NextRNA Therapeutics has ceased operations after failing to achieve a critical milestone in its USD 547 million collaboration with Bayer, CEO Dominique Verhelle confirmed on LinkedIn. The long non-coding RNA (lncRNA)-focused biotech, founded in 2021 with technology from Dana-Farber Cancer Institute and MIT in the US, had secured USD 56 million in funding before signing the 2024 deal to develop oncology and neuroscience therapies targeting lncRNAs. Market conditions and the missed milestone — which would have provided essential cash flow — forced the shutdown despite Bayer's continued interest during its corporate restructuring.

The company's platform aimed to modulate disease-driving lncRNAs using small molecules, with two oncology programs under the Bayer partnership. Verhelle noted the challenges of pioneering lncRNA therapeutics but affirmed the field's potential to address unmet needs. NextRNA's collapse highlights the risks in emerging RNA modulation spaces beyond mRNA and siRNA.

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