Recent Funding:
Kriya Therapeutics (SF) Raises $313M to Advance Gene Therapy Pipeline
Kriya Therapeutics secured $313 million in new funding, one of the largest private biotech financings of the year. The company is developing gene therapies for eye diseases, metabolic disorders (like MASH and type 1 diabetes), and neurological conditions including epilepsy.
SRT Therapeutics (SD) Launches with $47M to Tackle IBD
Founded by former Prometheus Biosciences leaders, SRT Therapeutics is developing therapies that modulate inflammation and promote tissue healing in inflammatory bowel disease. The $47M raise comes less than two years after Merck’s $10B acquisition of Prometheus, with several of its original founders and executives now driving SRT forward.
Hatteras Venture Partners (NC) Closes $200M+ Across Two New Funds
The firm raised $177M for its 7th venture fund and $30M for an opportunity fund, its largest raise to date, with LPs including endowments, pensions, strategics, and family offices. Hatteras invests about 45–50% in biotech startups, with recent bets in Tune Therapeutics (epigenome editing, downsized staff 25%) and Ten63 Therapeutics (AI drug discovery, $15.9M Series A).
Recent Layoffs:
Oric Pharmaceuticals (SF) Refocuses Pipeline, Lays Off 20% of Staff
Oric will cut 20% of employees and shut down discovery research to focus on advancing two cancer drugs — ORIC-944 for prostate cancer and enozertinib for lung cancer — into Phase 3 trials. The company has $327.7M in cash (boosted by recent $125M financing) and expects its runway to last into late 2028 despite the restructuring.
M&A, Deals, Partnerships:
Kumquat Biosciences (SD) Strikes $1.3B Cancer Drug Deal with Bayer
Bayer licensed Kumquat’s early-stage KRAS G12D inhibitor in a deal worth up to $1.3 billion, covering global rights. Kumquat will run the first trial, after which Bayer takes over; KRAS G12D mutations are linked to pancreatic, colorectal, and lung cancers.
IPOs:
BridgeBio Oncology Therapeutics (SF) Goes Public via SPAC with $490M in Cash
BridgeBio spinout BBOT is entering the public market through a SPAC deal, giving it about $490 million to fund its cancer drug pipeline. The company is focused on RAS-driven cancers and already has three drugs in Phase 1 trials.
Other Interesting News:
Genentech ends up to $2B cell therapy collab with Adaptive
Genentech ended its 6-year, $2B cell therapy partnership with Seattle’s Adaptive Biotechnologies. Originally struck in 2019 with $300M upfront, the termination (effective 2026) reflects Genentech’s broader pullback from cell therapy deals.
Arrowhead Pharmaceuticals (CA) Receives $100M Milestone from Sarept (MA), Plus Share Buyback
Sarepta sold its entire 11.9M-share stake in Arrowhead, raising ~$174M in cash and transferring $50M worth of stock back to Arrowhead to cover part of a $100M milestone payment tied to their RNAi program for myotonic dystrophy (DM1). Arrowhead CEO called the stock transfer “an attractive option,” essentially functioning as a share buyback. Another $200M milestone payment could be triggered later this year as enrollment advances in the Phase 1/2 trial of SRP-1003 (ARO-DM1)
CytomX Therapeutics (SF) Reports Patient Death in ADC Trial
CytomX confirmed a patient death from kidney injury in its Phase 1 colorectal cancer trial of lead antibody-drug conjugate CX-2051, though regulators have advised the study to continue. Despite the setback, enrollment is nearly complete, with a data update expected in early 2026. Shares fell 23% following the news.
