Recent Funding:
Star Therapeutics (SF) Raises $125M Series D to Advance Phase 3 Bleeding Disorder Drug
Star secured $125M to support Phase 3 development of VGA039, a monoclonal antibody for von Willebrand disease that could enable once-monthly, at-home injections versus current IV infusions. The round, led by Sanofi Ventures and other major investors, will also fund expansion into additional bleeding disorders as hematology gains investor attention as biotech’s next major therapeutic frontier.
Crystalys secured $205M to run two Phase 3 trials for dotinurad, a once-daily oral gout drug already approved in Japan and China, aiming for U.S. and EU market entry by 2027. Backed by Novo Holdings and Catalys Pacific, the startup is betting on dotinurad’s strong safety record—used by over 1.2M patients in Japan—and its ability to treat gout by helping the body excrete excess uric acid.
Ansa Biotechnologies (SF) Raises $54.4M Series B to Expand U.S. DNA Manufacturing
Ansa secured $54.4M to expand its Emeryville facility and boost U.S. capacity for synthetic DNA production, using a biological enzyme-based method that enables faster and longer DNA synthesis than traditional chemistry. The company plans to open a second U.S. site (potentially in Nevada) and further develop its tech to help biotech partners accelerate gene and cell therapy research.
Cartography Biosciences (SF) Raises $67M Series B to Launch First Cancer Trial
Cartography secured $67M from Pfizer, Amgen, and others to begin a Phase 1 trial of its T cell engager CBI-1214 for colorectal cancer, marking its first clinical program. The biotech uses its ATLAS and SUMMIT AI platforms to discover precise tumor targets and reduce immunotherapy toxicity, while continuing an existing collaboration with Gilead on breast and lung cancer targets.
BridgeBio (SF) Spins Out GondolaBio with $300M to Advance 17 Rare Disease Programs
BridgeBio’s new private spinout GondolaBio now houses 17 rare disease assets — including a Phase 2 drug for erythropoietic protoporphyria (EPP) — with $300M in backing from Viking and Patient Square Capital. The move allows BridgeBio to separate early-stage discovery work from its later clinical portfolio, keeping rare disease programs alive amid an industry shift toward smaller, single-asset startups.
TCGX (SF) Raises $1.3B Fund to Back Late-Stage Biotechs
Venture capitalist Chen Yu closed TCGX Fund III at $1.3 billion to focus on later-stage, catalyst-driven biotechs with strong clinical data and near-term M&A potential. Yu’s team has completed 15 M&A exits from prior funds, including RayzeBio and Vicebio, and plans 10–20 investments per year in derisked programs, favoring solid data and realistic market potential over hype or early-stage science.
Recent Layoffs:
Sutro Biopharma (SF) Cuts One-Third of Workforce, Refocuses on ADC Pipeline
Sutro announced another round of layoffs, cutting one-third of its remaining staff after already halving its workforce earlier this year. The biotech will prioritize its next-generation exatecan ADC, STRO-004, expected to enter the clinic later this year, while delaying other programs and extending its cash runway into mid-2027.
Bolt Biotherapeutics (SF) Halves Workforce Again Amid Trial Delay
Bolt is cutting its staff by 50%—the second major layoff in two years—to extend its runway into 2027 after delaying data from its lead immunotherapy BDC-4182 to late 2026 due to a protocol change. The company, which is focusing on advancing immune-stimulating antibody conjugates (ISACs), continues collaborations with Genmab and Toray and is seeking a partner for its BDC-3042 program.
M&A, Deals, Partnerships:
Halozyme Therapeutics (SD) Acquires Elektrofi in $750M Deal to Expand Drug Delivery Tech
Halozyme is acquiring Boston-based Elektrofi for $750M upfront plus up to $150M in milestones, adding its Hypercon technology to create higher-concentration biologics for easier at-home injections. The deal broadens Halozyme’s partnerships with major pharma players (Roche, Lilly, BMS) and strengthens its drug delivery and royalty revenue model, with two Elektrofi-partnered products expected to enter the clinic by 2026.
Hinge Bio (SF) Licenses Lupus Drug to Japan’s Kyorin for $10M Upfront
Hinge Bio granted Kyorin Pharmaceutical the Japanese rights to its preclinical lupus drug HB2198, a dual CD19/CD20-targeting antibody created using Hinge’s GEM-DIMER platform. The deal includes $10M upfront and up to $95M in milestones, with Kyorin also contributing to global development and exploring HB2198 in other autoimmune diseases.
Algen Biotechnologies (SF) Strikes $555M AI Drug Discovery Deal with AstraZeneca
AstraZeneca will partner with Algen Biotechnologies to use its AI and CRISPR-based “AlgenBrain” platform to discover new drug targets in immunology, with potential milestone payments totaling up to $555 million. The collaboration gives AstraZeneca exclusive rights to develop and commercialize therapies from targets identified through the partnership, expanding its growing investment in AI-driven drug discovery.
FDA Approvals:
Arcutis Biotherapeutics (LA) Wins FDA Approval for ZORYVE® Cream in Young Children
The FDA approved Arcutis’ ZORYVE® (roflumilast) cream 0.05% for treating mild to moderate atopic dermatitis in children ages 2–5, marking the drug’s sixth approval in just over three years. The once-daily, steroid-free cream offers rapid relief for eczema symptoms and can be used safely on any part of the body for long-term management, with commercial launch expected by the end of October 2025.
Other Interesting News:
AnaptysBio (SD) Plans Split into Two Public Companies to Separate Pipeline and Royalty Assets
AnaptysBio is exploring a split into two publicly traded entities, separating its clinical pipeline—including rosnilimab, a T cell depleter nearing Phase 3—from its growing royalty assets. The move aims to unlock value from royalties tied to GSK’s Jemperli and Vanda’s imsidolimab, while allowing the pipeline business to pursue partnerships and fund late-stage trials independently.
Trump Administration Doubles AI Funding for Pediatric Cancer Research Despite NIH Cuts
The federal government will double funding for the NCI’s Childhood Cancer Data Initiative to $100M, part of a new executive order titled “Unlocking Cures for Pediatric Cancer with Artificial Intelligence.” The program will use AI to analyze health records and accelerate new diagnostics and treatments. The move follows massive NIH budget cuts under Trump’s administration — including the loss of over 3,500 research grants and the end of a 26-year pediatric brain tumor consortium — raising questions about the broader impact on U.S. biomedical research.
Skye Bioscience (SD) Reports Phase 2 Miss for Obesity Drug Nimacimab
Skye’s CB1 inhibitor nimacimab failed to significantly reduce weight as a monotherapy in a 136-patient Phase 2 study, with just 1.5% weight loss vs. 10% for semaglutide. However, the nimacimab–semaglutide combo achieved 13.2% weight loss and showed a clean safety profile, prompting Skye to explore higher dosing and a potential follow-up Phase 2a trial.
FDA Launches Program to Incentivize U.S.-Made Generic Drugs
The FDA announced a new pilot program that will fast-track review of generic drugs made with U.S.-sourced active pharmaceutical ingredients (APIs) and tested domestically, aiming to strengthen drug supply chain security and reduce reliance on foreign manufacturing. With over half of U.S. drug products currently made overseas, the program supports Trump administration efforts to onshore pharma production—though experts warn that tight margins could make it difficult for generic makers to shift manufacturing stateside.
