Recent Funding:
Avenzo Therapeutics (SD) Raises $60M Series B to Advance In-Licensed Cancer Drugs
The biotech, founded by ex-Turning Point CEO Athena Countouriotis, has now raised nearly $450M total and focuses on bringing experimental medicines from China to the U.S. Its pipeline includes four cancer therapies (CDK2 inhibitor, CDK4 inhibitor, EGFR/HER3 ADC, and a Nectin4/TROP2 ADC), with multiple data readouts expected by 2026.
T.Rx Capital Launches $77M Inaugural Fund with Bob Langer as Chair
The new life sciences venture firm, founded in 2023 by Bob Langer, his son Michael, and other industry leaders, closed its first fund at $77.5M to back early-stage biotech, techbio, and health tech startups. T.Rx has already invested in seven U.S. companies and plans to write $5–10M checks at seed and Series A, focusing on oncology, neurology, immunology, and radiopharma.
Dualitas Therapeutics (SF) Secures $65M Series A for Bispecific Antibodies
The startup, backed by Versant Ventures and Qiming Venture Partners, while Eli Lilly, Chugai Venture Fund and Alexandria Venture Investments joined as “strategic investors.” will advance bispecific antibody therapies for immune and inflammatory diseases. With two lead programs in allergic and autoimmune conditions, Dualitas plans to move one into human trials within 18–24 months.
Recent Layoffs:
ArsenalBio (SF) Halves Workforce to Extend Runway
The cell therapy startup, which raised $325M last year, is cutting 50% of staff to conserve resources while continuing Phase 1/2 trials of its lead renal cancer therapy AB-2100. Despite pausing some programs, ArsenalBio plans to file an IND for a prostate cancer candidate this year and maintains a collaboration with Bristol Myers Squibb.
M&A, Deals, Partnerships:
Kalexo Bio (SF) Formed with $1B Licensing Deal for siRNA
Aditum Bio, founded by ex-Novartis CEO Joe Jimenez, launched Kalexo Bio and licensed Mabwell’s dual-target siRNA therapy for dyslipidemia and ASCVD prevention. The deal includes $12M upfront and up to $1B in milestones, with the drug targeting PCSK9 and Lp(a); IND-enabling studies are underway.
Other Interesting News:
Ionis Pharmaceuticals (SD) Reports Pivotal Trial Success in Rare Neurological Disease
Ionis’ zilganersen became the first investigational therapy to show a disease-modifying benefit in Alexander disease, improving gait speed and secondary measures in children and adults. Backed by favorable safety data, Ionis plans to file an FDA application in early 2026 and may launch an Expanded Access Program.
MapLight Therapeutics (SF) Files for IPO to Advance Neuro Programs
Fresh off a $372M Series D, MapLight filed to go public and fund Phase 2 trials of its schizophrenia and Alzheimer’s psychosis drug ML-007C-MA, with data expected in 2026–27. The biotech, backed by Novo Holdings and Forbion, also has early programs in autism, Parkinson’s, and hyperactivity/impulsivity.
