What Biora Therapeutics does

Biora Therapeutics is a clinical-stage biotechnology company developing two proprietary smart-pill drug delivery platforms. The BioJet platform is a swallowable 00-size capsule that uses patented liquid jet injection technology to deliver large molecules (proteins, peptides, antibodies, nucleic acids) directly into the small intestine for systemic uptake, achieving greater than 25% mean oral bioavailability in large animal models versus less than 1% for oral tablet alternatives. The NaviCap platform is an ingestible smart capsule equipped with proprietary GITrac optical autolocation technology that autonomously identifies the colon and releases liquid drug formulations directly to colonic mucosa for the treatment of inflammatory bowel disease. The company's internal pipeline includes BT-600 (NaviCap + tofacitinib, Phase 1 complete), BT-001 (NaviCap + adalimumab variant, preclinical), and PGN-OB1 (BioJet + adalimumab variant, preclinical).

Biora generates revenue through platform licensing and co-development agreements with pharmaceutical partners seeking to convert injectable biologics into oral dosage forms, with named collaborators including AstraZeneca and Ionis Pharmaceuticals alongside multiple undisclosed large pharma partners. The company also advances its own pipeline programs through clinical development to generate proof-of-concept data that supports broader partnership conversion and future out-licensing.

The company was originally incorporated as Progenity, Inc., completed an IPO in June 2020, and underwent a court-supervised restructuring that concluded on March 31, 2025, when it emerged as a privately held entity under BT Bidco, Inc. with ownership transferred to lender groups including Davidson Kempner Capital Management LP, Context Capital Management LLC, and Highbridge Capital Management LLC. The company is headquartered in San Diego, California and employs 51-100 people. All products are investigational and not commercially available.

Name

Biora Therapeutics

Legal name

BT Bidco, Inc.

Website

https://bioratherapeutics.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Biora Therapeutics is a clinical-stage biotech developing two proprietary smart-pill platforms — BioJet for needle-free oral delivery of large molecules and NaviCap for targeted colon drug delivery — serving pharmaceutical partners through licensing, co-development, and internal pipeline programs.

Ownership category

akta.pro rank

Product category

Oral Drug Delivery Platforms

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Surgical & Medical Instruments & Apparatus (3841), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Gastroenterology Specialty Pharmaceuticals (HLAIACAE)

akta.pro secondary industries

Auto-Injectors (Disposable & Reusable) (HLAHAIAB), Immunology & Autoimmune Specialty Pharmaceuticals (HLAIACAB), Specialty Injectable & Infusion Therapies (Cross-therapeutic) (HLAIACAO)

Keywords

• Oral biologic delivery
• Smart pill platforms
• Targeted GI therapeutics
• Drug-device combinations
• Ingestible drug delivery

Headquarters

HQ city

Carlsbad

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Platform Licensing and Co-development Agreements: Biora generates revenue through licensing its drug delivery platforms (BioJet, NaviCap) to pharmaceutical companies. Pharma partners pay for access to the technology to enable oral delivery of their proprietary molecules. Collaborations may include upfront payments, development milestones, and royalties on approved products.
2. Internal Drug Pipeline Development: Biora develops proprietary drug/device combination products (BT-600, BT-001) through clinical development, with the intent to out-license or partner these programs at key inflection points. Revenue would come from upfront payments, milestone payments, and royalties upon partner commercialization.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Biora Therapeutics develops and licenses two proprietary smart-pill drug/device combination platforms: the BioJet swallowable autoinjector that delivers large molecules (proteins, peptides, antibodies, nucleic acids) into the small intestine via liquid jet injection, and the NaviCap ingestible capsule that uses GITrac autolocation technology to deliver drug formulations directly to the colon for localized IBD treatment. The company advances internal pipeline programs (BT-600, BT-001, PGN-OB1) through clinical development and partners with large pharmaceutical companies to convert injectable biologics into oral dosage forms.

Product overview

Biora Therapeutics develops two distinct smart-pill technology platforms for drug delivery: (1) The BioJet™ platform is a swallowable autoinjector for needle-free, oral delivery of large molecules (proteins, peptides, antibodies, nucleic acids) via liquid jet injection to the small intestine, achieving >25-50% oral bioavailability versus IV; (2) The NaviCap™ platform is a targeted therapeutic delivery system using GITrac™ autolocation technology to deliver drugs directly to the colon mucosa for localized treatment of inflammatory bowel disease. The pipeline includes BT-600 (NaviCap + tofacitinib for ulcerative colitis) which completed Phase 1, BT-001 (NaviCap + adalimumab variant), and PGN-OB1 (BioJet + adalimumab variant).

