Codiakbio
Seattle, US · Founded 2015 · Public · 10 known investors
Cambridge, MA clinical-stage biotech developing engineered exosome therapeutics; IPO'd on NASDAQ in 2020, later restructured.
Also known as CDAK · CDAKQ · Codiak Bio · Codiak BioSciences · Codiak BioSciences Inc.
Founders & leadership
Board
Investors · 10
Also in the syndicate · 7
Reported raises · per SEC filings
Form D private placements$31M disclosed across 1 of 6 rounds · 2015–2021
▶$76.5MofferedNov 2017 · 19 investors · BiotechnologyRule 506(b)
- Charles L CooneyDirector
- Eric LanderDirector
- Raghu KalluriDirector
- Noubar AfeyanDirector
- Doug WilliamsExecutive Officer, Director
- Steven GillisDirector
- Offering amount
- $76.5M
- First sale
- Nov 2017
- Incorporated
- Corporation, Delaware, 2015
- Federal exemptions
- 06b
▶$31MraisedNov 2015 · 12 investors · BiotechnologyRule 506(b)
- Noubar AfeyanDirector
- Eric LanderDirector
- Steven GillisDirector
- Doug WilliamsExecutive Officer, Director
- Amount sold
- $31M
- First sale
- Nov 2015
- Incorporated
- Corporation, Delaware, 2015
- Federal exemptions
- 06b
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
Valuation · disclosed
Disclosed eventsSource: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.
Company profile
researched Aug 2026Codiak BioSciences Inc. is a clinical-stage biopharmaceutical company founded in 2015 to develop exosomes — naturally occurring extracellular vesicles that mediate intercellular communication — as both a therapeutic modality and a diagnostic system. The company was launched with technology from the laboratory of Raghu Kalluri at The University of Texas MD Anderson Cancer Center, together with an exosome intellectual property portfolio developed inside Flagship Ventures' VentureLabs unit (entity VL27), which merged into Codiak in connection with its formation and financing. Codiak also executed license and sponsored research agreements with MD Anderson at launch.
Codiak's engEx platform underpinned a pipeline described as spanning oncology, neuro-oncology, neurology, neuromuscular disease and infectious disease, including engineered exosome candidates such as exoSTING and antisense-oligonucleotide programs exoASO-STAT6 and exoASO-C/EBPβ. The company also pursued exosome-based diagnostics, including the ExoTRU kidney transplant rejection test. Codiak listed on NASDAQ under the ticker CDAK following an October 2020 IPO.
From 2021 onward the company divested key assets and restructured: it sold its exosome manufacturing facility to Lonza, sold the engEx-AAV technology platform and associated IP to Evox Therapeutics, and in March 2023 appointed a Chief Restructuring Officer in connection with a court filing. Sources report reduced headcount figures and a stock symbol of CDAKQ.
Founding story
Codiak was launched in November 2015 by ARCH Venture Partners and Flagship Ventures as co-lead founding investors, in collaboration with The University of Texas MD Anderson Cancer Center. It was founded in part on exosome technology from the laboratory of Raghu Kalluri, Chairman of the Department of Cancer Biology at MD Anderson, who demonstrated that exosomes from normal cells could deliver therapeutic payloads. Eric Lander, president and founding director of the Broad Institute, co-founded the company and joined its board. Flagship's VentureLabs unit had pursued exosome applications since 2014 through newco VL27, whose foundational IP (including work tied to Jan Lotvall's 2007 paper on cell-to-cell nucleic acid transfer via exosomes) was merged into Codiak. Douglas E. Williams, previously Biogen's EVP of R&D and formerly CEO of ZymoGenetics, was named founding president and CEO, and ARCH managing director Steven Gillis became chairman.
Business model
Codiak developed proprietary engineered-exosome therapeutic candidates in-house while monetizing its engEx platform through partnerships, licensing and collaborations with larger life-science companies (e.g., Jazz Pharmaceuticals for oncology therapeutics, Thermo Fisher Scientific for a diagnostic test), and through sales of assets such as its manufacturing facility and the engEx-AAV platform.
