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The Venture Codex

Patient Square Capital

2884 Sand Hill Road, Suite 100, Menlo Park, CA, 94025, United States

Overview

Patient Square Capital focuses on a healthcare investment firm that partners with best-in-class management teams whose products, services, and technologies improve health. They use extensive industry expertise, a large network of relationships, and a partnership approach to help organizations develop and succeed.

Total investments
10
Lead investments
9
Investments · 12mo
3
Active investors
9

Sector focus

  • Finance
  • Financial Services
  • Health Care
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Investment portfolio

  • Osanni Bio

    Led · Series B · Jun 2026

    Osanni Bio operates an innovation engine optimized for discovering scientific insights, designing novel drug concepts, and efficiently advancing programs to meaningful proof-of-concept. The platform-centric architecture combines centralized scientific and operational resources with an ecosystem of affiliate companies that receive graduated, de-risked programs and dedicated teams to scale them. Osanni is advancing multiple programs in ophthalmology and cardiology, among other areas. The company is headquartered in San Francisco and is led by a team of inventors and entrepreneurs with repeat company-creation experience. Financially, Osanni just closed a $190 million Series B led by Patient Square Capital to advance its pipeline and scale its discovery and development process.

  • Ambros Therapeutics

    Led · Series A · Dec 2025

    Ambros Therapeutics is a clinical-stage biotechnology company headquartered in Irvine, California and focused on advancing therapies for severe, underserved diseases, beginning with neridronate for Complex Regional Pain Syndrome Type 1 (CRPS-1). The company has secured exclusive North American rights, with an option for broader markets, to neridronate through a strategic license with Italy-based Abiogen Pharma, which has already treated more than 600,000 patients with the drug across approved indications in Italy. Neridronate has received FDA Breakthrough Therapy, Fast-Track and Orphan Drug designations, and Ambros plans to initiate a pivotal Phase 3 trial (CRPS-RISE) in the first quarter of 2026. The Series A proceeds are expected to fund this Phase 3 program, related regulatory work and pre-commercial preparations. Leadership is headed by CEO Jay Hagan and includes experienced executives in clinical, operational and corporate roles, with a board chaired by industry veteran Keith Katkin. While still pre-revenue, Ambros positions itself as a potential first-in-class solution for a rare disease that sees an estimated 65,000 new U.S. cases annually and currently lacks any FDA-approved therapies.

  • Kriya Therapeutics

    Led · Series D · Sep 2025

    Kriya Therapeutics is a clinical-stage biopharmaceutical company developing gene therapies across multiple therapeutic areas. Its pipeline includes programs in ophthalmology, metabolic disease and neurology built on a fully integrated proprietary manufacturing and engineering platform. The company intends to use new funding to support clinical trials of its gene therapies and to continue leveraging its research and manufacturing engine for new product development. Kriya operates from Research Triangle Park, NC. The company closed a major Series D financing to advance its clinical programs and platform utilization. Kriya Therapeutics develops gene therapies focused on prevalent diseases in ophthalmology, neurology, and metabolic disease. The company has built integrated engineering, computational, and manufacturing platforms to accelerate research, development and production of gene therapies. Proceeds from the recent financing will support clinical translation of its pipeline and further scaling of those platforms. Kriya emphasizes targeting validated biological targets and well-defined clinical endpoints to rapidly achieve proof-of-concept. Since its founding in October 2019, the company has raised over $600 million in committed capital and says its investments in infrastructure and talent have improved development efficiency. Kriya intends to translate multiple programs into the clinic in the coming years. Kriya Therapeutics is a fully integrated gene therapy company that combines proprietary computational tools, in-house GMP manufacturing, and a rational design toolkit to develop gene therapies. The company has scaled SIRVE™, a machine learning–enabled technology and cloud computing architecture, to integrate large datasets from high-throughput screening and sequencing. Kriya has expanded its pipeline via internal R&D, acquisitions, and partnerships, with therapeutic divisions in ophthalmology, oncology, rare disease, and chronic disease. It operationalized scalable GMP manufacturing infrastructure in Research Triangle Park, North Carolina to support in-house production from early through late-phase development. The company’s stated mission is to improve speed to market and reduce cost for gene therapies by advancing engineering, production, and translation capabilities. Proceeds from the recent financing will support advancing the pipeline and continued scaling of its engineering, manufacturing, and computational platforms. Kriya Therapeutics is a fully integrated platform company focused on designing, developing and manufacturing gene therapies. The company combines computational vector design (SIRVE™) and a proprietary high-efficiency manufacturing platform (STRIPE™) to reduce immunogenicity, improve expression and achieve lower production costs at scale. STRIPE is being developed at a 51,000 square foot manufacturing facility in Research Triangle Park, N.C., and Kriya expects its full cGMP manufacturing infrastructure to be online this year. Kriya is advancing an internal pipeline with programs in metabolic disease, ophthalmology and oncology. Proceeds from the recent financing will be used to further develop Kriya’s core technology platforms, expand its therapeutic pipeline and advance current programs. The company maintains locations in Silicon Valley/Redwood City, Calif., and Research Triangle Park, N.C., and is led by co-founder and CEO Shankar Ramaswamy, M.D. Kriya Therapeutics is a Palo Alto, Calif. and Durham, N.C.-based gene therapy company focused on expanding gene therapy beyond rare monogenic disorders to diseases that affect millions. Its pipeline centers on multiple AAV-based investigational therapies targeting metabolic diseases, including type 1 diabetes, type 2 diabetes, and severe obesity. Lead programs are KT-A112 (intramuscular delivery of genes producing insulin and glucokinase), KT-A522 (salivary gland delivery of a GLP-1 receptor agonist), and KT-A832 (intrapancreatic delivery of modified IGF-1). The company intends to use proceeds from its financing to develop these gene therapies. Kriya completed a seed round in Q4 2019 led by Transhuman Capital, which also participated in the Series A. The company is led by co-founder, chairman and CEO Shankar Ramaswamy, M.D., supported by a team of scientific, development, manufacturing, and regulatory executives.

