What Ripple Therapeutics does

Ripple Therapeutics is a clinical-stage ophthalmic therapeutics company founded in January 2020 as a spinout from Interface Biologics and headquartered at the MaRS Discovery District in Toronto, Canada. The company is built around its proprietary Epidel® platform, a polymer-free prodrug engineering technology that chemically engineers drugs into controlled-release, fully degradable implants. These prodrugs undergo surface erosion to deliver zero-order (constant) drug release over 6-12 months, with dosage and duration engineerable per indication. The platform enables smaller implants deliverable via 30-gauge needles with approximately 10% of the drug loading of conventional sustained-release products, eliminating inflammatory polymer byproducts.

Ripple's lead clinical-stage asset is IBE-814 IVT, an intravitreal dexamethasone prodrug implant in Phase II (RIPPLE-1) development for diabetic macular edema (DME) and retinal vein occlusion (RVO). The pipeline includes RTC-620 (intracameral glaucoma implant partnered with AbbVie), RTC-1119 (latanoprost prodrug intracameral implant for glaucoma), and earlier-stage programs targeting Dry AMD/Geographic Atrophy, Wet AMD, post-cataract surgery inflammation, opioid use disorder, and central nervous system disorders.

The company operates a B2B licensing and co-development business model with no direct product sales. Revenue is generated through upfront payments, development and regulatory milestone payments, R&D project payments, and tiered royalties on net sales from partner-led commercialization. Strategic pharmaceutical partners include AbbVie, Glaukos, Bausch + Lomb, Théa Open Innovation, and Hovione. To date, Ripple has raised over $65M USD cumulatively, with approximately $15M in equity (Series A led by Théa Open Innovation in two tranches in 2020-2021), $21.8M from the AbbVie collaboration upfront, and additional non-dilutive partnership funding. Ripple leads preclinical development of partnered programs; partners assume clinical development and commercialization responsibility.

Name

Ripple Therapeutics

Legal name

Ripple Therapeutics Corporation

Website

https://rippletherapeutics.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Ripple Therapeutics is a clinical-stage ophthalmic therapeutics company developing the Epidel® polymer-free prodrug platform for sustained-release drug delivery implants. It partners with major pharmaceutical companies (AbbVie, Glaukos, Bausch + Lomb, Théa) to develop treatments for retinal and glaucoma diseases via licensing and co-development.

Ownership category

akta.pro rank

Product category

Ophthalmic sustained drug delivery therapeutics

NAICS

Pharmaceutical Preparation Manufacturing (325412)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Nebulizers & Aerosol Drug Delivery Systems (HLAHAIAJ)

akta.pro secondary industries

Ophthalmology Specialty Pharmaceuticals (HLAIACAK), Ophthalmology Pharmaceuticals (HLAIAAAL)

Keywords

• Ophthalmic drug delivery
• Sustained release implants
• Prodrug therapeutics
• Biodegradable implants
• Ocular pharmaceuticals

Headquarters

HQ city

Toronto

HQ country

Canada

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. Licensing Agreements: Licensing of Epidel technology platform to pharmaceutical partners for development of sustained release products. Includes upfront payments, clinical and regulatory milestone payments, and double-digit royalties on product sales.
2. Partnership Project Payments: Non-dilutive funding from partnerships including project payments for development activities conducted on behalf of partners.
3. Milestone Payments: Development and regulatory milestone payments tied to achievement of preclinical, clinical, and approval milestones under partnership agreements.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Ripple Therapeutics develops and licenses a proprietary polymer-free prodrug drug delivery platform (Epidel®) that chemically engineers active pharmaceutical ingredients into fully degradable, sustained-release implants targeting ophthalmic and other therapeutic areas. Its lead asset IBE-814 IVT is an intravitreal dexamethasone prodrug implant in Phase II for diabetic macular edema and retinal vein occlusion, while partnered programs include RTC-620 (glaucoma, with AbbVie) and RTC-1119 (glaucoma, with Glaukos). The company monetizes the platform through licensing agreements, upfront and milestone payments, and royalties on partner-commercialized products rather than direct sales.

Product overview

Ripple Therapeutics is a clinical-stage biotech company built around a single proprietary platform — the Epidel® prodrug engineered sustained drug delivery platform — which chemically engineers drugs into standalone, fully degradable implants without polymers or excipients. The platform enables zero-order (constant) surface erosion-based drug release that is highly engineerable to tailor drug dose and duration per indication. The core commercial product is IBE-814 IVT, an intravitreal dexamethasone implant for DME and RVO (licensed to Théa Open Innovation), while the lead partnered pipeline programs include RTC-620 (glaucoma, partnered with AbbVie) and RTC-1119 (glaucoma intracameral implant, partnered with Glaukos). Additional pipeline products target Dry AMD/Geographic Atrophy, post-cataract surgery, Wet AMD, Opioid Use Disorder, and CNS disorders. The company operates a hybrid strategy combining proprietary products (via licensing to pharma partners) with platform co-development agreements (AbbVie, Glaukos, Bausch + Lomb, Hovione) that fund preclinical and clinical activities.

