Estuary secured a $93 million Series A focused on a one-time kidney gene therapy concept, targeting autosomal dominant polycystic kidney disease (ADPKD). The financing underscores continued investor interest in gene therapy approaches designed to deliver durable benefit in nephrology, where competition spans multiple modalities. The round positions Estuary as pharmaceuticals advance competing strategies in ADPKD, where the bar for meaningful clinical differentiation is high. A one-time treatment premise is often tied to the ability to alter disease trajectory rather than manage symptoms. For biotech, the investment signals that gene therapy funding is still finding traction when programs are anchored to clear durability narratives and an indication with substantial unmet need and large market access opportunities.