  • Nuclera

    Participated · Series C · Oct 2024

    Nuclera is a biotechnology company building eProtein Discovery, a desktop platform that integrates cell-free protein expression, digital microfluidics, and high-throughput screening to give researchers rapid access to purified proteins. The system reduces the time, cost, and uncertainty of protein production, allowing scientists to identify and validate candidates earlier in the drug-discovery process. With its latest focus on AI-enabled protein engineering, Nuclera is adding antibody-specific capabilities so users can perform end-to-end expression, purification, and binding validation of full-format antibodies on the same device. These new features are designed to generate large, standardized data sets suitable for training advanced machine-learning models in biologics R&D. Management positions the platform as a foundational tool for the fast-growing biologics segment, aiming to shorten therapeutic discovery timelines. The firm’s ongoing development is backed by considerable venture financing, now totaling $87 million in Series C capital.

  • Apollo Therapeutics

    Led · Series C · Jan 2024

    Apollo Therapeutics is a portfolio biopharmaceutical company that translates fundamental medical research into medicines using a hub-and-spoke model with separate, wholly owned subsidiary assets. The company sources programs from five leading universities and research institutes and runs a scalable R&D platform. Apollo manages a diversified pipeline of over 20 uncorrelated therapeutic programs, with multiple assets expected to enter the clinic in early 2024. Proceeds from the recent financing will advance programs through clinical development, fund discovery and development activities, and support licensing or acquisition of additional clinical‑stage programs. Apollo has operations in Cambridge, U.K., and Boston and Chicago in the U.S. The company has raised more than $450 million since inception and completed a Series C second close during December 2023. Apollo Therapeutics operates a capital-efficient, portfolio-based model to advance therapeutics discovered at three UK universities. It leverages a centralized team of drug development "architects" alongside asset-level subject-matter experts to rigorously evaluate and de-risk programmes early. The company has invested in over 30 projects and currently has more than 15 therapeutic programmes in development across oncology, major inflammatory disorders and rare disease. Apollo has secured engagement from industry partners including AstraZeneca, GlaxoSmithKline and Johnson & Johnson Innovation. It completed a GBP100 million financing led by Patient Square Capital with Rock Springs Capital, Reimagined Ventures and UCL Technology Fund; proceeds are earmarked to advance lead programmes into clinical development. Apollo plans to expand its UK operations around Cambridge, establish a presence in the Boston, Massachusetts area, and pursue additional global collaborations.

Team

  • Kaveh Samie

    Partner, Chairman and CEO of MENA and Head of International Fund Partnerships

    LinkedIn
  • Neel Varshney

    Founding Partner

  • Maria Walker

    Founding Partner & Chief Financial Officer

    LinkedIn
  • Karr Narula

    Founding Partner