Sources indicate revenue derived from partnership and collaboration agreements rather than product sales; one collaboration (Jazz Pharmaceuticals, 2019) was described as potentially generating more than $1 billion for Codiak. A third-party profile characterizes the company's revenue as low relative to its $257M in funding, and another estimates revenue in a $15M–$40M range.
Traction
Raised roughly $168M–$257M depending on source, completed a NASDAQ IPO raising $82.5M in October 2020, signed a collaboration with Jazz Pharmaceuticals reported as worth over $1B in potential value, sold its manufacturing facility to Lonza for $65M, and reported preclinical data for exoASO-STAT6 and exoASO-C/EBPβ in November 2022. Employee counts reported range from approximately 104 to 126 (band 51–200).
Latest developments
In June 2023 Evox Therapeutics purchased Codiak's engEx-AAV technology platform and all associated IP, along with exclusive access to certain engineering and manufacturing rights. Earlier in 2023, Konstantin Konstantinov departed his role as EVP of Manufacturing & Process Sciences and CTO, and in March 2023 Paul Huygens of Province, LLC was appointed Chief Restructuring Officer in connection with a filing.
▸Full profile — market position, technology, go-to-market, geography, history, risks & controversies
Market position
Codiak positioned itself as a leader in the emerging exosome therapeutics and diagnostics field, backed by ARCH Venture Partners and Flagship Pioneering and validated by a $1B+ potential collaboration with Jazz Pharmaceuticals and partnerships with Thermo Fisher Scientific and Lonza. Exosomes were cited among biopharma research trends to watch in 2022. Evox Therapeutics, which purchased Codiak's engEx-AAV platform, is described as a leading exosome therapeutics company.
Codiak combined foundational exosome intellectual property from two independent sources — Raghu Kalluri's MD Anderson laboratory and Flagship's VentureLabs newco VL27 (including IP linked to Jan Lotvall's early work) — with an engineered-exosome platform (engEx) applicable across therapeutics, AAV delivery and diagnostics, plus in-house exosome manufacturing capability later acquired by Lonza.
Technology
The core technology is the engEx precision engineering platform for exosomes — small membrane vesicles shed by cells that carry DNA, RNA, proteins and lipids and can transfer this cargo to recipient cells locally or at distant sites. Codiak engineered exosomes to carry therapeutic payloads, producing candidates including exoSTING (a STING agonist exosome targeting checkpoint-refractory tumors) and exoASO antisense oligonucleotide programs against STAT6 and C/EBPβ. A related engEx-AAV platform combined exosome engineering with AAV, and the company also applied exosome biology to diagnostics (ExoTRU). Sources note 7 patents assigned.
Go-to-market
Codiak advanced its own clinical and preclinical programs while pursuing partnership-led commercialization: platform collaborations with pharmaceutical companies, an exclusive development and commercialization agreement with Thermo Fisher Scientific for a diagnostic test, and manufacturing arrangements including the transfer of its exosome manufacturing facility to Lonza. Scientific data were disclosed at conferences such as the Society for Immunotherapy of Cancer annual meeting.
Patients with cancer and other high-unmet-need diseases across oncology, neuro-oncology, neurology, neuromuscular and infectious disease indications, reached via pharmaceutical partners; diagnostics targeted kidney transplant rejection testing.
Geography
Headquartered in the Boston/Cambridge, Massachusetts area (sources variously list Cambridge, MA and Woburn, MA); founded jointly out of Cambridge, MA and Houston, TX via the MD Anderson collaboration. One source lists an employee presence across North and South America.
