Cure's Biotech Funding Tracker 2026

April 2026

Coultreon Biopharma (formerly Onco3R Therapeutics)

Date: April 28 Series: Series A Amount: $125M Therapeutic Area: Autoimmune disease, oncology (bladder cancer, lung cancer, solid tumors) Modality: Oral small molecule (SIK3 inhibitor) Notable Investors: Sofinnova Investments and Forbion (co-leads); Novo Holdings, Galapagos, Regeneron Ventures, Balyasny Asset Management, Luma Group, Samsara BioCapital, Longwood Fund, Finchley Healthcare Ventures Brussels-based Coultreon Biopharma—relaunched from Onco3R Therapeutics, which was formed in June 2025 to rescue discarded Galapagos pipeline assets—closed a $125M Series A to advance COL-5671, an oral SIK3 inhibitor, from Phase 1 into Phase 2 in psoriasis and ulcerative colitis, with a proof-of-concept readout targeted for 2027. The pipeline also includes candidates for bladder cancer, lung cancer, and solid tumors. CEO Pierre Raboisson previously led discovery and preclinical development at Galapagos.

Tortugas Neuroscience

Date: April 21 Series: Seed + Series A (combined) Amount: $106M Therapeutic Area: Neurology/neuropsychiatry (schizophrenia, tinnitus, focal epilepsy, reversible encephalopathies) Modality: Oral small molecules (D2/D3 partial agonist/5-HT2A antagonist; GABA-PAM; GAT-1 inhibitor; PDE9 inhibitor) Notable Investors: Cure Ventures (seed lead, Series A co-lead); The Column Group and AN Venture Partners (Series A co-leads)

Framingham, Mass.-based Tortugas Neuroscience launched with $106M to advance four Phase 2-stage oral small molecules licensed from Eisai and Hansoh, targeting schizophrenia, tinnitus, focal epilepsy, and reversible encephalopathies. Led by Sage Therapeutics veterans Jeff Jonas, M.D. (CEO) and Al Robichaud, Ph.D. (Head of R&D).

Serif Biomedicines

Date: April 21 Series: Seed (initial investment) Amount: $50M Therapeutic Area: Multiple (platform-stage; protein replacement, in vivo T-cell engineering) Modality: Modified DNA therapeutics delivered via lipid nanoparticles Notable Investors: Flagship Pioneering

Cambridge, Mass.-based Serif Biomedicines launched with $50M from Flagship Pioneering to develop chemically modified DNA as a new therapeutic category, delivered via lipid nanoparticles rather than viral vectors, sidestepping the immune responses that limit traditional gene therapy.

Terremoto Biosciences

Date: April 15 Series: Series C Amount: $108M Therapeutic Area: Oncology (solid tumors with PIK3CA, AKT, or PTEN mutations), rare vascular disease (HHT) Modality: Lysine-targeted covalent small molecules (AKT1-selective inhibitors) Notable Investors: RA Capital Management, Deep Track Capital, Osage University Partners, BeOne Medicines (new); OrbiMed, Third Rock Ventures, Novo Holdings, Cormorant Asset Management (existing)

South San Francisco- and San Diego-based Terremoto Biosciences closed a $108M Series C to fund Phase 1 studies of its AKT1-selective inhibitor pipeline. Lead asset TER-2013 is in the clinic for solid tumors with PIK3CA, AKT, or PTEN mutations; TER-4480 is on track to enter Phase 1 for hereditary hemorrhagic telangiectasia later in 2026. Terremoto’s platform targets lysine rather than the cysteine used in conventional covalent drugs, expanding the universe of druggable proteins. The Series C follows a $75M Series A in 2022 and a $175M Series B in 2023.

