Generation Bio is a pre-clinical stage biotechnology company developing treatments for T cell-driven autoimmune diseases. The core idea is to silence disease-driving genes inside T cells using a combination of two proprietary technologies: cell-targeted lipid nanoparticles (ctLNPs), a delivery system designed to selectively reach T cells while avoiding the liver, spleen, and other immune cells; and small interfering RNA (siRNA), a payload that silences specific genes once inside the T cell. Generation Bio argues this intracellular approach can hit targets that antibodies and small molecules cannot reach. The company has no approved products and no clinical-stage programs — its lead indication has not yet been publicly named, with that announcement expected by mid-2025 and a first IND filing targeted for late 2026. Generation Bio funds its operations primarily through a collaboration with Moderna, which paid $40M upfront plus $7.5M in prepaid research funding and acquired $36M in Generation Bio equity. Under the deal, Moderna reimburses research costs, holds options to license specific targets, and Generation Bio is eligible for up to $1.8B in milestones plus royalties if Moderna commercializes licensed products. Long-term, Generation Bio intends to build and commercialize its own T cell-targeted drug portfolio, which would shift the model toward traditional drug development and product sales — but for now, the company is entirely dependent on collaboration funding and capital markets.