Funding profile · Neurodegeneration therapeutics
Origami Therapeutics
Ten years old, never venture led, and funded mostly by federal grant panels. The capital event that matters is a January 2026 option deal with Ipsen whose value nobody has disclosed.
$1.11MNIH SBIR awards on record, Sep 2023 to Feb 2027
$500KTotal equity funding reported across 3 rounds, per Tracxn
0Form D filings by Origami Therapeutics, Inc. on SEC EDGAR
UndisclosedIpsen upfront payment, plus milestones and royalties
Data as of September 22, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| 2015 to 2021 | Self-funded | Not disclosed | Founder | Founder interview |
| Winter 2022 | Y Combinator batch, then seed | $500,000 reported across 3 rounds to date | Y Combinator; NuFund Venture Group, angels and high net worth individuals per the founder | Tracxn, founder interview |
| Sep 2023 | NINDS SBIR Phase I, 1R43NS127716-01A1 | $502,931 | NIH | NIH RePORTER |
| FY2024 | Continuation, 5R43NS127716-02 | $107,065 | NIH | NIH RePORTER |
| Aug 2025 | NINDS SBIR Phase I, 1R43NS145855-01 | $499,988 | NIH | NIH RePORTER |
| Jan 30, 2026 | Ipsen collaboration and exclusive option | Upfront undisclosed, plus milestones and royalties | Ipsen (Euronext: IPN) | Both parties, Ipsen Q1 2026 |
| Stated for 2026 | Small round, then a Series A | Not disclosed | None named | Company-stated |
What the filings show
Origami Therapeutics, Inc. · no Form D on record
- Filings found
- None. No Form D notice has been filed under the company name as of Sep 22, 2026.
- Name collisions
- 34 Form D filings on EDGAR carry the word Origami. All belong to other entities: Origami Surgical Inc. (CIK 0001808924), the Origami Opportunities Fund family, Origami Logic Inc., Industrial Origami and Origami Space Development.
- Investment vehicles
- No SPV or fund named for this company appears in that set.
- What this means
- A company raising under Section 4(a)(2) rather than Regulation D files no Form D at all. The absence is evidence about disclosure, not about whether money moved.
- Non-dilutive on record
- $1,109,984 across three NINDS awards, PI Beth J. Hoffman, organization Origami Therapeutics, Inc.
Reading the filings
- The grants are more than twice the reported equity.$1,109,984 of NIH money against $500,000 of reported equity across three rounds is a ratio of about 2.2 to 1. For most venture-backed biotech the ratio runs the other way. This company was built on grant panels and a founder’s own money.
- Every SBIR award is Phase I.All three carry the R43 activity code. There is no R44 Phase II award on record, which is the larger follow-on. The FY2024 item of $107,065 is a continuation of the FY2023 project rather than a new one, bringing that project to $609,996, and the current award expires February 28, 2027.
- The 2025 grant is a target identification grant.Its title is “Uncovering the molecular target(s) of ORI-113, a potential brain-penetrant small molecule therapeutic for Huntington’s disease.” Nine years after the lab work began, the company was still asking NIH to help it work out what its lead compound binds. That follows from a phenotypic screen that deliberately did not start from a named target, and it is a real gap for a partner to price.
- The Ipsen upfront is the only meaningful cash event, and it has no number.Both press releases, Ipsen’s Q1 2026 sales release and the San Diego Business Journal all confirm an upfront payment exists. None states the amount. Ipsen did not break it out in quarterly results, which for a company reporting €1,074.9 million of quarterly sales means the figure is immaterial to Ipsen, not that it is small to Origami.
- The burn is tiny.Spread across the grant window of roughly 41 months, $1,109,984 is about $27,000 a month. Tracxn records 2 employees as of November 2025; the Y Combinator listing gives a team size of 4. In July 2024 the founder said the company was hiring its fifth employee. This is a company sized to survive a closed funding market, not to run a trial.
- Partnering was a funding decision as much as a strategy.The founder is explicit that venture money was not available and that partnering advanced the asset instead. On the Ipsen structure she said: “We get an up-front payment, and we do the research in order to advance the compound to a point where Ipsen has an option to license it.” The option means Ipsen has bought the right to walk away.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Regulatory | No IND, no registered clinical trial, no FDA record of any kind. Preclinical throughout. | Public record |
| Partnership | Ipsen exclusive option on one program in an undisclosed rare inherited neurodegenerative disorder. Ipsen takes IND-enabling studies and all clinical development if it exercises. | Public record |
| Revenue | None reported. Grant income and an undisclosed upfront are the only inflows on record. | Not found |
| Intellectual property | Company says it secured a broad IP portfolio. PatSnap Synapse lists 0 medical patents associated with the company as of Aug 16, 2026. | Claim differs from the record |
| Recognition | Y Combinator Winter 2022; Connect 2020 Cool Company; BIO 2025 Start-Up Stadium finalist; o2h Kickstarter support for structure-activity relationship work. | Company and program-stated |
| Timeline to clinic | Founder said in March 2026 that safety studies were next and the clinic was about 18 months away. | Company-stated |
What to watch
- A first Form D. The founder said in March 2026 the company would likely raise a small round soon and a Series A later. A Regulation D raise would be due within 15 days of first sale.
- An SBIR Phase II (R44) application before the current award ends in February 2027.
- Drug candidate nomination, which is the contractual trigger for Ipsen’s option and for the first milestone payments.
- A published patent application, which would settle the IP question either way.
The Origami Therapeutics story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordNIH RePORTER awards 1R43NS127716-01A1, 5R43NS127716-02 and 1R43NS145855-01
- Public recordSEC EDGAR Form D full-text search for Origami, 34 filings, none by this company
- Public recordIpsen first quarter 2026 sales release, pipeline update
- Public recordIpsen expands pre-clinical pipeline in rare neurodegenerative diseases
- IndependentOrigami Therapeutics Inks Global Licensing Deal with Ipsen
- InterviewWhat To Look For In Rare Disease Partnerships, With Origami’s Beth Hoffman
- InterviewTargeting protein misfolding in neurodegeneration
- InterviewBeth Hoffman, CEO of Origami Therapeutics, Biotech Leader Spotlight
- Data providerOrigami Therapeutics funding rounds, headcount and competitor set
- Data providerOrigami Therapeutics drug pipeline and patent listing
- CompanyOrigami Therapeutics Announces Global Collaboration with Ipsen
- CompanyOrigami Therapeutics media and news pages
Compiled from SEC, NIH and other public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; a company that raises under Section 4(a)(2) files none, so the absence of a filing is not evidence that no capital was raised. Healthcare Venture Capital Fund holds no position in Origami Therapeutics. This page is not an offer to sell or a recommendation to buy any security.