Beeline Medicines

Date: April 15 Series: Series A Amount: $300M Therapeutic Area: Immunology/autoimmune (lupus, atopic dermatitis, plaque psoriasis) Modality: Oral small molecules and biologics (TLR7/8 inhibitor, IL-2-CD25 fusion protein, TYK2 inhibitor, preclinical IL-10 and IL-18 biologics) Notable Investors: Bain Capital (lead)

Beeline Medicines launched from stealth with a $300M Series A and five autoimmune programs licensed from Bristol Myers Squibb, led by CEO Saqib Islam and President/COO Badreddin Edris, Ph.D., both formerly of SpringWorks Therapeutics (acquired by Merck KGaA for $3.9B in 2025). Lead program afimetoran is a once-daily oral TLR7/8 inhibitor with an ongoing Phase 2 in lupus and a pivotal trial to follow. The pipeline also includes BMS-986326, an IL-2-CD25 fusion protein in Phase 1b for atopic dermatitis and lupus; lomedeucitinib, an oral TYK2 inhibitor in Phase 2 for plaque psoriasis; and two preclinical biologics targeting IL-10 and IL-18.

Vivatides Therapeutics

Date: April 10 Series: Series A (oversubscribed) Amount: $54M Therapeutic Area: Multiple (extrahepatic indications: hyperlipidemia, hypertension, oncology) Modality: RNA therapeutics (siRNA + antisense oligonucleotides) with proprietary extrahepatic delivery platform Notable Investors: Qiming Venture Partners and an unnamed "leading industry fund" (co-leads); Highlight Capital, TF Capital (new); Apricot Capital (existing, seed round)

Suzhou, China and Boston-based Vivatides closed an oversubscribed $54M Series A, completing both seed and Series A within a year of its 2025 founding, to advance its extrahepatic delivery platform for RNA therapeutics. The company is targeting a frontier where RNA drugs have largely been confined to the liver, with applications in hyperlipidemia, hypertension, and oncology, and capabilities spanning both siRNA and antisense oligonucleotides.

Sidewinder Therapeutics

Date: April 8 Series: Series B Amount: $137M (oversubscribed; total raised to date: $162M) Therapeutic Area: Oncology (solid tumors) Modality: Bispecific antibody-drug conjugates (ADCs) Notable Investors: Frazier Life Sciences and Novartis Venture Fund (co-leads); OrbiMed (sole Series A investor), Life Sciences at Goldman Sachs Alternatives, DCVC Bio, Samsara BioCapital, Longwood Fund, Astellas Venture Management, Alexandria Venture Investments

San Diego-based Sidewinder raised an oversubscribed $137M Series B to push its bispecific ADC platform toward the clinic. The company's bispecifics are designed to target receptor co-complexes highly expressed on certain solid tumors, pairing an oncogenic driver receptor with an internalizing receptor to improve tumor specificity while sparing healthy tissue. Lead asset SWT012 is on track for an IND filing by the end of 2026, with indications of focus including squamous cell carcinomas in the lung, head and neck cancers, and gastrointestinal cancers. Sidewinder has also partnered with Lonza to apply Synaffix's site-specific linker-payload platform.

Life Biosciences

Date: April 8 Series: Series D Amount: $80M (fully-subscribed) Therapeutic Area: Diseases of aging (lead indication: optic neuropathies, open-angle glaucoma and NAION) Modality: Partial Epigenetic Reprogramming (PER) platform using OCT4, SOX2, KLF4 (OSK) transcription factors Notable Investors: Not disclosed

Boston-based Life Biosciences closed a fully-subscribed $80M Series D to fund its recently initiated Phase 1 clinical trial of ER-100 in open-angle glaucoma and non-arteritic anterior ischemic optic neuropathy (NAION), plus broader work on its Partial Epigenetic Reprogramming platform, which aims to restore aged and damaged cells to a younger state via three transcription factors (OCT4, SOX2, KLF4). The funding extends the runway into the second half of 2027. CEO Jerry McLaughlin leads the company.

