Overcoming Funding Challenges and Maintaining Optimism in CGTs (Part 1)

Miguel Forte, MD, PhD, CEO of Kiji Therapeutics, president of the International Society of Cell and Gene Therapy, and board/executive committee member of the Alliance for Regenerative Medicine, offered key insights into the evolving field of cell and gene therapy (CGT) in an interview with BioPharm International® during the 2025 Cell and Gene Meeting on the Mesa, held Oct. 6–8 in Phoenix, Ariz.

Drawing from his leadership roles, Forte emphasizes that, while the CGT sector initially experienced significant hype and rapid investment upon first entering the market, reality has since shifted toward tempered expectations, primarily due to manufacturing complexities and fluctuating investor confidence.

As he explains, “When we transform science into a benefit for patients, we need to think critically about one thing, which is the product.” He notes that the initial wave of successful CGTs fostered excitement and optimism. However, evolving technical and financial realities have since led to a more cautious, risk-averse climate among investors. Complex manufacturing processes have increased costs and elongated development timelines, thereby influencing return on investment and limiting the ability of some companies to continue operations.

How can the CGT sector overcome today’s investment and manufacturing challenges?

Despite these headwinds, Forte sees cause for “cautious optimism” and a renewed focus on resilience within the field. He highlights that stakeholders are increasingly seeking alternative funding models, such as grant-based support and strategic business partnerships, especially within Europe. Forte further underscores that venture capital remains critical but called for venture capitalists to take on more risk befitting the innovative nature of the field.

Ultimately, Forte advises stakeholders to pursue projects grounded in strong scientific evidence and patient value, maintain operational discipline, and remain resilient in the face of adversity—key strategies for ensuring long-term success in the changing CGT landscape.

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About the speaker

Miguel Forte, MD, PhD, CEO, Kiji Therapeutics; Board Member, ARM; President, ISCT

Miguel Forte holds several roles as CEO and co-founder of Kiji Therapeutics, executive chairman of Akatsuki Therapeutics, board member of the Alliance for Regenerative Medicine, StemBond, and Swarm Oncology, and president of the board of directors for the International Society of Cell and Gene Therapy. He holds an MD and Specialist in Infectious Diseases from the Faculty of Medicine, University of Lisbon; a PhD in Immunology, University of Birmingham; and a certificate on Health Technologies Economics, Stockholm School of Economics. He is a fellow of the Faculty of Pharmaceutical Medicine of the Royal College of Physicians in the United Kingdom.