History
Codiak was formed in 2015 in the Boston/Cambridge area, closing the first portion of a planned $80+ million Series A and B financing in November 2015. A $61 million Series B followed in January 2016 and a $76.4 million Series C in November 2017 at a $404.14 million post-money valuation. In January 2019 Jazz Pharmaceuticals agreed to a collaboration using Codiak's engEx platform for exosome cancer therapeutics, a deal reported as potentially worth more than $1 billion to Codiak. The company filed with the SEC in September 2020 to raise up to $100 million and completed its IPO on 13 October 2020 on NASDAQ under CDAK, raising $82.5 million. A further financing of approximately $66.4 million is recorded in early 2021. Leadership additions in May 2021 included Chief Medical Officer Jennifer Wheler and board member Anne-Virginie Eggimann. In November 2021 Lonza acquired Codiak's exosome manufacturing facility for $65 million; in February 2022 Codiak entered an exclusive agreement with Thermo Fisher Scientific for the ExoTRU kidney transplant rejection test; in November 2022 it reported new preclinical exoASO data. In March 2023 Codiak appointed Paul Huygens of Province, LLC as Chief Restructuring Officer in connection with a filing, and in June 2023 Evox Therapeutics purchased the engEx-AAV platform and related IP.
Risks & controversies
The company underwent significant financial distress: a March 2023 court filing accompanied by the appointment of a Chief Restructuring Officer, divestment of its manufacturing facility (2021) and engEx-AAV platform (2023), departure of its CTO/EVP of Manufacturing and Process Sciences in 2023, and a stock ticker reported as CDAKQ. One profile notes low revenue relative to funding raised and cash-burn management needs. Source data are inconsistent on total funding ($168.37M, $234.9M and $257M reported) and on headquarters and headcount.
Compiled by commissioned research from 7 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Founder mafia
3 people who came through Codiakbio went on to found or lead other companies.
Timeline · 13
launches, deals, and filingsEvox Therapeutics Ltd purchased Codiak's engEx-AAV technology platform, including all intellectual property rights therein, and secured exclusive access to certain associated engineering and manufacturing rights.
Dr. Konstantinov left Codiak, where he served as Executive Vice President of Manufacturing & Process Sciences and Chief Technology Officer, to join Ring.
In connection with a filing, Codiak appointed Paul Huygens, Principal at Province, LLC, as Chief Restructuring Officer.
Codiak announced new preclinical data from its exoASO-STAT6 and exoASO-C/EBPβ programs.
Codiak entered an exclusive agreement with Thermo Fisher Scientific for the development and commercialization of the ExoTRU kidney transplant rejection test designed by Bio-Techne.
Lonza, a Swiss biotechnology company, acquired the exosome manufacturing facility of Codiak BioSciences for $65 million.
$65M source ↗
Codiak announced the appointment of Jennifer Wheler, M.D. as Chief Medical Officer; she previously worked in the Department of Investigational Cancer Therapeutics at MD Anderson from 2006 to 2015.
Codiak completed its initial public offering, listing on NASDAQ with ticker CDAK and raising $82.5M at an implied valuation of $278.91M.
$82.5M source ↗
Codiak BioSciences filed with the SEC to raise up to $100 million in an initial public offering.
$100M source ↗
Jazz Pharmaceuticals agreed to use Codiak's engEx precision engineering platform to research, develop and commercialize exosome therapeutics for cancer, in a collaboration reported as potentially generating more than $1 billion for Codiak.
$1B source ↗
ARCH Venture Partners and Flagship Ventures co-led the founding of Codiak BioSciences with MD Anderson, announcing the closing of the first portion of a planned $80+ million Series A and B financing, alongside license and sponsored research agreements with MD Anderson. Fidelity Management and Research Company, the Alaska Permanent Fund and Alexandria Venture Investments were additional syndicate members.
$80M source ↗
Douglas E. Williams, Ph.D., previously EVP of R&D at Biogen and formerly CEO of ZymoGenetics, joined as founding president and CEO. Steven Gillis of ARCH Venture Partners became chairman; Eric Lander and Noubar Afeyan joined the board.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 7
primary sources listed
- Codiak BioSciences - Company info. interviews, newsbiopharmatrend.com · web
7 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Codiakbio do?
- Cambridge, MA clinical-stage biotech developing engineered exosome therapeutics; IPO'd on NASDAQ in 2020, later restructured.
- Who are Codiakbio's investors?
- Codiakbio's investors include ARCH Venture Partners, EcoR1 Capital, Flagship Pioneering.
- How much funding has Codiakbio raised?
- Codiakbio has disclosed $31M raised across 1 of its 6 known rounds.
- Where is Codiakbio headquartered?
- Codiakbio is headquartered in Seattle, US.