Stipple Bio

Date: April 6 Series: Series A (heavily oversubscribed) Amount: $100M (funds operations into 2029) Therapeutic Area: Oncology (precision oncology: solid tumors, tumor-specific epitope targeting) Modality: Epitope-targeted antibody-drug conjugates (Pointillist Platform) Notable Investors: RA Capital, a16z Bio+Health, Nextech Invest (co-leads, all new); Emerson Collective Investments (managed by Yosemite), GV (Google Ventures), LoLa Capital Partners, GordonMD Global Investments (existing)

Cambridge, Mass.-based Stipple Bio emerged from stealth with a heavily oversubscribed $100M Series A to advance STP-100, a novel antibody-drug conjugate designed to bind tumor-specific cell surface epitopes while sparing healthy tissue. The company's Pointillist Platform targets epitopes, distinct folded, glycosylated, or processed versions of proteins found on tumor cells but not on the same protein in healthy tissue, rather than the broader protein-level differential expression that drives on-target/off-tumor toxicity in conventional ADCs. STP-100 is expected to enter clinical studies in early 2027. Stipple was founded in 2022 by Aaron Ring, MD, PhD (Fred Hutch) and Aashish Manglik, MD, PhD (UCSF); CEO is Jeff Landau. Greg Verdine, PhD (Parabilis/FogPharma founder) sits on the board.

Beacon Biosignals

Date: April 6 Series: Series B extension (original $86M close announced November 2025) Amount: $97M Series B total ($132M+ cumulative company funding) Therapeutic Area: Brain health (neurology, psychiatry, sleep medicine) Modality: FDA-cleared wearable EEG (Waveband device) + AI analytics platform Notable Investors: Extension (new): JSL Health, Palo Santo VC, Kicker Ventures, Samsung Next. Initial Series B: Innoviva, GV (Google Ventures), S32, Catalio Capital Management, General Catalyst, Logos Capital, Casdin Capital, Indicator Ventures, Nexus NeuroTech Ventures, Takeda

Boston-based Beacon Biosignals extended its Series B to $97M, bringing cumulative funding past $132M, to scale its FDA-cleared wearable EEG platform (Waveband, formerly Dreem 3S) paired with AI analytics. The company targets neurology, psychiatry, and sleep medicine, with applications spanning diagnostics, biomarker development, and biopharma clinical trial support. CEO Jacob Donoghue.

March 2026

Ambrosia Biosciences

Date: March 31 Series: Series B (oversubscribed) Amount: $100M Therapeutic Area: Cardiometabolic (obesity) Modality: Oral small-molecule metabolic GPCR modulators (GLP-1, GIP, amylin) Notable Investors: Blue Owl Healthcare Opportunities, Redmile, Deep Track Capital (co-leads, all new); Janus Henderson, Samsara BioCapital (new); BVF Partners, Boulder Ventures

Boulder, Colo.-based Ambrosia closed a $100M Series B to take its lead oral small-molecule GLP-1 agonist into Phase 1, with additional portfolio programs targeting GIP and amylin. The company, chaired by Array BioPharma founder Kyle Lefkoff, is positioning its small-molecule approach as a differentiated alternative to peptide-based GLP-1 therapies like Novo Nordisk's Wegovy (recently approved in oral form) and Lilly's orforglipron, with emphasis on combinability across its pipeline.

Pinnacle Medicines

Date: March 26 Series: Series B (oversubscribed) Amount: $89M ($134M raised to date) Therapeutic Area: Immunology and cardiometabolic diseases Modality: Oral peptide therapeutics (AI- and physics-based discovery platform) Notable Investors: LAV and Foresite Capital (co-leads); Quan Capital, Hankang Capital, RA Capital Management, Logos Capital (new); OrbiMed (existing/incubation investor)

Pinnacle Medicines, an OrbiMed-incubated biotech with offices in Shanghai and Doylestown, Pa., closed an oversubscribed $89M Series B to advance its oral peptide pipeline through clinical proof of concept. Pinnacle uses an AI- and physics-based platform to design orally bioavailable peptide drugs that aim to deliver biologic-level efficacy with small-molecule-style convenience, with initial focus on immunology and cardiometabolic diseases. Per trade coverage, the lead program is on track to enter the clinic in asthma and COPD. The round brings total funding to $134M since the company's 2024 founding.