Differentiator

Problem solved

Functional benefit

Products and services

• Epidel® Platform A patented prodrug engineering platform that chemically engineers active pharmaceutical ingredients into controlled-release pharmaceuticals without polymers or excipients. Proprietary prodrugs undergo surface erosion to enable zero-order, constant, sustained drug release that is highly engineerable to tailor drug dose and duration per indication; licensed to pharmaceutical partners for use with their APIs.
• IBE-814 IVT (Intravitreal Implant) A fully degradable intravitreal dexamethasone prodrug implant for treating diabetic macular edema (DME) and retinal vein occlusion (RVO). Delivers sustained low-dose dexamethasone for approximately 6 months via a 30-gauge needle injection, with approximately 1/10th the drug loading of commercial dexamethasone-releasing products; licensed to Théa Open Innovation for North America and Europe.
• RTC-620 Intracameral Implant A next-generation fully biodegradable, sustained-release intracameral implant with repeat dosing capabilities designed to reduce intraocular pressure (IOP) in patients with open-angle glaucoma (OAG) or ocular hypertension (OHT); developed under collaboration with AbbVie with Ripple leading preclinical development.
• RTC-1119 Intracameral Implant A surface-eroding intracameral implant composed entirely of a latanoprost acid prodrug for long-term intraocular pressure control in glaucoma, targeting 6-12 months of controlled, predictable drug release with retreatability; currently in preclinical development.
• IBE-119 Intracameral Implant A prostaglandin-releasing intracameral implant for the treatment of primary open-angle glaucoma, based on the Epidel® platform technology.
• Dry AMD / Geographic Atrophy Program

Quantifiable outcome

• 6-12 months sustained drug release with single injection vs monthly anti-VEGF injections
• +3 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and flagship.

• Bausch + LombcoreStrategic or Co-development Partner · 25 November 2025Evaluation program and licensing option agreement with affiliate of Bausch + Lomb Corporation. Bausch + Lomb funds early-stage feasibility and preclinical evaluation of target molecule with option to license formulations for additional consideration including milestones and royalties.
• Glaukos CorporationcoreStrategic or Co-development Partner · 15 October 2024Evaluation and licensing agreements enabling Glaukos to leverage Ripple's proprietary technology platform to create sustained release implants of targeted APIs for both glaucoma and retinal diseases. If program is successful, evaluation agreement automatically converts to licensing agreement with milestone payments and royalties.
• AbbVieflagshipStrategic or Co-development Partner · 17 September 2024Collaboration and option-to-license agreement to develop RTC-620, a next-generation fully biodegradable sustained release intracameral implant for glaucoma treatment. Ripple leads preclinical development; AbbVie leads clinical and commercialization upon option exercise. Ripple received $21.8M upfront and is eligible for up to $290M in milestones plus tiered royalties.
• Théa Open Innovation (Laboratoires Théa)flagshipStrategic or Co-development Partner · 15 December 2020Exclusive licensing agreement for IBE-814 IVT in North America and Europe. Théa Open Innovation led Series A financing with $14.8M initial tranche. Théa will manage and finance Phase III pivotal trials. Deal includes upfront payment, clinical and regulatory milestones, and double-digit royalties.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Laboratoires Théa (Théa Open Innovation): European ophthalmology specialty pharma and Ripple's licensing partner for IBE-814 IVT in North America/Europe. Comparable as a specialty ophthalmic pharma with sustained-release ophthalmic focus and partnership-driven pipeline expansion.
• Glaukos Corporation: Established ophthalmic medical device and drug delivery company focused on MIGS and sustained-release glaucoma and retinal therapies (iDose TR, iLution). Both Ripple partner and a broader incumbent building a sustained-release franchise across the same indications Ripple targets.
• Genentech / Roche (Susvimo / Port Delivery System): Large biopharma with an approved ocular implant (Susvimo port delivery system with ranibizumab) for sustained anti-VEGF delivery in wet AMD. Defines the long-duration ocular implant category that Ripple's Epidel products compete against.

Direct peers

• Clearside Biomedical: Clinical-stage company developing suprachoroidal injection-based drug delivery for retinal and choroidal diseases including macular edema and uveitis. Comparable as an ophthalmology-focused sustained/alternative delivery platform serving the same retinal specialist prescribers as Ripple's IBE-814 IVT.
• Surmodics: Provider of surface modification and drug delivery coating technologies for medical devices, including ophthalmic implants. Overlapping surface-engineering and surface-erosion know-how that parallels Ripple's polymer-free prodrug drug release technology.
• Theravance Biopharma: Specialty biopharma with a long-acting injectable/sustained-release technology focus and partnerships with large pharma for differentiated therapies. Comparable business model of leveraging proprietary delivery tech through partnership-licensed programs.
• Halozyme Therapeutics: Platform biotech commercializing ENHANZE, a subcutaneous drug delivery technology that enables long-acting injectable formulations via licensing deals with large pharma (Roche, Pfizer, Janssen, AbbVie). Highly comparable platform-licensing business model to Ripple's Epidel approach.
• EyePoint Pharmaceuticals: Developer of sustained-release ocular drug delivery products including YUTIQ (intravitreal fluocinolone insert for chronic DME/uveitis) and DEXYCU (intracameral dexamethasone). Most direct peer to Ripple's IBE-814 IVT given shared intravitreal, long-acting steroid implant mechanism for retinal diseases.
• Ocular Therapeutix: Clinical and commercial-stage sustained-release ophthalmic therapeutics company with approved DEXTENZA (intracanalicular dexamethasone insert). Directly comparable as it shares the small ocular sustained-release implant category targeting similar indications (post-surgical inflammation, retinal disease) with Ripple Therapeutics.

Regional players

• Alimera Sciences: Specialty ophthalmic pharma commercializing ILUVIEN, a long-acting intravitreal fluocinolone implant for chronic DME. Comparable sustained-release ophthalmic implant business model but commercially focused, providing a relevant benchmark for Ripple's commercial pathway.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds

Investors

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 Ripple Therapeutics