Recent Funding:
Centivax (SF) Raises $45M Series A to Launch Universal Flu Vaccine into the Clinic
Backed by Future Ventures and other top investors, Centivax will use the funds to start Phase 1 trials of its universal flu vaccine within 8 months. The platform aims to protect against rapidly mutating pathogens and has shown promise in preclinical models across flu, RSV, HIV, malaria, and more.
Renasant Bio (SF) Raises $54.5M to Tackle Genetic Kidney Disease with Small Molecules
Renasant Bio emerged from UCSF research to develop small molecule correctors and potentiators for ADPKD, a leading cause of kidney failure. Backed by 5AM Ventures, Atlas, OrbiMed, and Qiming, the company plans to reverse disease progression by restoring PC1/PC2 protein function, following a Vertex-like approach.
Aqtual (SF) Raises $31M to Personalize RA Treatment with Epigenetic Blood Test
Aqtual secured a $31M Series B to advance its chromatin-based blood test that predicts how rheumatoid arthritis patients will respond to different drug classes. The company’s goal is to reduce trial-and-error prescribing using a single test integrating DNA and epigenetic data; results from a 1,300-patient trial are expected later this year.
M&A, Deals, Partnerships:
Revolution Medicines (SF) Teams with Iambic (SD) in $25M AI-Driven Cancer Drug Discovery Deal
Revolution will share its vast small molecule library with Iambic, who will use its NeuralPLexer AI model to help find new cancer drugs, starting with the tough-to-target RAS oncogene. The $25M collaboration aims to speed up and improve discovery by combining human-made chemical data with cutting-edge AI, marking a shift from typical R&D deals that focus only on molecules.
Cargo Therapeutics (SD) Acquired by Concentra Following Program Termination and Workforce Cuts
Concentra Biosciences, backed by Kevin Tang, is acquiring Cargo for $4.37/share in cash, plus potential payouts tied to remaining assets. Cargo had ended its lead CAR-T program and slashed staff earlier this year; the deal includes remaining assets like CRG-023 and an allogeneic platform.
ESSA Pharma (SF) to Be Acquired by XenoTherapeutics in All-Cash Deal Backed by XOMA
ESSA Pharma, a small molecule prostate cancer biotech, will be acquired by nonprofit XenoTherapeutics, with financial support from XOMA Royalty Corp. Shareholders are set to receive ~$1.91 per share plus potential future payments via contingent value rights.
Gilead will supply up to 2 million doses of its FDA-approved PrEP drug Yeztugo (lenacapavir) at no profit over three years, with distribution led by the Global Fund. The initiative is part of a broader strategy that includes licensing to generics and global regulatory outreach to improve equitable HIV prevention access worldwide.
Other Interesting News:
Assembly Biosciences (SF) Doses First Patient in Genital Herpes Study for Oral Antiviral ABI-1179
Assembly Bio has begun a Phase 1b trial for ABI-1179, a weekly oral treatment targeting recurrent genital herpes, with interim data expected in fall 2025. The study is part of a broader partnership with Gilead, which may opt in for exclusive rights based on results from ABI-1179 and a second candidate, ABI-5366.
Ultragenyx (SF) Hit with FDA Delay for Sanfilippo Gene Therapy
The FDA issued a Complete Response Letter for UX111, Ultragenyx’s AAV gene therapy for Sanfilippo syndrome, citing manufacturing-related concerns. Clinical data was deemed robust and supportive, and Ultragenyx plans to resubmit the application after addressing facility and process issues.
Biotech Market Outlook (Industry-wide): Q2 Snapshot Highlights Mixed Fortunes
$98B in H1 deal value and $10.1B in licensing upfronts signal strong demand for later-stage assets, despite weak venture funding and IPO activity. VC investment fell 33% from Q1 to Q2, IPOs nearly halted, and PIPE/follow-on activity dropped significantly—creating a tough environment for early-stage startups.Big Pharma is prioritizing Phase 2 and 3 programs. Human clinical data is driving partnerships and M&A — not platform tech or preclinical work. 38% of large in-licensing deals this year involved Chinese biopharmas. This shift may create more global competition or pressure U.S. biotechs to partner early. Series A dropped to $1.2B in Q2 — the lowest since the COVID boom. This signals tightening capital access even for solid early-stage companies. Only 1 IPO made it through in Q2, and follow-ons are weak. Biotechs can’t rely on public markets for cash right now, raising the stakes for private funding or partnerships. Executives are aware that delayed exits, slow acquirers, and market volatility mean staying lean and focused is critical — or risk becoming a distressed M&A target.
