Rion is developing platelet-derived exosome therapeutics as off-the-shelf, room-temperature-stable alternatives to traditional cell therapies. The company’s lead program is advancing toward phase 3 trials in diabetic foot ulcers, and it is building a broader pipeline across musculoskeletal, cardiovascular, pulmonary, dermatologic, and women’s health indications. The company is built on stem cell research conducted at the Mayo Clinic that showed that regenerative benefits from treatments stemmed from exosome-mediated biological signaling that promoted healing rather than from transplanted stem cells themselves. We spoke to Atta Behfar, co-founder and CEO of RION, about how the company’s purified exosome products work, their potential as scalable, cost-effective regenerative therapies, and how they avoid the immune issues that have long hampered cell-based approaches.