Gilgamesh Pharma

Date: March 24 Series: Series A (oversubscribed, first formal capital raise for the spinout) Amount: $60M Therapeutic Area: Neuropsychiatry (MDD, neuropsychiatric/neurological disorders) Modality: Small molecules (novel chemical entities), including oral NMDA antagonist Notable Investors: Satori Neuro (lead); Prime Movers Lab and other new and existing institutional investors

New York-based Gilgamesh Pharma, the spinout formed in 2025 after AbbVie’s acquisition of Gilgamesh Pharmaceuticals and its lead psychedelic-derived asset bretisilocin (a deal worth up to $1.2B), closed its first formal raise at $60M to advance its remaining pipeline. Lead program blixeprodil (formerly GM-1020) is an oral non-competitive NMDA receptor antagonist that recently posted positive Phase 2 data in MDD and is on track for late-stage studies this year. Second program GM-3009, a cardio-safe ibogaine analog, is expected to enter Phase 1 later in 2026. The company also continues its AbbVie collaboration on neuroplastogen therapeutics.

Oryon Cell Therapies

Date: March 23 Series: Series A tranche (stealth emergence) Amount: $21M (brings total Series A equity and grants to $42M) Therapeutic Area/Type: Neurology (Parkinson’s disease and other neurodegenerative disorders) Modality: Autologous neuron replacement cell therapy (iPSC-derived dopaminergic neurons) Notable Investors: Neuro.VC, Byers Capital, and others

Belmont, Mass.-based Oryon emerged from stealth with a new $21M Series A tranche, bringing total funding in equity and grants to $42M. The company develops autologous dopaminergic neuron replacement therapies derived from patients’ own iPSCs, with a lead Parkinson’s program in a Phase 1b/2a trial at Brigham & Women’s Hospital/Harvard Medical School. Interim data presented at AD/PD 2026 showed motor improvements alongside neuroimaging evidence of restored dopaminergic signaling. Former Acorda Therapeutics founder Ron Cohen, M.D., was also appointed CEO.

Earendil Labs

Date: March 20 Series: “Financing rounds” (not a single named series) Amount: $787M Therapeutic Area: Oncology, autoimmune, inflammatory diseases Modality: AI-designed antibodies and biologics (bispecifics, T cell engagers, dual-targeting ADCs) Notable Investors: Dimension Capital, DST Global, INCE Capital, Luminous Ventures, Miracle Capital, Sanofi, Biotech Development Fund (Hillhouse + Pfizer)

Wilmington, Del.-based Earendil Labs announced $787M in combined financing to scale an AI-native biologics discovery and development platform that has already produced 40+ programs, led by HXN-1001, a half-life-extended anti-TL1A antibody that dosed its first patient in a Phase 2a ulcerative colitis trial in early April. The company holds two separate collaborations with Sanofi, including a worldwide exclusive license for next-generation bispecifics HXN-1002 and HXN-1003 in autoimmune and IBD indications.

Crossbow Therapeutics

Date: March 18 Series: Series B Amount: $77M Therapeutic Area: Oncology (hematologic and solid tumors) Modality: T-cell engagers (TCR-mimetic antibodies, “T-Bolt” platform) targeting peptide-HLA Notable Investors: Taiho Ventures, Arkin Bio Capital (co-leads); Sixty Degree Capital, Hamilton Square Partners, LifeLink Ventures, Libbs Ventures, Blood Cancer United’s TAP (new); MPM BioImpact, Pfizer Ventures, BVF Partners, Polaris Partners, Eli Lilly, Mirae Asset (existing)

Cambridge, Mass.-based Crossbow raised $77M to advance T-Bolt, a platform of TCR-mimetic antibodies that engage T cells against peptide-HLA complexes on cancer cells, designed to reach intracellular targets that conventional antibodies can’t access. Lead asset CBX-250 is in a Phase 1 trial (CROSSCHECK-001) in relapsed/refractory AML, CML, MDS, and CMML, with initial data due by year-end 2026. Second asset CBX-663, targeting a TERT-derived pHLA reportedly found in ~95% of cancers, is IND-ready with Phase 1 initiation projected Q3 2026.

