Funding profile · Liver therapeutics

Ochre Bio

Announced equity of $39.6M across two rounds, both closed by October 2022, and up to $72.5M contracted from two pharma partners in 2024. No new equity round has been announced since. Here is what the filings show.

Data as of September 23, 2026. Company-reported figures are labeled.

Rounds at a glance

What the filings show

Reading the filings

1. Angel money arrived ten months before the Series A was announced.Both vehicles record first sales in December 2021: Dec 10 for Bioverge, Dec 14 for Gaingels. The $30M Series A was announced on October 10, 2022. Together the two SPVs took $365,000 from 31 investors, an average of about $11,800 each. Cheque sizes that small are syndicate money, not fund money, and their timing puts a financing event in late 2021 that was never announced.
2. Ochre Bio itself has never filed a Form D.The only EDGAR filings that name the company are the two vehicles above. Ochre is a UK issuer and can sell to US investors under Regulation S without filing, so the absence is not evidence that no US money moved. It does mean EDGAR will not show a Series B if one closes.
3. The $110M figure reconciles, but most of it is a ceiling.Quin Wills wrote in May 2025 that the company had raised “more than $70M in non-dilutive funding through strategic partnerships” on top of “$40M in equity from a mix of deep tech and biotech investors”. The disclosed agreements are up to $37.5M from GSK and up to $35M from Boehringer near term, which is $72.5M, and announced equity is $9.6M plus $30M, or $39.6M. The sum is $112.1M. Only part of the $72.5M is contracted cash; the rest is milestone-dependent.
4. The UK accounts show partnership cash being consumed, not replaced.Ochre Bio Ltd held £4,742,065 at December 31, 2025 against £5,799,466 a year earlier, a fall of £1,057,401. Deferred income fell further and faster, from £11,696,524 to £6,185,158, a drawdown of £5,511,366. That is money already banked from partners being recognised as it is earned. A further £3,456,964 sat as tax recoverable, up from £1,500,000, which is a UK research credit still to arrive.
5. New funding is coming in as group debt, not shares.Called up share capital and other reserves were identical at both year ends, £82 and £27,281,483. Amounts owed to group undertakings rose from £4,318,801 to £7,079,583, an increase of £2,760,782. The UK company closed 2025 with net liabilities of £3,721,489 and accumulated losses of £31,003,054.
6. The UK entity was profitable in 2025 on paper.Accumulated losses fell by £341,957 over the year, after rising £5,784,897 in 2024. Headcount rose from 33 to 37. A service company billing partnership work through to a parent can look like this; it does not say the group is profitable.

Commercial signals

What to watch

• A Series B announcement. Nothing has been disclosed since October 2022 and no Form D would capture it.
• Accounts to December 2026, due September 2027: cash, deferred income and group loans.
• A milestone payment disclosure from Boehringer, which would mean a target has been nominated.
• Any first regulatory filing. The public record still shows no trial.

The Ochre Bio story on Healthcare DiscoveryHealthcare Discovery

Related companies

• HepaTx: Shared investor: Bioverge Fund. A Stanford spinout turning liposuction fat into liver cells, aiming to replace a transplant with an infusion
• Humane Genomics: Shared investor: Gaingels. A New York biotech engineering synthetic RNA viruses that are designed to infect and kill only cancer cells
• Dorian Therapeutics: Shared investor: Gaingels. A Stanford spinout that built small molecule blockers of USP16, the enzyme that strips a silencing mark off histone H2A, and pointed them at the arthritic knee
• Alixia: Shared investor: Gaingels. A San Francisco drug discovery company that treats a tumor as an ecosystem rather than as a single mutation

Sources

1. Public recordForm D, Bioverge Funds, Ochre Bio I, LLC, CIK 0001900010SEC · Dec 17, 2021
2. Public recordForm D, Gaingels Ochre Bio LLC, CIK 0001889890SEC · Dec 16, 2021
3. Public recordOCHRE BIO LTD accounts, year ended 31 December 2025Companies House · Apr 30, 2026
4. Public recordOCHRE BIO LTD accounts, year ended 31 December 2024Companies House · Sep 30, 2025
5. Public recordOCHRE BIO LTD officers and filing history, company 12294967Companies House · Sep 23, 2026
6. Public record22 patent applications naming Ochre Bio LtdGoogle Patents · Sep 23, 2026
7. IndependentBoehringer signs $1.3B deal with RNA biotech Ochre BioFierce Biotech · Apr 22, 2024
8. IndependentIrish-founded Ochre Bio raises $30mSilicon Republic · Oct 19, 2022
9. InterviewOchre Bio, addressing the complexities of liver disease, by Quin WillsMaddyness UK · May 8, 2025
10. CompanySeed and Series A financing releasesBusiness Wire · Jun 2021 and Oct 2022
11. CompanyBoehringer Ingelheim partnership announcementBusiness Wire · Apr 22, 2024
12. CompanyGSK data licence and completion announcementsBusiness Wire and PR Newswire · 2024 and 2025

Compiled from SEC, Companies House and other public records and published reports as of September 23, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date and may not capture later sales. Companies House accounts for Ochre Bio Ltd are unaudited and cover the UK company only, not the wider group. Healthcare Venture Capital Fund holds no position in Ochre Bio. This page is not an offer to sell or a recommendation to buy any security.