What Biotheryx does

Biotheryx is a clinical-stage biopharmaceutical company headquartered in San Diego, California, focused on the discovery and development of first-in-class protein degraders for oncology and inflammatory diseases. The company's core technology is the proprietary PRODEGY (Protein Degrader Technology) platform, which leverages deep expertise in modulating Cereblon, the most widely validated E3 ligase involved in protein degradation. The platform enables the design of three degrader modalities: molecular glues that induce Cereblon-neosubstrate interactions to access the approximately 85% of proteins currently considered undruggable, bifunctional degraders that link Cereblon binders to target ligands, and hybrid degraders capable of degrading both neosubstrates and traditional binding-pocket proteins within a single molecule.

The clinical pipeline comprises three Phase 1-stage assets: BTX-9341, a first-in-class dual bifunctional degrader of CDK4/6 being developed for HR+/HER2- breast cancer patients resistant to existing CDK4/6 inhibitors (approximately 70% of whom develop acquired resistance); BTX-1188, an oral molecular glue targeting GSPT1 and IKZF1/3 for acute myeloid leukemia and solid tumors; and BTX-A51, an oral multi-kinase inhibitor (CK1α, CDK7, CDK9) for relapsed/refractory AML and solid tumors dependent on MYC. Preclinical programs include BTX-10908, a SOS1 bifunctional degrader for KRAS-driven cancers, and PDE4 degraders for inflammatory skin diseases.

Biotheryx operates a hybrid business model combining independent clinical development with strategic pharmaceutical partnerships. The company generates revenue through research collaboration and license agreements, receiving upfront technology access fees, R&D funding, milestone payments tied to regulatory and commercial achievements, and tiered single-digit royalties on net sales. The flagship partnership with Incyte, initiated in April 2023 and expanded in June 2025, provides Biotheryx with milestone potential of up to $354 million per target. The company has raised approximately $133 million in equity financing across Series D ($35M, July 2020) and Series E ($92M, May 2021) rounds, with institutional backers including Farallon Capital Management, MSD Partners, and The Leukemia & Lymphoma Society.

Name

Biotheryx

Legal name

Biotheryx, Inc.

Website

https://biotheryx.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Biotheryx is a clinical-stage biopharmaceutical company developing first-in-class targeted protein degraders using its PRODEGY Cereblon-modulation platform, with three Phase 1 oncology programs (BTX-9341, BTX-1188, BTX-A51) and a strategic Incyte partnership for molecular glue discovery.

Ownership category

akta.pro rank

Product category

Targeted Protein Degradation Therapeutics

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714), Pharmaceutical Preparation Manufacturing (325412)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Engineered Protein Therapeutics (de novo/AI-designed proteins, novel scaffolds) (HLAAAAAJ)

akta.pro secondary industries

Protein Engineering & Directed Evolution Platforms (enzyme/therapeutic protein optimization) (HLAAAIAC), Target Identification & Validation Platforms (omics-driven, chemoproteomics, genetic validation) (HLAAAIAI), Library & Diversity Generation Platforms (display libraries, DNA-encoded libraries for biologics, variant libraries) (HLAAAIAL)

Keywords

• Targeted protein degradation
• Protein degrader therapeutics
• Molecular glue degraders
• Oncology drug development
• Bifunctional protein degraders

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Partnership and Licensing Revenue: Biotheryx generates revenue through research collaboration and license agreements with pharmaceutical partners. Under these agreements, Biotheryx receives upfront technology access fees, research funding, milestone payments tied to development and regulatory achievements, and tiered royalties on net sales of commercialized products. The company also retains certain commercial rights for partnered programs.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Biotheryx is a clinical-stage biopharmaceutical company that discovers and develops first-in-class protein degrader therapies, including molecular glues and bifunctional degraders, for cancer and inflammatory diseases. The company leverages its proprietary PRODEGY platform, built on Cereblon modulation expertise, to design degraders targeting historically undruggable disease-driving proteins. Its pipeline includes clinical-stage candidates BTX-9341, BTX-1188, and BTX-A51, plus preclinical assets including BTX-10908 and PDE4 degraders.

