Recent Funding:
Neomorph closed $100 million Series B led by Deerfield Management with participation from new investors Regeneron Ventures, Longwood Fund, Alexandria Venture Investments, Binney Street Capital of Dana-Farber Cancer Institute, and others. Proceeds will primarily support ongoing NEO-811 Phase 1/2 trial (first-in-human, open-label monotherapy evaluating safety, tolerability, pharmacokinetics, and preliminary anti-tumor activity in patients with locally advanced or metastatic non-resectable clear cell renal cell carcinoma) and advancement of pipeline across multiple therapeutic areas. CEO and co-founder Phil Chamberlain said financing “provides us with the capital to execute on our most important near-term priorities” while “advancing a broader pipeline of novel molecular glue degraders against targets that have historically been considered undruggable.”
Oricell Therapeutics raised over $110 million in pre-IPO financing ($70 million Series C1 in January + at least $40 million new close in April) co-led by Beijing Medical and Health Care Industry Investment Fund, Qiming Venture Partners, and unnamed “leading global healthcare fund,” with participation from international sovereign wealth fund, Vivo Capital, NGS Super, E-Town Capital, Elikon Venture, and Talon Capital. Company is developing CAR-T therapies for solid tumors using three proprietary platforms: Ori®Ab (antibody discovery/engineering), Ori®Armoring (T-cell persistence enhancement), and OnGo CMC (rapid, scalable manufacturing). Proceeds will fund global expansion, clinical development, technological capabilities, and “paving the way to capital market milestones.” Company did not specify IPO timing.
Terremoto Biosciences (“earthquake” in Spanish) raised $108 million Series B from new investors RA Capital Management and BeOne Medicines, plus existing investors OrbiMed, Third Rock Ventures, and Novo Holdings. Funding will carry company through mid-2029 and support early-stage safety, tolerability, and efficacy data from two lead programs (oncology and bleeding disorder). CEO Chuck Baum said company is “open to” IPO “if markets continue to look good” but made “no exact predictions.” Company focuses on AKT1 (part of AKT kinase family regulating cell growth, proliferation, survival; can be oncology disease driver) with goal of “not just another follow-on compound, but having the best in class.”
Revolution Medicines priced stock and debt offering at $2 billion ($1.5 billion stock + $500 million convertible senior notes), doubling initial $1 billion target ($750 million stock + $250 million notes) after Phase 3 pancreatic cancer success. This is biotech industry’s largest public raise since Covid-19 pandemic. Revolution’s market cap sits just above $29 billion as of Tuesday close. Stock jumped 40% earlier this week after daraxonrasib (pan-RAS inhibitor) cut death risk by 60% versus chemotherapy in Phase 3 pancreatic cancer trial—an outcome “previously unheard of” in patients with such tumors. Daraxonrasib targets multiple disease-causing mutations (unlike two previously approved KRAS drugs targeting only one mutation), offering potential in other tumors where immunotherapy has yielded lackluster results, such as colorectal cancer.
Kailera Therapeutics (SD/MA) Raises Record $625M Biotech IPO, Topping Moderna’s 2018 Mark
Kailera Therapeutics raised $625 million in IPO, topping Moderna’s $604 million 2018 raise to become largest biotech IPO on record. Kailera is only second biotech IPO to surpass $600 million before options. Total could reach approximately $718.8 million if all options exercised (additional $93.75 million). Lead program is ribupatide, a once-weekly GLP-1/GIP injectable that started Phase 3 trials beginning of 2026. Company anticipates Phase 3 data in 2028, per IPO paperwork.
M&A, Deals, Partnerships:
Aligos Therapeutics secured $25 million upfront from Fujian, China-based Amoytop for Greater China rights to pevifoscorvir sodium, a capsid assembly modulator (CAM-E) in Phase 2 for chronic hepatitis B virus. Deal includes up to $420 million in clinical, regulatory, and sales milestones plus tiered, high single-digit royalties. Pevifoscorvir sodium is in Phase 2 head-to-head study versus tenofovir disoproxil fumarate (Gilead’s Viread, widely used antiviral); topline data expected next year. Aligos entered 2026 with $77.8 million in bank; deal extends cash runway from Q3 to Q4 2026. Aligos and Amoytop already have relationship focused on preclinical antisense oligonucleotide program also aimed at HBV.
