Mirador Therapeutics, Inc.

Having launched in 2024 with $400 million in funding, Mirador Therapeutics disclosed Monday that it raised a further $250 million via series B financing that closed in the third quarter of last year. The new investment will fund the company, which is focused on developing precision medicines for immune-mediated inflammatory and fibrotic diseases, through the release of more than 10 clinical readouts that are expected by the end of 2027."In less than two years, our team has advanced multiple clinical-stage assets with first- and/or best-in-class potential across four major indications: Crohn's disease, ulcerative colitis, rheumatoid arthritis and idiopathic pulmonary fibrosis," said CEO Mark McKenna.Proceeds from the series B fundraising — which included existing backers such as ARCH Venture Partners and OrbiMed, alongside new investors T. Rowe Price Investment Management, Adage Capital Partners and funds managed by Fidelity Management & Research Company — will enable Mirador to deliver proof-of-concept across all of its current programmes, whilst supporting additional pipeline candidates.While little is known about Mirador's pipeline and the targets it is pursuing — beyond McKenna previously explaining that each has a genetic association to the disease — the company has been moving at pace. "Our approach is…setting a new standard for speed and development accuracy from discovery to the clinic," McKenna said, aided by its precision development engine, dubbed Mirador360, which takes advantage of recent breakthroughs in human genetics and data science."We are executing a parallel development strategy designed to de-risk our robust multi-asset portfolio," McKenna said, adding that "in 2026, we will remain laser-focused on capital efficiency and disciplined execution to sustain momentum."

Advancing multiple programs across Crohn’s disease, ulcerative colitis, rheumatoid arthritis, and idiopathic pulmonary fibrosis; 10+ clinical readouts expected by year-end 2027 Closed $250 million Series B financing in Q3 2025, adding new investors T. Rowe Price Investment Management, Inc., Adage Capital Partners L.P., and additional funds managed by Fidelity Management & Research Company, alongside strong participation from existing investors SAN DIEGO--(BUSINESS WIRE)--Mirador Therapeutics, Inc. (Mirador), a clinical-stage precision medicine company developing next-generation therapies for immune-mediated inflammatory and fibrotic diseases, today announced key clinical updates and corporate progress. I&I is the second-largest drug spend category in the U.S., yet millions of patients remain untreated or inadequately served by current therapies. Mirador is pioneering precision medicine approaches designed to overcome the efficacy limits of today’s treatments and transform care for the millions of people living with immuno-fibrotic diseases. “Driving meaningful progress in immuno-fibrotic disease treatment requires moving beyond incremental innovation and monotherapy toward novel targets, precision medicine, rational combinations, and multi-specifics,” said Mark C. McKenna, Chairman and CEO of Mirador. “Mirador is making significant strides to deliver therapies with step-change efficacy. Our approach is redefining precision medicine in I&I, setting a new standard for speed and development accuracy from discovery to the clinic. In less than two years, our team has advanced multiple clinical-stage assets with first- and/or best-in-class potential across four major indications: Crohn’s disease, ulcerative colitis, rheumatoid arthritis, and idiopathic pulmonary fibrosis. We are executing a parallel development strategy designed to de-risk our robust multi-asset portfolio, with 10 or more clinical readouts expected by year-end 2027.” Mirador’s progress is enabled by the Mirador360™ (M360) precision discovery and development engine, which leverages more than 2.5 million patient profiles across I&I diseases to support rapid target discovery and validation, as well as patient stratification. M360 integrates these data with advanced machine learning to decode complex immune pathways and guide combination prioritization and indication expansion, powering immuno-fibrotic drug development with greater speed and higher probability of success. Financial Update In the third quarter of 2025, Mirador closed a $250 million Series B financing, bringing total capital raised to more than $650 million since the company launched in March 2024. The proceeds enable Mirador to deliver proof-of-concept across all current programs and support the development of additional pipeline candidates. The financing included new investment from funds and accounts advised by T. Rowe Price Investment Management, Inc., Adage Capital Partners L.P., and additional funds managed by Fidelity Management & Research Company. Also participating in the Series B financing were investors from Mirador’s Series A round, including ARCH Venture Partners, OrbiMed, Fairmount, Point72, Farallon Capital Management, Boxer Capital, TCGX, Invus, Logos Capital, Moore Strategic Ventures, Blue Owl Healthcare Opportunities, Woodline Partners LP, Venrock Healthcare Capital Partners, as well as several undisclosed participants. “We have been intentional about building Mirador with the capabilities and resources to deliver long-term impact,” added Mr. McKenna. “In 2026, we will remain laser-focused on capital efficiency and disciplined execution to sustain momentum. I am proud of our exceptional team and grateful to our investors, board, and advisors, who have positioned us for success in the next stage of Mirador’s growth.” About Mirador Therapeutics Mirador is a clinical-stage precision medicine company focused on developing first- and/or best-in-class next-generation therapeutics for immunology and inflammation. The company’s Mirador360™ precision development engine leverages the latest advances in human genetics and data science to rapidly deliver new precision medicines for patients living with immune-mediated inflammatory and fibrotic diseases. Mirador has raised over $650 million from leading life sciences investors and is based in San Diego, CA. For more information, please visit us at and follow us on LinkedIn . Contacts Media: Josie Butler 1AB josie@1abmedia.com Investors: Richard Lepke Executive Director, Investor Relations rlepke@miradortx.com

