Recent Funding:
Iambic Therapeutics (SD) Raises $100M+ to Advance AI-Designed Cancer Drugs
Iambic Therapeutics secured over $100 million in new funding led by ARK Invest and Regeneron Ventures to advance its AI-driven small molecule programs, including new HER2, KIF18A, and CDK2/4-targeting cancer therapies. The biotech uses generative AI to design and optimize drugs in-house, with early clinical results from its HER2-targeting molecule showing promise and validating its AI-based discovery approach.
Onchilles Pharma (SD) Raises $25M to Launch First-in-Human Cancer Trial
Onchilles secured $25 million in Series A1 funding to advance its neutrophil elastase–based biologic N17350 into Phase 1 trials for head and neck, skin, and triple-negative breast cancers starting in early 2026. The therapy, inspired by the immune system’s natural ELANE pathway, aims to kill cancer cells while sparing immune cells, offering a potentially universal approach to solid tumors beyond mutation-specific drugs.
Braveheart Bio (SF) Raises $185M to Advance Late-Stage Heart Drug Licensed from Hengrui
Braveheart Bio secured $185 million from top investors including a16z, OrbiMed, and Forbion to advance BHB-1893, a cardiac myosin inhibitor for hypertrophic cardiomyopathy (oHCM), into global Phase 3 trials in 2026. The biotech, led by former HI-Bio CEO Travis Murdoch and chaired by Biogen CEO Chris Viehbacher, licensed the therapy from Hengrui Pharma in a deal worth up to $1 billion.
Azalea Therapeutics (SF) Raises $82M to Pioneer Next-Gen Delivery System for In Vivo CAR-T Therapies
Co-founded by Nobel laureate Jennifer Doudna, Azalea is developing Enveloped Delivery Vehicles (EDVs) — virus-like particles designed to merge the best traits of lipid nanoparticles and viral vectors for safer, targeted delivery of genetic medicines. Backed by Third Rock Ventures, RA Capital, and Sozo Ventures, the startup will use the funding to advance a CD19-targeted in vivo CAR-T therapy for blood cancers, with first human dosing expected in 2027.
NEOK Bio (SF) Launches with $75M to Advance Dual-Target Antibody-Drug Conjugates
Backed by ABL Bio, the newly launched NEOK Bio raised $75M to develop two bispecific ADCs—NEOK001 (ROR1/B7-H3) and NEOK002 (EGFR/MUC1)—with plans to enter the clinic in 2026. The biotech aims to tackle drug resistance and improve safety in cancer therapy by dual-targeting tumors to enhance precision and minimize off-target toxicity.
IPOs:
Evommune (SF) Surges 26% in $150M NYSE IPO Amid Government Shutdown
Evommune became one of only three major biotech IPOs since February, raising $150 million to advance its Phase 2 inflammation programs EVO756 (for hives and eczema) and EVO301 (for eczema and ulcerative colitis). Despite the SEC shutdown, the company moved forward with strong investor backing and now trades under $EVMN, marking a rare biotech debut on the NYSE instead of Nasdaq.
Other Interesting News:
Ionis Pharmaceuticals (SD) Reports Strong Phase 3 Results for Triglyceride-Lowering Drug Tryngolza
Ionis’ antisense drug Tryngolza helped 86% of patients with severe hypertriglyceridemia lower triglycerides below 500 mg/dL after one year, cutting acute pancreatitis risk by 85% in twin Phase 3 trials. While investors flagged a dose-related rise in liver fat, Ionis says the drug’s benefits could make it the first near-curative therapy for this chronic condition, with FDA filing planned this year.
AnaptysBio (SD) Ends Ulcerative Colitis Trial After Rosnilimab Misses Efficacy Goals
AnaptysBio’s Phase 2 trial of rosnilimab in ulcerative colitis showed strong safety and ~90% T-cell depletion but failed to demonstrate clinical benefit at Week 12, prompting trial discontinuation and $10M in savings. The company will refocus efforts on advancing rosnilimab in rheumatoid arthritis and progressing ANB033 and ANB101 programs, while preparing to separate its biopharma operations from royalty assets in 2026.
Lyell Immunopharma (SF) Reports 67% Response Rate in Solid Tumor CAR-T Trial
Lyell’s GCC-targeted CAR-T therapy LYL273 achieved a 67% overall response and 83% disease control rate in metastatic colorectal cancer patients, showing potential to break CAR-T barriers in solid tumors. The company acquired global rights to LYL273 from Innovative Cellular Therapeutics and plans to advance the program following FDA Fast Track designation, with the next data update expected in the first half of 2026.
A2 Biotherapeutics (LA) Reports First-Ever Complete Response to CAR-T in Lung Cancer
A2 Bio’s logic-gated CAR-T therapy A2B694 achieved the first complete response ever reported in a non-small cell lung cancer patient, marking a breakthrough for solid tumor cell therapy. Early Phase 1 data show A2B694 is safe, well tolerated, and demonstrates strong tumor infiltration and persistence, with no dose-limiting toxicities observed as dose escalation continues in the EVEREST-2 trial.
EvolutionaryScale (SF) Team Joins Zuckerberg-Backed Biohub After $142M AI Biology Debut
The AI-driven biotech startup EvolutionaryScale, which raised $142M last year to build massive biology-focused models like ESM3, has been effectively absorbed by Biohub, a new nonprofit launched by Mark Zuckerberg and Priscilla Chan. Biohub has hired EvolutionaryScale’s 50-person team, including co-founder Alex Rives as head of science, to continue advancing large-scale AI models for biology under the Chan Zuckerberg Initiative’s mission to “end all disease.”
Rigel Pharmaceuticals (SF) Loses Eli Lilly CNS Partnership in $960M RIPK1 Deal
Eli Lilly has terminated the CNS portion of its $960M collaboration with Rigel Pharmaceuticals, which focused on developing brain-penetrant RIPK1 inhibitors for neurodegenerative diseases. The broader partnership remains intact as Lilly continues advancing ocadusertib, a Phase 2 RIPK1 inhibitor for rheumatoid arthritis, keeping future milestone payments on the table for Rigel.
