Recent Funding:
Encoded Therapeutics (SF) closes $275M Series F for Dravet syndrome gene therapy
Closed a $275 million Series F backed by GV, ARCH Venture Partners, SoftBank Vision Fund 2 and others to fund a pivotal study of ETX101, its gene therapy for SCN1A-positive Dravet syndrome in infants and young children. Proceeds also scale internal commercial manufacturing and support a planned 2027 IND for ETX301, an AAV9 gene therapy for post-amputation neuroma pain.
RegCell (SF) raises $66M to take Nobel-winning Tregs into the clinic
Raised $66 million to push its engineered regulatory T-cell (Treg) therapies toward the clinic, building on a platform rooted in Nobel-winning Treg biology. Targets autoimmune and transplant indications such as pemphigus vulgaris and liver disease; the Japanese-founded company recently completed its transition to a U.S. base.
TwoStep Therapeutics (SF) banks $62.5M Series A and IND clearance for peptide-drug conjugate
Raised an oversubscribed $62.5 million Series A (Insight Partners, Pfizer Ventures, M Ventures) alongside FDA IND clearance for lead peptide-drug conjugate TS-104 in solid tumors. The Stanford spinout — co-founded by Nobel laureate Carolyn Bertozzi — uses a polyspecific integrin-binding peptide to reach tumors that antibodies cannot.
Kura Oncology (SD) launches Caspian Therapeutics with $50M for diabetes
Kura spun out its diabetes work into Caspian Therapeutics with a $50 million launch financing led by BVF Partners and backed by Eli Lilly. Caspian will develop menin inhibitor KO-7246 as a potential disease-modifying therapy for diabetes and cardiometabolic disease; Kura retains roughly half of the new company.
Frazier Life Sciences (SF) closes ~$1.1B fund for small- and mid-cap biotechs
The West Coast investor rallied roughly $1.1 billion for a long-running fund aimed at small- and mid-size public biotechs — a signal of available capital for the sector.
Luma Group (NY) closes 15-year, $410M life sciences fund backing California biotechs
Closed its inaugural LumaBio Fund I at $410 million, a 15-year vehicle backing companies from discovery through commercialization. Portfolio includes California cellular-rejuvenation company Altos Labs (Bay Area / San Diego); Luma also co-founded Vaccine Company, acquired by Eli Lilly this year for up to $1.55 billion.
IPOs:
Electra Therapeutics (SF) aims for up to $342M IPO to push inflammatory drug through Phase 3
Set terms for a Nasdaq IPO of 21.7 million shares at $14–$16, targeting net proceeds of roughly $297 million (up to $341.9 million with the overallotment). Funds will drive lead SIRP-targeting antibody ipsoprubart through an ongoing Phase 2/3 study in secondary hemophagocytic lymphohistiocytosis (sHLH) and support earlier-stage programs.
Other Interesting News:
Vera Therapeutics (SF) eyes full approval for Trutakna in IgAN after positive readout
Two-year data showed Trutakna (atacicept) stabilized kidney function in patients with IgA nephropathy, an autoimmune kidney disease. CEO Marshall Fordyce said the results tee up a filing for full FDA approval in Q4, converting the drug’s earlier accelerated clearance.
Tyra Biosciences (SD) claims Phase 2 bladder cancer win, will advance to pivotal trial
Reported a Phase 2 win for its FGFR3 inhibitor in bladder cancer and said it will move the drug into a pivotal trial, despite some noise elsewhere in the dataset.
Evommune’s (SF) MRGPRX2 antagonist flunks its second I&I trial this summer
Its oral MRGPRX2 antagonist missed in a second immunology & inflammation trial this summer, adding pressure to the lead program.
BridgeBio Oncology (SF) slides as it tightens the scope of its KRAS program
Shares fell as the RAS-focused BridgeBio spinout narrowed the scope of its KRAS program to concentrate resources on its most advanced candidates.
Contineum’s (SD) J&J-partnered depression drug flunks another Phase 2 test
J&J’s JNJ-5120 (PIPE-307), partnered with Contineum, missed the primary endpoint of a Phase 2 major depressive disorder study — a second midstage miss after an earlier MS failure. Shares dipped only ~3.5%, as analysts peg most of Contineum’s value to its LPAR1 antagonist PIPE-791 in idiopathic pulmonary fibrosis.
Connect Biopharma’s (SD) Dupixent rival misses Phase 2 asthma endpoint
IL-4/IL-13 blocker rademikibart cut treatment failure 66% but missed statistical significance in Phase 2 asthma, sending the stock down about 35%. Management flagged a positive secondary FEV1 result and is awaiting Phase 2 COPD data expected by the end of the month.
FDA extends review of Exelixis’ (SF) colorectal cancer drug candidate
The FDA extended its review of Exelixis’ colorectal cancer candidate zanzalintinib, pushing back the expected decision timeline.
