Ethyreal exited stealth with $101 million in funding to develop an anti-TSHR antibody program targeting thyroid eye disease (TED) and Graves’ disease (GD). The startup plans to enter the clinic by year-end with an initial first-in-human study of ETHY-001. The company positions its mechanism around blocking TSHR activation by autoantibodies, aiming to address the unmet need for TED therapies that do not currently manage the hyperthyroidism component of Graves’ in the same patient. Ethyreal’s pipeline also reflects increased competitive intensity as multiple companies pursue IGF-1R-focused TED approaches. Backers include Atlas Venture and Medicxi, according to the report. With an FDA decision on Amgen’s Tepezza expected around this period, Ethyreal’s timing suggests an effort to secure early clinical differentiation in a crowded regulatory lane.