Biora Therapeutics is a clinical-stage biotech developing ingestible "smart pill" drug-device combinations that deliver drugs more precisely than conventional oral or injectable methods. The company has no product revenue and funds operations through equity issuance and debt. Biora's two core platforms are NaviCap and BioJet. NaviCap is a capsule that uses a proprietary light-sensor system to detect its location in the GI tract and release a liquid drug payload directly into the colon, targeting inflammatory bowel disease by concentrating drug at the disease site while reducing systemic exposure. BioJet is a capsule that uses liquid jet injection to drive drugs through the wall of the small intestine for systemic absorption, designed to replace injectable biologics with a needle-free oral alternative. Both platforms pair Biora's devices with existing approved drugs rather than novel molecules, which Biora argues reduces development risk and time to proof-of-concept. The lead clinical program, BT-600 (NaviCap + tofacitinib for ulcerative colitis), is in Phase 1 in the U.S. Biora's near-term commercial strategy centers on licensing and partnering with large pharma companies rather than independent commercialization. BioJet already has four research collaborations with large pharma partners, including AstraZeneca and Ionis Pharmaceuticals, and Biora's goal is to convert these into structured partnerships with upfront payments and milestones. Biora holds over 300 issued patents and applications, with key U.S. patents projected to expire in 2039-2042.