UCB agreed to purchase cell therapy biotech Neurona Therapeutics for $650 million cash upfront plus up to $500 million in future milestones (up to $1.15 billion total) to acquire lead candidate NRTX-1001, a neuronal cell therapy in Phase 1/2 clinical trials for drug-resistant mesial temporal lobe epilepsy (mTLE). Deal expected to close by end of Q2 2026. NRTX-1001 is pluripotent stem cell treatment given as single dose into the brain, designed to introduce cells that produce gamma-aminobutyric acid (GABA) to “repair and rebalance the overactive neural networks” in mTLE patients, potentially reducing seizures. UCB CEO Jean-Christophe Tellier said “We believe this therapy has the potential to provide durable targeted repair of the nervous system following a single dose and could represent a major step forward for people living with mesial temporal lobe epilepsy.”
Other Interesting News:
Three biotechs plan to raise almost $1.5 billion through stock or debt sales following positive data readouts: Revolution Medicines (Redwood City) plans $1 billion raise ($750 million stock offering + $250 million convertible senior notes) after daraxonrasib Phase 3 pancreatic cancer win (60% death risk reduction vs chemo), filing for FDA approval under Commissioner’s National Priority Voucher program for faster review. Waltham-based Spyre Therapeutics aims to sell $300 million stock after SPY001 antibody produced average 9.2-point reduction on ulcerative colitis disease activity scale in Phase 2 (stock up 25%+), now enrolling second part testing monotherapy and combination cohorts. Allogene Therapeutics (South San Francisco) plans $175 million stock offering after off-the-shelf CAR-T cema-cel cleared measurable cancer cells in 7 of 12 large B cell lymphoma patients with residual disease post-treatment in Phase 2; trial enrollment completes end 2027, primary event-free survival data expected mid-2028.
Kura Oncology presented FIT-001 Phase 1 subset analysis data at 2026 International Kidney Cancer Symposium (IKCS): Europe showing darlifarnib (KO-2806, farnesyltransferase inhibitor) combined with cabozantinib achieved 44% objective response rate and 94% disease control rate in 16 clear cell renal cell carcinoma (ccRCC) patients previously treated with cabozantinib (a population typically deriving limited benefit from subsequent therapy). Tumor shrinkage observed in 75% of patients, with reductions ranging from 32% to 47% among responders. Treatment durations ranged from 8 to 56 weeks, with six patients remaining on therapy at data cutoff. Responses seen in patients whose best prior cabozantinib response was stable disease and in those who received other TKIs in addition to cabozantinib. Results “notable given that patients who progress on cabozantinib are generally considered unlikely to respond to subsequent cabozantinib therapy.”
FDA review of U.S. clinical trials database shows results have not been reported for 30% of clinical studies. Agency sent messages to 2,200-plus drug companies, medical device manufacturers, and researchers two weeks ago (responsible for approximately 3,000 clinical trials, some publicly funded) urging them to report results as first step in enforcement. FDA Commissioner Marty Makary said “Far too often, companies are suppressing unfavorable clinical trial results and keeping them secret from patients and the scientific community” and noted gaps in public record “overrepresent successes and underrepresent failures,” distorting perception of medical product effectiveness and safety. Clinical trial sponsors required to report results within one year of study completion (excluding safety, dose-finding, first-in-human Phase 1 studies, and medical device feasibility studies).
Amgen (LA) Halts Early-Stage Immunology Candidate AMG 378 After Phase 1 in Healthy Volunteers
Amgen stopped Phase 1 study of oral small-molecule AMG 378 that enrolled 48 healthy volunteers. Spokesperson said “Amgen has decided to discontinue clinical development of AMG 378. This decision reflects the low likelihood of clinical success and portfolio prioritization.” No other active studies testing AMG 378 remain. Molecule was being studied for potential in ulcerative colitis, per archived Amgen pipeline. Despite trimming early immunology pipeline, Amgen remains broadly active in space with active inflammation pipeline including trials of approved meds Blincyto and Otezla in lupus and arthritis. Company recently exited $400 million autoimmune pact with Kyowa Kirin but posted Phase 2 win for monoclonal antibody daxdilimab in discoid lupus (lupus has been tricky area for Amgen).
