Tangram Therapeutics

What Tangram Therapeutics does

Tangram Therapeutics is a UK-based clinical-stage biopharmaceutical company developing RNA-interference (RNAi) therapeutics, headquartered in London and operating with 11-50 employees. The company is built around its proprietary GalOmic RNAi drug technology platform, which uses RNA interference to silence disease-causing genes. Its most advanced asset, TGM-312, is a GalOmic RNAi candidate targeting Metabolic dysfunction-Associated SteatoHepatitis (MASH), a progressive liver disease estimated to affect more than 250 million people worldwide. In March 2026, Tangram dosed the first participant in the RESTORE-MASH Phase I/II trial of TGM-312, the first GalOmic candidate from its pipeline to enter clinical-stage testing, with initial safety data expected in H2 2026. A second disclosed candidate, TGM-148, is an oligopeptide inhibitor of matrix metalloproteinase-2 (MMP-2) and MMP-9 being explored for pan-bleeding disorders.

The company is privately held with no parent organization or public listing reported in the inputs. Tangram has raised approximately $148.9M across disclosed rounds between 2009 and 2024, with M&G Investments / M&G Plc and Octopus Ventures among identified investors; a 2016 acquisition of Searchbolt Ltd. brought in additional technology or talent. Leadership comprises Malcolm Young (CEO), Ali Mortazavi (Chairman), Jonny Wray (CTO), Karl Keegan (CFO), and Ankit Sharma (Head of Software Engineering).

Because Tangram has no approved products, its revenue model is anticipated to depend on future one-time licensing and ultimately pharmaceutical product sales through traditional specialty-pharmacy and hospital channels. Currently, the company generates no commercial revenue and is funded entirely by equity capital, with capital deployed against clinical milestones including the ongoing RESTORE-MASH trial and continued advancement of the GalOmic pipeline.

Name

Tangram Therapeutics

Legal name

Tangram Therapeutics

Website

https://tangramtx.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Tangram Therapeutics is a London-based clinical-stage biopharmaceutical company developing GalOmic RNAi therapeutics, with lead candidate TGM-312 in a Phase I/II trial for MASH and a second candidate, TGM-148, targeting pan-bleeding disorders.

Ownership category

akta.pro rank

Product category

Clinical-Stage Biopharmaceuticals

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714)

akta.pro primary industry

RNA Therapeutics Platforms & Design (sequence design, target ID/validation, AI/bioinformatics) (HLAAADAG)

akta.pro secondary industries

RNA Therapeutics Clinical Development (trial design, endpoints, patient stratification) (HLAAADAH), Gastroenterology Specialty Pharmaceuticals (HLAIACAE)

Keywords

• RNAi therapeutics
• Drug discovery
• Biopharmaceutical development
• MASH treatment
• RNAi drug platform

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Pharmaceutical Product Sales: As a clinical-stage biopharmaceutical company, Tangram Therapeutics is in the early development phase with no approved products. Revenue will be generated through future product sales upon successful clinical development and regulatory approval.

Core offering

Tangram Therapeutics is a clinical-stage biopharmaceutical company developing GalOmic RNAi therapeutics. Its lead asset, TGM-312, is an investigational GalOmic RNAi drug candidate for Metabolic dysfunction-Associated SteatoHepatitis (MASH) currently being evaluated in the RESTORE-MASH Phase I/II trial. The pipeline also includes TGM-148, an oligopeptide inhibitor of MMP-2 and MMP-9 being explored for pan-bleeding disorders.

Product overview

Tangram Therapeutics is a biopharmaceutical company developing RNAi-based therapeutics. The company's product portfolio includes TGM-312, a GalOmic RNAi drug for MASH that recently entered Phase I/II clinical testing, and TGM-148, an oligopeptide inhibitor for pan-bleeding disorders. The company's proprietary GalOmic platform enables the development of RNA interference drugs targeting liver diseases.

Differentiator

Problem solved

Functional benefit

Products and services

• TGM-312 TGM-312 is a GalOmic RNAi drug candidate for treating Metabolic dysfunction-Associated SteatoHepatitis (MASH), a progressive liver disease estimated to affect over 250 million people worldwide with no approved targeted therapies. It is the first GalOmic candidate from Tangram's pipeline to enter clinical-stage testing.
• TGM-148 TGM-148 is an oligopeptide derivative that acts as an inhibitor for matrix metalloproteinase-2 (MMP-2) and MMP-9, with therapeutic potential for pan-bleeding disorders.

Quantifiable outcome

• Phase I/II RESTORE-MASH clinical trial initiated to evaluate safety, pharmacokinetics, and pharmacodynamics in healthy volunteers and MASH patients; initial safety data expected H2 2026

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• Alnylam Pharmaceuticals: Alnylam is the leading pure-play RNAi therapeutics company with approved products (Onpattro, Givlaari, Oxlumo, Amvuttra) and a broad pipeline including fitusiran for hemophilia. It is the most direct comparable to Tangram's GalOmic RNAi platform given shared modality and liver-directed therapeutic focus.
• Arrowhead Pharmaceuticals: Arrowhead develops RNAi-based therapeutics using its TRiM platform targeting liver and other tissues, with multiple clinical-stage assets including programs in MASH-adjacent liver disease. It directly mirrors Tangram's strategy of leveraging RNAi to silence disease-causing genes.
• Wave Life Sciences: Wave is a clinical-stage RNA medicines company developing oligonucleotide-based therapeutics, with multiple programs in metabolic and rare diseases. It is a direct comparable as a small-cap clinical-stage RNA therapeutics player with pipeline breadth.
• Madrigal Pharmaceuticals: Madrigal gained FDA approval for Rezdiffra (resmetirom), the first MASH therapy, and is the most direct commercial reference point for TGM-312. It is a directly comparable MASH-focused therapeutics company competing for the same prescriber and patient pool.

Broad incumbents

• Ionis Pharmaceuticals: Ionis is the established leader in RNA-targeted therapeutics using antisense oligonucleotides, with dozens of partnered and independent programs. While ASO differs mechanistically from RNAi, the shared goal of RNA-targeted gene silencing for MASH, neurological disease, and bleeding disorders makes it a broad incumbent peer.
• Novo Nordisk: Novo Nordisk has positioned semaglutide (Wegovy) for MASH and acquired Dicerna for its RNAi platform. It is a broad incumbent competing in MASH (via GLP-1) and in RNAi (via Dicerna), intersecting directly with Tangram on both axes.
• Eli Lilly: Lilly is running Phase 3 trials of tirzepatide in MASH, leveraging its metabolic disease leadership. It is a broad incumbent that competes with RNAi-based approaches via a large, well-capitalized mechanism already established in adjacent metabolic indications.

Emerging players

• Akero Therapeutics: Akero is developing efruxifermin (FGF21 analog) for MASH with two ongoing Phase 3 trials. It is a clinical-stage peer focused on the same indication as Tangram's lead asset, with a differentiated but adjacent mechanism.
• Sagimet Biosciences: Sagimet is a clinical-stage biotech developing denifanstat (FAS inhibitor) for MASH, currently in Phase 3. As another indication-focused MASH competitor, it provides direct comparability on clinical development timelines and capital intensity for Tangram's lead program.
• 89bio: 89bio is advancing pegozafermin for MASH in Phase 3 development. As a late-clinical-stage MASH-focused peer, it is a relevant comparable for capital intensity and competitive positioning against TGM-312.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/TangramTx
• LinkedInlinkedin.com/company/tangramtherapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds5 records

Investors3 records

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

M&A1 record

Investments

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

Frequently asked questions about Tangram Therapeutics