Recent Funding:
Revolution Medicines (SF) Secures Up to $2B to Advance RAS Inhibitor Pipeline
Revolution signed a $2B funding deal with Royalty Pharma to support late-stage development of its lead RAS inhibitor, daraxonrasib. The flexible structure includes a $1.25B royalty deal and $750M in milestone-based debt, preserving Revolution’s control and upside.
Cidara Therapeutics (SD) Joins Russell Indexes and Closes $402.5M Public Offering
Cidara has been added to the Russell 2000® and Russell 3000® Indexes, boosting visibility with institutional investors following strong Phase 2b data and a successful fundraise. The company also closed a $402.5M public offering, selling over 9 million shares to support continued development of its Cloudbreak® drug-Fc conjugate platform
BridgeBio (SF) Secures $300M Through Royalty Deal to Fund Genetic Medicine Pipeline
BridgeBio received $300M upfront by selling part of its European royalties from BEYONTTRA, its approved treatment for ATTR-CM, helping fund the launch of Attruby and other late-stage programs. The deal highlights strong commercial potential for acoramidis, which has shown rapid and sustained clinical benefit in ATTR-CM patients.
M&A, Deals, Partnerships:
Capstan Therapeutics (SD) Acquired by AbbVie for $2.1B to Advance In Vivo CAR-T Platform
AbbVie is acquiring Capstan to accelerate in vivo CAR-T therapies that use mRNA and lipid nanoparticles to reprogram immune cells directly inside the body. The deal reflects growing momentum behind “third-wave” CAR-T approaches, aiming to simplify treatment by eliminating complex cell manufacturing steps.
Calico (SF) Licenses IL-11 Antibody from Mabwell in $25M Deal
Calico licensed exclusive global rights (ex-China) to Mabwell’s IL-11-targeting monoclonal antibody, 9MW3811, for $25M upfront and up to $571M in milestones. 9MW3811, in Phase 1 for idiopathic pulmonary fibrosis, may also have longevity applications after preclinical studies showed lifespan extension in mice.
Other Interesting News:
Pliant Therapeutics (SF) Discontinues IPF Program, Shifts Focus to Oncology and Discovery Platform
Pliant is ending development of its small molecule drug bexotegrast for IPF after Phase 2b/3 trial data showed safety risks outweighed benefits. The company continues its oncology trial for PLN-101095 and advances early-stage integrin-targeting programs using its proprietary drug discovery platform.
Unicycive Therapeutics (SF) Receives FDA Rejection for CKD Pill Over Manufacturing Issues
The FDA issued a Complete Response Letter for Unicycive’s phosphate binder oxylanthanum carbonate, citing problems at a third-party manufacturer. Unicycive has identified an alternate vendor and is working to resubmit; the drug targets high phosphate levels in dialysis patients with fewer pills than current treatments.
Amgen (LA) Reports Positive Phase 3 for Stomach Cancer Drug, But Eye Side Effects Raise Concerns
Bemarituzumab improved survival in patients with advanced stomach cancer, but over 25% experienced serious ocular side effects, including vision changes and eye inflammation. Analysts are watching to see if the eye-related issues will affect regulatory decisions or market potential.
FDA Appoints Former Psychedelics Researcher as CDER Deputy Director
Michael Davis, a former FDA clinical leader and chief medical officer at Usona Institute, is returning to serve as deputy director of the Center for Drug Evaluation and Research (CDER). His appointment follows the retirement announcement of acting CDER director Jacqueline Corrigan-Curay, signaling continued leadership shifts at the agency.
FDA Streamlines CAR-T Access by Removing REMS Requirements
The FDA has eliminated REMS safety requirements for all approved BCMA- and CD19-directed CAR-T therapies, making it easier for more hospitals — including community cancer centers — to administer these treatments. The changes reduce patient monitoring restrictions post-infusion and aim to expand access, especially for rural patients, while still maintaining safety standards.
Chai Discovery (SF) Debuts AI Models with Breakthrough Antibody Design Performance
Chai Discovery, backed by OpenAI and Thrive Capital, claims its Chai-2 AI models achieve antibody binding “hit rates” as high as 39.7% — a massive leap from existing models, which typically hit below 2%. Though early-stage, the models generated functional antibody fragments for 39 drug targets, potentially streamlining early drug discovery and pushing toward “zero-shot” therapeutics without traditional screening.
Nektar Therapeutics (SF) Doubles Share Price After Phase 2b Eczema Trial Win
Nektar’s IL-pathway drug rezpegaldesleukin met primary endpoints in a Phase 2b trial for atopic dermatitis, showing up to 61% symptom improvement and rapid onset of relief. Despite past setbacks with partners Lilly and BMS, Nektar regained momentum and is now planning a Phase 3 program with renewed investor confidence.
Acadia Pharmaceuticals (SD) Projects $2B in Sales from Commercial Drugs, Up to $12B from Pipeline
Acadia shared a bullish outlook during its R&D day, forecasting up to $2B in peak annual sales from Nuplazid and Daybue, and an additional $12B potential from its pipeline. Lead candidate ACP-204, targeting Alzheimer’s and Lewy body dementia psychosis, is expected to read out in 2026 and could exceed $2B in annual sales.