Mirador Therapeutics, which is developing precision medicines for immune diseases , has raised $250 million in Series B financing and is considering an IPO later this year, the company told Endpoints News exclusively. The San Diego-based startup has kept a low profile since launching with an eye-popping $400 million almost two years ago, and has said little about how it’s using all of its money — until now. In an hour-long interview, CEO Mark McKenna pulled back the curtain on Mirador’s strategy and its rapid clinical progress. McKenna said Mirador is already working on treatments for Crohn’s disease, idiopathic pulmonary fibrosis, rheumatoid arthritis and ulcerative colitis. At least three programs —McKenna wouldn’t give an exact number — began clinical studies last year, and he expects to have at least 10 data readouts by the end of 2027. It’s an astounding pace for a young startup, and McKenna’s goal is nothing short of having Mirador become the next major immunology powerhouse — one that can compete with, and beat, bigger pharma players. “We have a portfolio that rivals what you see at Sanofi, BMS, AbbVie, from a clinical and preclinical perspective,” McKenna said. “We believe these are the next generation of ideas.” Error: Survey not found. Mirador has only spent about $150 million so far and didn’t need to immediately raise more money, he said. But he decided to do a crossover round to more easily test multiple drugs in parallel, grow its investor syndicate, and “be best positioned for an epic IPO at some point over the coming quarters.” After a four-year slump, the XBI — the biotech stock index — was up about 35% last year , and the industry is eagerly looking for signs the market for new public companies is beginning to thaw. On Friday, Aktis Oncology’s shares rose 25% after becoming the first biotech IPO of the year. And Eikon Therapeutics, which has raised more than $1 billion in private capital, filed for an IPO in what will be an even greater test of investors’ appetite for big biotech startups. “We have a real opportunity in 2026 that the markets are going to be very conducive,” McKenna said. An IPO is not a “must do” for 2026, he said, but the company would be “remiss” not to consider it: “I’m pretty enthusiastic about where the biotech sector is going to go.” Mirador’s initial financing in March 2024 — one of the biggest in biotech history — came just nine months after McKenna sold his previous company , Prometheus Biosciences, to Merck for $10.8 billion. Prometheus had developed a promising new treatment for inflammatory bowel disease, along with a diagnostic test that helped identify patients who might respond well to the drug. It was one of the first examples of precision medicine in immunology, a field that has largely relied on trial and error when treating patients. McKenna felt like he had barely dug into the potential of precision immunology, so he brought his executive team back together to create a sequel company that would be even bigger and better. “If we follow that playbook,” McKenna said, “we believe that we can rinse and repeat this multiple times over again.” McKenna initially thought he could jumpstart the pipeline by acquiring or licensing drug candidates from other companies. It reviewed “nearly 1,000 assets” from companies, he said. But Mirador believed that few of those potential drugs would meet its threshold of improving remission by at least 10%, compared with frontline therapy. Instead, “nearly all” of Mirador’s drug programs were developed internally, McKenna said. There’s still much that Mirador is keeping under wraps. Most notably, it still isn’t disclosing the targets or exact mechanisms of its drugs. McKenna said that competition with China, which he has called an “existential threat to the US biopharma industry,” is a big factor behind that secretiveness. “When you see what was happening over the last three years with regards to copycat innovation coming out of China, we felt like it was a huge advantage for us to be able to run in stealth for an extended period of time,” McKenna said. “We think that this competitive note that we have on biology is going to be a key value driver.” The company has used AI to look through human genetics, patient profiles, and its own lab experiments to discover fresh ideas for immune disease. “I don’t want to work on things that other people are working on,” he said. The company is focused on what McKenna calls “immunofibrosis,” the intersection of inflammation and fibrosis. McKenna believes that fibrosis is the product of inflammation and ultimately leads to treatment failure. Addressing both processes is key to raising the efficacy and durability of immune treatments, he said. Mirador is hoping to increase its odds of clinical success by first testing its drugs in living human tissues obtained from recently deceased organ donors. The company gets whole human colons and lungs — sometimes delivered in the middle of the night — and slices them into smaller pieces to run several experiments. CSO Olivier Laurent believes the tissue testing will provide more detailed and predictive results of how the drugs work than animal models, which are often crude approximations of chronic immune diseases where the causes are unknown. “You can really see what happens, looking at collagen deposition, cytokine signatures, cell migration and remodeling in a way that better mimics what will happen when the patients get treated,” Laurent said. Early-stage research remains a focus for the company even as it expands its clinical programs. The startup moved into a new 20,000-square-foot lab last year and has doubled its headcount from 60 employees in September 2024 to roughly 125 today. Mirador said it closed the $250 million financing in the third quarter of 2025. (Around that time, the Financial Times reported that Mirador had raised a $400 million round, which McKenna said was false. Endpoints is majority-owned by the FT, but operates independently.) Newcomers to the round included T. Rowe Price Investment Management and Adage Capital Partners, along with “strong participation” from the company’s list of prior investors, including Fidelity Management & Research Company, ARCH Venture Partners, OrbiMed, Fairmount, Point72, Farallon Capital Management and several others.