Product overview

Biotheryx is a clinical-stage biopharmaceutical company discovering and developing a portfolio of first-in-class protein degraders, including molecular glues and bifunctional degraders, for oncology and inflammatory diseases. The company's proprietary PRODEGY (Protein Degrader Technology) platform enables targeted protein degradation through Cereblon modulation. The product portfolio includes clinical-stage candidates: BTX-9341 (CDK4/6 bifunctional degrader for HR+/HER2- breast cancer), BTX-1188 (GSPT1/IKZF1/3 molecular glue for AML and solid tumors), and BTX-A51 (multi-kinase inhibitor for AML and solid tumors). Preclinical programs include BTX-10908 (SOS1 degrader for KRAS mutant cancers) and PDE4 degraders for inflammatory diseases. The company also collaborates with Incyte on molecular glue degraders for novel oncology targets.

Differentiator

Problem solved

Functional benefit

Products and services

• BTX-9341

Quantifiable outcome

• BTX-9341 showed Clinical Benefit Rates of 41.7% in treatment-evaluable participants (n=24) and 80% in participants meeting dose expansion criteria (n=10)
• +4 more outcomes

Segments2 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

Two partnerships are on record, tiered core.

• Incyte (expanded partnership)coreStrategic or Co-development Partner · 23 June 2025In June 2025, Biotheryx expanded its collaboration with Incyte through a second Research Collaboration and License agreement to discover and develop molecular glue degraders for novel oncology targets. Biotheryx will receive an undisclosed upfront payment and is eligible to receive up to $354 million in potential downstream milestone payments for each target plus tiered single-digit royalties on net sales. Incyte triggered an additional target under the terms of the first agreement. Incyte is solely responsible for discovery, development, and commercialization of molecular glue degraders under the collaboration.
• IncytecoreStrategic or Co-development Partner · 5 April 2023In April 2023, Biotheryx entered into a research collaboration and license agreement with Incyte to discover and develop targeted protein degraders for novel oncology targets. Biotheryx utilizes its PRODEGY platform to identify and develop molecular glue degraders for multiple historically undruggable oncology targets. Biotheryx received approximately $13 million from Incyte for the initial target (including $7 million technology access fee plus up to $6 million in R&D funding), and is eligible to receive up to $347 million in potential future regulatory and commercial milestones plus tiered single-digit royalties on global net product sales for the initial target. Incyte is solely responsible for further development and commercialization.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Nurix Therapeutics: Clinical-stage TPD company developing both targeted protein degraders and E3 ligase modulators (including DELTACeleblON programs) for oncology and immunology. Direct peer in Cereblon-based glue development.
• Kymera Therapeutics: Clinical-stage TPD company developing molecular glues and heterobifunctional degraders across immunology and oncology, with several Phase 1 programs. Direct competitor in protein degrader space with comparable scale and stage.
• Arvinas: Clinical-stage biotech developing targeted protein degraders (PROTAC and molecular glue) for oncology, with the most advanced Cereblon-based degrader programs in the industry. Directly comparable to Biotheryx in platform approach and oncology focus.
• C4 Therapeutics: Clinical-stage TPD company using its TORPEDO platform to develop molecular glues and bifunctional degraders, with multiple oncology programs in the clinic. Closely comparable technology and business model.
• Monte Rosa Therapeutics: Clinical-stage biotech developing molecular glue degraders focused on historically undruggable targets, with an oncology-dominant pipeline similar to Biotheryx's. Closely comparable mechanism and stage.

Broad incumbents

• Novartis: Owns IMiD franchise assets (via prior collaboration with Celgene) and is investing in protein degradation and CDK4/6-adjacent breast cancer programs. Comparable to Biotheryx in oncology focus and Cereblon expertise through its historical IMiD relationships.
• Pfizer: Large pharma with active internal TPD programs and multiple degrader partnerships (e.g., with Arvinas). Operates as both a competitor and potential acquirer/partner for Biotheryx-class platforms.
• Celgene / Bristol-Myers Squibb: Markets the only FDA-approved Cereblon modulators (Revlimid, Pomalyst) and has invested heavily in next-generation degraders via Celgene's IMiD franchise. Biotheryx's founders originated the underlying Cereblon science at Celgene, making BMS the closest established incumbent reference.

Emerging players

• Neomorph: Preclinical/early-clinical biotech co-founded by protein degradation pioneer Ray Deshaies, developing molecular glues for undruggable targets. Emerging peer focused on the same Cereblon-adjacent space as Biotheryx.
• Foghorn Therapeutics: Clinical-stage biotech developing medicines targeting the chromatin regulatory system, with protein degradation-adjacent programs. Emerging peer with comparable early-clinical scale and oncology focus.

Market position

Strengths4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/biotheryx-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds6 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

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

Frequently asked questions about Biotheryx