Recent Funding:
BreezeBio (SF) Raises $60 Million to Advance mRNA Therapy for Type 1 Diabetes
BreezeBio secured $60 million in Series B funding to move its lead program toward clinical trials, aiming to retrain the immune system in type 1 diabetes by delivering mRNA that teaches the body to stop attacking insulin-producing cells. The company’s polymer nanoparticle platform is designed to avoid the liver and reduce immune side effects, with potential future applications in other autoimmune diseases and in vivo CAR-T therapies.
Bloom Science (SD) Raises $11 Million to Advance Microbiome Pill for Weight Loss
Bloom secured $11 million to test a daily pill containing two bacterial strains designed to shift metabolism into a ketogenic-like state, after an earlier study showed 2.3% weight loss over four weeks, with one participant reaching 4.9%. The company has begun dosing 48 participants in a new 12-week Phase 1b trial, aiming to exceed the 5% weight loss threshold, with results expected later this year.
Atrium Therapeutics (SD) Launches With $270 Million to Advance RNA Heart Disease Programs
Atrium spun out as Novartis closed its $12 billion acquisition of Avidity, launching as a public company with $270 million in funding to develop RNA therapies for rare genetic heart diseases affecting up to 1,000 and 2,000 patients in the U.S. The company uses antibody-linked RNA technology designed to target muscle cells and plans to seek FDA approval to begin human studies for its lead program in the second half of this year, with a second program expected to reach the clinic in 2027.
Recent Layoffs:
BioAtla (SD) Lays Off 70% of Staff While Exploring Strategic Options
BioAtla is cutting 70% of its workforce as it evaluates selling or licensing its pipeline, after ending September with just $8.3 million in cash, despite a recent $40 million transaction tied to one of its antibody-drug conjugate programs. The company continues to advance multiple cancer-focused antibody programs, including a Phase 2 asset that previously showed 21.5 months overall survival in certain sarcoma patients, while reviewing its long-term future.
Other Interesting News:
Venture Capital in Biopharma Surges in 2025
OrbiMed moved into the top VC spot in life sciences, participating in more rounds and backing $5.9 billion in funding, while RA Capital dropped to second with $4.2 billion invested across 37 deals. Biopharma venture funding reached $28.6 billion in 2025, up from $27 billion in 2024 and $23 billion in 2023, with 103 rounds over $100 million, signaling a return of large, conviction-driven financings ahead of a potential IPO wave in 2026.
After a successful Phase 3 trial, Protagonist is awaiting an FDA decision on rusfertide for polycythemia vera and says it expects to opt out of a 50/50 U.S. profit split with Takeda, instead choosing up to $400 million in payments plus 14%–19% royalties on global sales. Takeda previously paid $300 million to license the drug, and Protagonist ended the year with $646 million in cash, positioning it to fund its internal pipeline while awaiting regulatory decisions.
Aardvark Therapeutics (SD) Pauses Phase 3 Trial After Heart-Related Safety Signal
Aardvark paused its Phase 3 HERO study of ARD-101 in Prader-Willi syndrome after a healthy volunteer study found reversible cardiac observations at above-target doses, delaying plans to report data in the third quarter. The news sent shares down 54%, as the company reviews dosing levels for ARD-101, while continuing development of its second metabolic program, ARD-201, currently in Phase 2 studies.
Candid Therapeutics (SD) to Go Public via Reverse Merger with $505 Million Financing
Candid will go public by reverse-merging with Rallybio and raise $505 million in new financing, giving the company runway through 2030 to advance its T cell engager programs for autoimmune diseases. The company has multiple drugs in development, including cizutamig, which is expected to enter Phase 2 this year, as it aims to prove that T cell engagers can become a new treatment approach beyond cancer.
