Encoded Therapeutics closed a $275 million Series F to push its Dravet gene therapy ETX101 into later-stage clinical development and expand manufacturing in-house. The company reported interim Phase I/II data at the European Epilepsy Congress showing substantial, sustained seizure frequency reductions alongside developmental improvements. The financing also supports pipeline expansion, including ETX301 for post-amputation neuroma pain that the company positions for a 2027 IND filing. GV co-led the round, joining other investors including ARCH Venture Partners, Farallon Capital Management, RTW Investments, SoftBank Vision Fund 2, and Venrock. For the space, the key signal is vertical integration: the company is using the funding to scale internal manufacturing rather than leaning on contract providers, a move that may reduce schedule risk for therapies that require rapid, high-quality production.