Recent Funding:
TORL BioTherapeutics (LA) Raises $96M Series C to Advance ADC for Ovarian Cancer
TORL secured $96M to fund registrational trials for TORL-1-23, a Claudin 6-targeting antibody-drug conjugate in Phase 2 for platinum-resistant ovarian cancer. Led by ex-Celgene CEO Mark Alles, the biotech has now raised over $450M to advance its ADC pipeline derived from UCLA’s Dennis Slamon lab, with pivotal data expected in 2027.
Arthrosi Therapeutics (SD) Raises $153M Series E to Advance Gout Drug
Arthrosi secured $153M to fund two Phase 3 trials of its oral gout therapy pozdeutinurad, with data expected in mid-2026. The raise intensifies competition with fellow San Diego biotech Crystalys Therapeutics, which is also advancing a URAT1 inhibitor—dotinurad—already approved in parts of Asia.
Ascenta Capital Closes $325M Biotech Fund
Ex-Moderna leaders Lorence Kim and Evan Rachlin launched Ascenta Capital, raising $325M for its first fund to back biotechs entering early human trials. The firm has already invested in ADARx, Iambic, Odyssey, Cardurion, Alpha-9 Oncology, and OrsoBio, aiming to take board seats and focus on about a dozen high-conviction portfolio companies.
Apogee Therapeutics (SF) Raises $345M in Public Offering to Advance I&I Biologics
Apogee closed a $345M public offering, including full exercise of underwriters’ option, selling over 8 million shares at $41 each to support its inflammatory and immunology (I&I) biologics pipeline. The funding strengthens Apogee’s position as it advances multiple clinical-stage antibody programs aimed at developing best-in-class therapies for large autoimmune and inflammatory disease markets.
Samsara BioCapital (SF) Targets $200M Opportunity Fund to Support Portfolio Growth
Samsara has raised $98M of a planned $200M fund to bolster existing biotech portfolio companies amid a cautious venture market. The firm, which has backed over 180 life sciences investments including Abcuro, Dewpoint, and OrsoBio, joins other VCs like Atlas and Hatteras in launching opportunity funds to sustain key bets through the downturn.
immunoVec (LA) Launches with $40.7M Federal Grant to Develop In Vivo Cell Therapies
Newly launched immunoVec received up to $40.7M from ARPA-H to advance polymeric nanoparticle–based DNA delivery for autoimmune disease treatments in collaboration with Johns Hopkins and MD Anderson. The funding is part of ARPA-H’s EMBODY program, supporting in vivo immune cell engineering alongside other awardees like Tessera Therapeutics and Cytiva, signaling strong federal momentum toward next-gen in vivo cell and gene therapies.
Expedition Therapeutics (SF) Raises $165M and Names Akero CEO as Board Chair
Expedition raised $165 million from top investors including Sofinnova, Novo Holdings, Forbion, KKR’s Dawn Biopharma, and Sanofi Ventures to advance an oral COPD drug licensed from Fosun Pharma into global Phase 2 trials. The biotech follows a growing model of in-licensing Asian drug assets for U.S. and European development, with Akero CEO Andrew Cheng joining as board chair and former LianBio CFO Yi Larson leading as CEO.
Excellergy (SF) Launches with $70M to Redefine Allergy and Immunology Treatment
Excellergy raised $70 million in Series A funding to develop a new class of antibody drugs, called effector cell response inhibitors (ECRIs), that could block allergic reactions faster and more effectively than Roche and Novartis’ blockbuster Xolair. The startup aims to bring its lead program into clinical trials by early 2026, with potential to treat food allergies, eczema, chronic hives, asthma, and even anaphylaxis, targeting immune pathways once thought “undruggable.”
M&A, Deals, Partnerships:
Akero Therapeutics (SF) Acquired by Novo Nordisk in $5.2B Deal to Bolster MASH Portfolio
Novo Nordisk will acquire Akero Therapeutics for up to $5.2B, gaining control of its Phase 3 FGF21 analog efruxifermin (EFX) for metabolic dysfunction-associated steatohepatitis (MASH). The deal positions Novo against Roche and Madrigal in the booming MASH market, with plans to explore EFX alongside Wegovy as a potential cornerstone therapy for liver and metabolic disease.
IPOs:
MapLight Therapeutics (SF) Files for $227M IPO to Advance CNS Drug Programs
MapLight aims to raise $227M in its planned Nasdaq debut to fund Phase 2 trials of its small molecule ML-007C-MA for schizophrenia and Alzheimer’s psychosis. Backed by Catalyst4, Novo Holdings, and Forbion, the biotech recently raised $372.5M Series D and expects Phase 2 readouts in 2026–2027.
Evommune (SF) Files for IPO to Advance Autoimmune Pipeline
Evommune filed to go public on the NYSE under the ticker EVMN, joining a small wave of biotech IPOs after months of market slowdown. The company is developing two Phase 2 drugs—an oral small molecule (EVO756) for chronic hives and eczema and a protein therapy (EVO301) for eczema and ulcerative colitis—with backing from RA Capital, LSP, and Pivotal bioVenture.
Other Interesting News:
Gilead and Arcus (SF) reported promising Phase 2 results for their anti-TIGIT antibody domvanalimab
Gilead and Arcus reported promising Phase 2 results for their anti-TIGIT antibody domvanalimab, showing patients with advanced gastric and esophageal cancers lived nearly twice as long as those on standard treatment (26.7 vs. 13.8 months). The data bolster confidence in their ongoing Phase 3 STAR-221 trial, positioning domvanalimab as a potential breakthrough in cancer immunotherapy after multiple setbacks across the TIGIT field.
California Passes Major Drug Pricing Reform Law
Governor Gavin Newsom signed SB 41, a new law banning “spread pricing” and requiring drugmakers and pharmacy benefit managers (PBMs) to pass rebate savings directly to health plans to lower medication costs. The reform, co-authored by Sen. Scott Wiener, makes California one of the first states to license PBMs and demand transparency in drug pricing practices, aiming to make prescription drugs more affordable statewide.