Differentiator

Problem solved

Functional benefit

Brands

• NaviCap: Targeted therapeutic delivery platform using an ingestible smart capsule designed for delivery of therapeutics to the large intestine to improve the treatment of inflammatory bowel disease (IBD), with an initial focus on ulcerative colitis.
• BioJet
• GITrac

Products and services

• BioJet Oral Therapeutic Delivery Platform Swallowable 00-size capsule platform that uses patented liquid jet injection to deliver proteins, peptides, antibodies, and nucleic acids (>300 microliter payloads, >50 mg doses) into the small intestine for systemic uptake without needles or reformulation. Targeted at pharma partners needing to convert injectable biologics into oral dosage forms.
• NaviCap Targeted Therapeutic Delivery Platform Ingestible smart capsule platform equipped with GITrac autolocation optical sensing that autonomously identifies the colon independent of pH, transit time, food intake, or disease state, and delivers liquid drug formulations directly to colonic mucosa for treatment of inflammatory bowel disease. Targeted at pharma partners developing IBD therapies.
• BT-600 (NaviCap + Tofacitinib) Internal pipeline drug/device combination product pairing the NaviCap targeted delivery platform with orally delivered liquid tofacitinib for treatment of ulcerative colitis; Phase 1 complete with demonstrated pan-colonic tissue delivery and lower systemic exposure than conventional oral tofacitinib.
• BT-001 (NaviCap + Adalimumab Variant) Internal pipeline drug/device combination of the NaviCap platform with an orally delivered anti-TNF-alpha monoclonal antibody variant for treatment of ulcerative colitis, currently in preclinical stage development.
• PGN-OB1 (BioJet + Adalimumab Variant) Internal pipeline combination of BioJet liquid jet delivery with an adalimumab variant for systemic oral delivery to treat inflammatory conditions, achieving up to 55% bioavailability in preclinical swine studies.

Quantifiable outcome

• BioJet achieved >25% mean oral bioavailability for peptides and antibodies in large animal models, reaching up to 50% for antibodies (vs <1% for oral tablet semaglutide and 1–5% for permeation enhancer technologies)
• +5 more outcomes

Named customers3 records

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.

• AstraZenecacoreTechnology or IntegrationBiora collaborates with AstraZeneca on the BioJet platform for needle-free oral delivery of large molecules. The collaboration involves using BioJet's swallowable autoinjector technology to enable oral dosing of AstraZeneca pipeline molecules that are currently delivered by injection.
• Ionis PharmaceuticalscoreTechnology or IntegrationBiora collaborates with Ionis Pharmaceuticals on the BioJet platform for oral delivery of antisense oligonucleotides and other nucleic acid therapeutics. Ionis is leveraging BioJet's liquid jet injection technology to explore oral administration of its proprietary RNA-targeted therapeutics.
• Undisclosed Large Pharma PartnerscoreTechnology or IntegrationBiora has active collaborations with multiple undisclosed large pharmaceutical companies for both the BioJet and NaviCap platforms. CEO Mohanty notes multiple pharma collaborations are progressing well, with the company advancing toward IND-readiness for its BioJet platform.

Scale indicators10 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Rani Therapeutics: Direct competitor developing a robotic pill (RaniPill) for oral delivery of biologics including peptides, proteins, and antibodies. Both companies target the same pharma partnership opportunity to convert injectable biologics into oral dosage forms, with similar value proposition and pre-revenue clinical stage.
• Lyndra Therapeutics: Developed long-acting oral drug delivery systems, including gastric-retentive capsules for sustained drug release. Directly comparable as an oral drug delivery platform company targeting pharma partnerships, though with different technical approach (gastric retention vs Biora's liquid jet injection).

Broad incumbents

• Novartis (oral biologics initiative): Major pharma investing in oral peptide and biologic delivery technologies, including partnerships and internal R&D. Represents a potential partner or competitor as Novartis seeks to differentiate its biologics portfolio through oral formulations.
• Pfizer (oral biologics initiative): Major pharma with active oral peptide/biologics programs including GLP-1 development. Relevant as a potential partner for BioJet platform or competitive threat given established oral formulation capabilities.
• Eli Lilly: Developed oral GLP-1 therapies (orforglipron) and has extensive biologics portfolio potentially seeking oral conversion. Competes in the oral peptide space and represents a high-value potential partner for BioJet technology.
• Novo Nordisk: Leader in GLP-1 therapies with oral semaglutide (Rybelsus) already commercialized. Represents the benchmark for oral peptide delivery and a potential partner for next-generation oral biologics using BioJet's higher bioavailability approach.
• BioDelivery Sciences International: Specialty pharma focused on drug delivery technologies, particularly for pain and addiction therapies. Comparable business model combining drug delivery innovation with specialty pharmaceutical development.

Emerging players

• EnteroMedics (now ReShape Lifesciences): Developed medical devices for GI-related conditions including obesity. Comparable as a small-cap medical device company focused on GI applications, though focused on neuromodulation rather than drug delivery.
• CapsoVision: Developed ingestible capsule technology (CapsoCam Plus) for GI imaging. Comparable as an ingestible smart pill technology company, though focused on diagnostic imaging rather than therapeutic delivery.

Others

• Progenity (predecessor entity): Biora Therapeutics' predecessor company (Progenity, Inc.) which was restructured in March 2025. Included historical focus on prenatal diagnostics and GI disease diagnostics, now refocused on therapeutic delivery platforms.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/biora-therapeutics
• Xx.com/BioraThera

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds12 records

Investors3 records

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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 Biora Therapeutics