Mighty Therapeutics Secures Financing for Up to $150 Million

Rare Daily Staff

Mighty Therapeutics, formerly known as Stealth BioTherapeutics, said it has secured up to $150 million in funding to advance a pipeline of treatments targeting diseases linked to mitochondrial dysfunction.

The company said the financing includes a $125 million credit facility from K2 HealthVentures and a $25 million equity investment from existing investor Morningside. The company has already received an initial $30 million from the credit agreement, with additional funds tied to future business and development milestones.

Mighty focuses on developing medicines that target mitochondria, the structures inside cells that generate energy. When mitochondria do not function properly, it can lead to a range of rare genetic conditions as well as more common diseases associated with aging.

The company said the new funding will help expand the launch of elamipretide, its first approved therapy, for Barth syndrome, a rare and often life-threatening genetic disease. The U.S. Food and Drug Administration approved elamipretide in 2025 as the first treatment specifically for Barth syndrome and the first medicine designed to directly target mitochondrial function.

In addition to supporting commercial efforts, the financing will fund late-stage clinical trials in conditions such as dry age-related macular degeneration, a leading cause of vision loss, and polymerase gamma–related mitochondrial disease. Mighty is also advancing earlier-stage programs in Parkinson’s disease and metabolic disorders.

Company executives said the combined funding and product revenue are expected to sustain operations through 2028, with a goal of reaching profitability by early 2029.

“These financings secure our access to the additional capital necessary to reach cash flow positivity, supporting our continued leadership in the burgeoning field of mitochondrial medicine across a broad range of therapeutic areas,” said Reenie McCarthy, CEO of Mighty Therapeutics. “With our strong commercial momentum and promising pipeline, we are poised for long-term growth and continued patient impact.”

Photo: Mighty Therapeutics CEO Reenie McCarthy