Recent Funding:
KymaThera (SD) Corrals $80M Series B for PI3Kα Breast Cancer Program
KymaThera raised an $80M Series B (Alta Partners, Venrock, Foresite and others) to fund its pan-mutant-selective PI3Kα inhibitor K-1728, with a Phase 1 trial set to begin dosing by year-end. The money should carry K-1728 through clinical proof-of-concept as both a monotherapy and in combinations for HR+/HER2- breast cancer.
Vaxcyte Raises (SF) ~$1.15B in Stock-and-Notes Offering After Phase 3 Win
Days after its VAX-31 pneumococcal vaccine aced Phase 3 (covered last week), Vaxcyte priced concurrent offerings — about $500M in stock and pre-funded warrants plus $575M in 2032 convertible notes — closing near $1.15B. Proceeds are earmarked mainly for VAX-31’s clinical development and manufacturing scale-up as it chases Pfizer and Merck in the adult pneumococcal market.
Recent Layoffs:
Caribou Biosciences (SF) Halts CAR-T Pipeline and Cuts Staff
The CRISPR cell-therapy pioneer, spun out of Jennifer Doudna’s lab, is ending development of both allogeneic CAR-T programs (vispa-cel and CB-011) and reducing its roughly 97-person workforce after failing to secure funding for late-stage testing. The board launched a review of strategic alternatives (merger, sale or asset deals) with Wedbush as advisor; shares hit an all-time low, with $113.8M in cash as of midyear.
M&A, Deals, Partnerships:
Chai Discovery (SF) Lands GSK Collaboration, Its Sixth Pharma Partner in Nine Months
AI firm Chai signed GSK to a collaboration after a wet-lab evaluation in which GSK found binders to every target tested using Chai’s protein-folding and design models. GSK joins Lilly, Pfizer, Novartis, Argenx and BMS as Chai partners; financial terms were not disclosed.
Ultragenyx (SF) Sells a Priority Review Voucher for $210M
Ultragenyx agreed to sell the rare-pediatric-disease voucher it earned from the August approval of gene therapy Genglycos for $210M in cash (about $168M net after a 20% NIH royalty). The non-dilutive capital funds its rare-disease pipeline, and the company says it still holds a second voucher it plans to monetize.
IPOs:
Aspen Neuroscience (SD) Files for ~$100M IPO for Parkinson’s Cell Therapy
The Gilead-backed biotech filed to list on Nasdaq (ASPE) to fund sasineprocel, an autologous iPSC-derived cell therapy that replaces the dopamine neurons lost in Parkinson’s. Fifteen patients have been dosed in a Phase 1/2a trial; Aspen aims to start a Phase 3 in the second half of 2027.
Iambic Therapeutics (SD) Sets Terms for a ~$135M AI-Oncology IPO
The AI drugmaker plans to sell about 9.4M shares at $15–$17 (roughly $150M gross, ~$135M net), listing on Nasdaq as IAM, with ARK and Duquesne signaling about 40% of the deal. Most proceeds back lead HER2 inhibitor IAM1363; pricing is expected the week of October 12.
TRexBio (SF) Prices $116.7M IPO for Treg-Boosting Immunology Drugs
The Lilly-backed biotech sold 8.33M shares at $14 (the low end of its range) on Nasdaq (TRXB), with Lilly participating and eyeing a stake of up to 19.9%. Lead candidate TRB-061, a TNFR2 agonist, is in Phase 1b for atopic dermatitis with topline data due mid-2027.
Lycia Therapeutics (SF) Files for ~$100M IPO for Extracellular Protein Degraders
The LYTAC pioneer, built on Nobel laureate Carolyn Bertozzi’s Stanford work, filed to list on Nasdaq (LYCA) to advance degraders for food allergy and Graves’ disease. Early Phase 1 data showed its IgE-degrading candidate LCA-0061 cut IgE by a mean of 96% from baseline.
Other Interesting News:
New FDA Documents Show a Soft Spot in Revolution Medicines’(SF) Approved Pancreatic Drug
About a month after Rasonque (daraxonrasib) won early FDA approval in previously treated pancreatic cancer, agency review documents showed the most common KRAS subtype responded less well than the overall 33% objective response rate. Shares fell about 6%, though analysts called it “a small crack” unlikely to change the drug’s trajectory; RevMed has also begun a first-line Phase 3 pairing Rasonque with zoldonrasib.
Endeavor BioMedicines (SD) Says Its Hedgehog Inhibitor Can Reverse Lung Fibrosis
In the 213-patient WHISTLE-PF Phase 2b trial, taladegib (ENV-101) hit its primary endpoint with a statistically significant lung-function (ppFVC) gain at 24 weeks, plus imaging signs of reduced fibrosis and increased lung capacity. Unlike approved drugs from Boehringer and Roche that only slow IPF, Endeavor is pitching disease reversal and plans to discuss a Phase 3 with regulators.
Nuvig Therapeutics (SF) Drops a Phase 2 Trial of Its Lead Autoimmune Drug
The Big Pharma-backed biotech terminated its Phase 2 CIDP study of NVG-2089, calling it a business decision driven by cost and slow enrollment rather than safety, after dosing 14 patients. Nuvig is keeping its other Phase 2 program in immune thrombocytopenia running and plans to pursue additional indications for the fusion protein.
Kairos Pharma (LA) Pushes Its Prostate Cancer Drug Into an Earlier Treatment Line
On interim Phase 2 data showing median progression-free survival of 17.7 months for ENV-105 plus hormone therapy versus 2 months for the anti-androgen alone (p=0.0008), Kairos amended its trial to enroll earlier-line patients who have a PSA rise after an initial androgen-signaling inhibitor. The revised study randomizes patients to Xtandi (enzalutamide) with or without ENV-105 and targets completion in Q4 2027, broadening the eligible population to speed enrollment.
Macro: Forbion Closes Europe’s Largest-Ever Biotech Fund at €2.3B, With Lilly Backing (Sector)
The Dutch VC raised €2.3B ($2.6B) across two funds (later-stage Growth Opportunities IV and Ventures VIII) to back roughly 30 biotechs in Europe and North America, with Eli Lilly among the backers. The close lifts Forbion’s assets under management to about €7.5B and signals that large pools of capital are still forming for the sector, even as founders warn of a funding drought.
Macro: TCGX Raises an Oversubscribed $600M Asia Life Sciences Fund (Sector)
The U.S. crossover investor that has backed many West Coast biotechs launched its first dedicated Asia fund and opened offices in Shanghai and Hong Kong, citing a rise in early-stage drug discovery across China and Asia. The move is a reminder of how much discovery capital is now flowing toward Asia, a growing competitive backdrop for California companies and investors.
