Recent Funding:
TRexBio (SF) Raises Additional $50M to Advance Regulatory T Cell Therapies
TRexBio extended its Series B by $50 million, bringing total Series B funding to $134 million, to advance its lead drug TRB-061, now in a Phase 1a/b trial for inflammatory diseases, with an initial focus on atopic dermatitis. The new capital gives TRexBio flexibility to pursue an IPO, M&A, or continued independence, while also supporting earlier programs TRB-071 and TRB-081, planned to enter the clinic in 2027, as investor interest in immune tolerance and Treg-based therapies continues to grow.
Cellares (SF) Raises $257M Series D to Scale Cell Therapy Manufacturing
Cellares raised $257 million in a Series D to expand its automated cell therapy manufacturing platform, supporting new facilities in Europe and Japan and positioning the company for commercial launch in ~2 years and a potential IPO as early as Q4 2027. The company now has ~12 biotech and pharma partnerships, including a commercial contract with Bristol Myers Squibb, and is preparing to treat its first patient with a partnered CAR-T therapy, signaling a shift toward late-stage and commercial readiness.
Tenpoint Therapeutics (Irvine) Wins FDA Approval for Presbyopia Eye Drop, Raises $235M to Launch
Tenpoint Therapeutics received FDA approval for Yuvezzi, a dual-agent prescription eye drop for presbyopia, and plans a U.S. launch in early Q2, entering a competitive market dominated by reading glasses and recently approved eye drops. To fund commercialization, Tenpoint raised $85M in Series B equity plus a $150M debt facility, is building a 76-person sales force, and may pursue a Nasdaq IPO later this year, while continuing to advance earlier-stage vision programs.
Yosemite (California) Raises Over $200M Toward $350M Cancer-Focused Fund II
Yosemite, the cancer research investment firm led by Reed Jobs, has completed an initial close of more than $200 million toward a fund targeting up to $350 million, with Amgen among its limited partners. Yosemite, which now manages over $1 billion in assets, backs early biotech companies like Tune Therapeutics, ElevateBio, Chai Discovery, and Solve Therapeutics, and pairs venture investing with philanthropic grants to help translate academic cancer research into new startups.
Epidarex Capital (UK / US) Raises $145M First Close for Fourth Biotech Fund
Epidarex Capital secured $145 million in the first close of its fourth fund, already surpassing the size of its prior fund, as it doubles down on early-stage biotech company creation across the UK and select U.S. regions. The firm plans to back 12–15 companies, with the ability to invest $15M+ per company over time, targeting overlooked research hubs and aiming to support startups from seed through later growth as early-stage biotech funding gaps persist.
Recent Layoffs:
Bitterroot Bio (SF) Restructures and Shifts Focus Back to Preclinical Research
Bitterroot Bio is restructuring and reducing its team, including the departure of CEO Pavan Cheruvu, MD, as the company pivots from clinical development back to discovery biology and translational research. The move follows challenges with its Phase 2a program targeting CD47, which now appears to have been discontinued, underscoring the scientific risk inherent in biotech R&D.
M&A, Deals, Partnerships:
Genentech (SF) Licenses RNAi Drug from SanegeneBio (MA) in $200M Upfront Deal
Genentech agreed to pay $200 million upfront for a global license to an undisclosed RNAi program from SanegeneBio, with total potential deal value reaching up to $1.5 billion in milestones, underscoring continued big-pharma appetite for RNA therapeutics. The deal adds to Genentech’s growing RNAi pipeline and highlights an ongoing trend of China–U.S. biotech partnerships, as SanegeneBio advances multiple RNAi programs across autoimmune, cardiovascular, metabolic, and obesity indications.
Other Interesting News:
CalciMedica (SD) Halts Phase 2 AKI Trial After Safety Concern, Shares Plunge
CalciMedica stopped a Phase 2 study of Auxora in acute kidney injury after a safety concern was flagged during an interim review, marking a major setback for the program despite the company saying no deaths were attributed to the drug. Following the announcement, the stock fell 84%, though CalciMedica plans to review the data, explore trial design changes, and continue advancing Auxora toward a Phase 3 study in acute pancreatitis.
Kardigan (SF) Advances Three Late-Stage Cardio Drugs with Data-Driven Development Model
Since launching in 2024 with a $300M Series A and adding $254M in follow-on financing later that year, Kardigan has assembled a pipeline of three late-stage cardiovascular assets it aims to bring to market over the next four years, targeting major heart conditions with limited treatment options. Led by former MyoKardia CEO Tassos Gianakakos, the company is differentiating itself through smaller, genetics- and data-rich clinical trials, enabled by digital health tools, with multiple Phase 2 and Phase 3 readouts expected this year.
Eikon Therapeutics (SF) Files for IPO Seeking ~$273M at Lower Valuation
Eikon plans to raise ~$273.5 million in an IPO by selling 17.65M shares at $16–$18, implying a valuation of up to ~$910 million, roughly half its last private valuation after a $351M Series D in 2025. The company’s pipeline is now anchored by three cancer drugs in-licensed from Chinese developers, with multiple Phase 1 and Phase 2 data readouts expected in the second half of this year, as it pushes forward amid a slowly reopening biotech IPO market.
Amgen (LA) Exits Late-Stage Immunology Partnership, Returns Drug to Kyowa Kirin
Amgen ended its collaboration with Kyowa Kirin on rocatinlimab, a late-stage eczema and immunology drug, citing strategic portfolio prioritization, despite multiple successful Phase 3 studies and an FDA filing planned for later this year. Kyowa Kirin will now move forward independently, targeting a U.S. regulatory filing by the end of June, while Amgen will continue manufacturing the drug; the decision signals a shift in Amgen’s immunology strategy amid increased competition and safety scrutiny in the space.
FDA Opens PreCheck Program to Speed Up Drug Manufacturing Sites
The FDA has begun accepting applications for PreCheck, a new program that lets drugmakers engage with regulators earlier in the construction process to speed up approval of U.S. manufacturing facilities, with priority given to plants making critical medicines. Major pharma companies including Novo Nordisk, AbbVie, Eli Lilly, Merck, Johnson & Johnson, and Amgen support the program, as the industry commits nearly $600B to U.S. manufacturing amid renewed pressure to onshore drug production.
Skye Bioscience (SD) Shares 52-Week Data on Obesity Drug Combo After Phase 2 Setback
Skye reported 22.3% total weight loss at 52 weeks for patients who continued its CB1 inhibitor nimacimab combined with semaglutide, compared with 19.7% for semaglutide alone, even after the study previously missed its primary endpoint at 26 weeks. The company saw no major safety issues and plans to test higher doses in a Phase 2b study starting in 2026, as weight loss had not yet plateaued by one year.
