Recent Funding:
AN Venture Partners (SF) Closes $200M Fund to Back Japanese Innovation
ANV, with ties to ARCH Venture Partners, raised $200M to help bring Japanese scientific breakthroughs to global biotech markets — especially via U.S.-based startups. The firm has already backed seven companies, including gene writing and RNAi startups, and aims to fund ~15 in total through its first fund.
Recent Layoffs:
4D Molecular Therapeutics (SF) Cuts Staff, Refocuses on Phase 3 Gene Therapy for Eye Disease
4DMT is laying off 25% of its workforce and reshuffling leadership to save $15M annually as it pivots to late-stage development. The biotech is advancing its gene therapy 4D-150 for wet AMD, with two Phase 3 trials underway and early data expected in 2027.
M&A, Deals, Partnerships:
LENZ Therapeutics (SD) Signs $70M+ Licensing Deal for Eye Drop Therapy
LENZ licensed Canadian rights for LNZ100, its aceclidine-based eye drop for presbyopia, to Laboratoires Théa in a deal worth over $70M plus royalties. The FDA is reviewing LNZ100 with a decision expected by August 8, 2025, as LENZ builds global momentum ahead of potential U.S. launch.
Unnatural Products (Santa Cruz) Signs $1.5B Deal with argenx, Expands Into Obesity Therapeutics
Unnatural Products teamed up with argenx in a deal worth up to $1.5B to co-develop oral macrocyclic peptides targeting previously undruggable proteins, likely in immunology. The company is also entering the obesity space with an oral activin receptor antagonist inspired by Lilly’s bimagrumab, aiming to improve fat loss and muscle preservation.
IGM Biosciences (SF) Acquired by Concentra in Fourth 2025 Buyout Deal
Kevin Tang’s Concentra Biosciences is acquiring IGM Biosciences for $1.24 per share after the biotech abandoned its autoimmune pivot and let go of most staff earlier this year. Shareholders may receive additional proceeds from asset sales, including several bispecific T cell engagers and antibody programs, if offloaded within a year.
Other Interesting News:
Apogee Therapeutics (SF) Posts Positive Phase 2 Results for Eczema Antibody Therapy
Apogee’s IL-13–targeting antibody APG777 achieved a 70% response rate (EASI75) in eczema patients, outperforming placebo and potentially rivaling Dupixent and Ebglyss. If approved, APG777 could offer a more convenient dosing schedule, with maintenance injections every 3–6 months instead of biweekly or monthly.
Denali Therapeutics (SF) Receives FDA Priority Review for Hunter Syndrome Biologic
The FDA accepted Denali’s BLA for tividenofusp alfa, a next-gen enzyme replacement therapy that can cross the blood-brain barrier, with a target decision date of January 5, 2026. If approved, it would be the first therapy to address both brain and body symptoms in Hunter syndrome, marking a major milestone for Denali’s TransportVehicle™ platform.
Jasper Therapeutics (SF) Halts Asthma Study After Bad Drug Lot Impacts Trial Results
Jasper’s lead antibody therapy, briquilimab, showed compromised data in chronic hives and asthma trials due to a faulty drug lot, leading to a 60% stock drop and halted programs. Despite setbacks, the company still saw complete responses in unaffected cohorts and plans to start a new Phase 2b trial in mid-2026.
Biotech Megarounds Plunge 38% Amid Prolonged Market Slump
Only 31 private biotechs raised $100M+ rounds in the first half of 2025 — down from 50 in H1 2024 — signaling growing difficulty even for the sector’s top startups. Funding pressures persist due to high interest rates, weak IPO markets, and shifting regulatory and political landscapes, leaving preclinical companies especially vulnerable. Meanwhile, U.S. digital health startups raised $6.4B in H1, led by AI-heavy companies averaging nearly double the funding of their non-AI peers. M&A activity is also heating up in digital health, nearing all of 2024’s totals just halfway through the year.
