company developing topical and wound-care products based on a novel chemical/physical mechanism (microcyn technology). Comparable as a small, technology-platform-driven topical therapeutics company with consumer-health and prescription adjacencies.
• Novan: Clinical-stage dermatology company developing topical nitric-oxide-based therapies for inflammatory skin diseases. Comparable as a small, mechanism-driven, clinical-stage topical dermatology biotech with similar scale and partnership-oriented commercial path.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/CageBioInc
• LinkedInlinkedin.com/company/cage-bio-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds3 records

Investors1 record

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cage Bio