R1 Therapeutics

Date: March 17 Series: Series A Amount: $77.5M (oversubscribed) Therapeutic Area: Nephrology (hyperphosphatemia in dialysis patients with chronic kidney disease) Modality: Small molecule, pan phosphate transporter inhibitor (in-licensed from China’s Alebund Pharmaceuticals) Notable Investors: Abingworth, DaVita Venture Group, F-Prime (co-leads); Curie.Bio, SymBiosis, U.S. Renal Care

Redwood City, Calif.-based R1 Therapeutics launched with an oversubscribed $77.5M Series A to develop AP306, a first-in-class pan phosphate transporter inhibitor licensed from China’s Alebund Pharmaceuticals (with exclusive global rights outside Greater China). Unlike existing phosphate binders that block passive transport, AP306 is the only agent designed to block active phosphate transport for hyperphosphatemia in CKD patients on dialysis. A global Phase 2b study is planned to start later in 2026. R1 is led by co-founder, president and CEO Krishna Polu, with former SpringWorks CDO L. Mary Smith as COO.

Vima Therapeutics

Date: March 11 Series: Series A extension Amount: $40M extension ($100M total Series A, building on $60M May 2025 launch) Therapeutic Area: Neurology (isolated dystonia, Parkinson’s disease) Modality: Once-daily oral selective muscarinic cholinergic receptor antagonist (combination) Notable Investors: Frazier Life Sciences (new); Atlas Venture, Access Industries, Canaan Partners (existing)

Cambridge, Mass.-based Vima closed a $40M Series A extension, bringing the round to $100M, to fund parallel Phase 2 proof-of-concept studies of VIM0423, an oral selective muscarinic cholinergic receptor antagonist with FDA Fast Track for isolated dystonia. The Stride Dystonia Phase 2 dosed its first patient on the same day as the financing announcement; the Parkinson’s Phase 2 is expected to start mid-2026, with topline from both anticipated H1 2027. CEO and founder Bernard Ravina, MD, is a neurologist. The drug’s approach is conceptually adjacent to Karuna/Bristol-Myers Squibb’s Cobenfy, which gained FDA approval via selective muscarinic targeting.

Atavistik Bio

Date: March 5 Series: Series B extension Amount: $40M ($160M total round) Therapeutic Area: Oncology, rare vascular (HHT), MPNs Modality: Allosteric small-molecule therapies Notable Investors: RA Capital Management, Nextech Invest, The Column Group, Lux Capital, Regeneron Ventures

Atavistik’s $40M Series B extension takes its total round to $160M. The proceeds back ATV-1601, an AKT1-selective oral inhibitor heading into a Phase 1 trial for hereditary hemorrhagic telangiectasia in H1 2026, plus a JAK2 V617F-selective inhibitor for myeloproliferative neoplasms.

Poplar Therapeutics

Date: March 3 Series: Series A extension Amount: $45M extension ($95M total Series A) Therapeutic Area: Immunology (food allergy, atopic conditions) Modality: Anti-IgE monoclonal antibody (triple-action mechanism) Notable Investors: Janus Henderson Investors (lead); RA Capital Management (new investor); SR One, Vida Ventures, ArrowMark Partners affiliates (existing investors)

Cambridge, Mass.-based Poplar (formerly Phylaxis Bioscience) closed a $45M Series A extension, bringing its total Series A to $95M, to advance PHB-050 through Phase 2 clinical trials. The triple-action anti-IgE antibody is being developed for multiple atopic conditions including food allergy, asthma and atopic dermatitis, with an ongoing Phase 1 remaining on track and results expected in the second half of 2026.

February 2026

Slate Medicines

Date: February 24 Series: Series A Amount: $130M Therapeutic Area: Neurology (migraine) Modality: Anti-PACAP monoclonal antibody Notable Investors: RA Capital Management, Forbion, Foresite Capital (plus an unnamed biotech investor)

Raleigh, N.C.-based Slate launched with $130M to develop SLTE-1009, an anti-PACAP monoclonal antibody in-licensed from China’s DartsBio. PACAP is a migraine-driving neuropeptide that sits outside the CGRP pathway targeted by existing preventives. Phase 1 begins mid-2026.

Altesa BioSciences

Date: February 19 Series: Series B (oversubscribed) Amount: $75M Therapeutic Area: Respiratory (COPD, rhinovirus) Modality: Oral rhinovirus capsid inhibitor (small molecule) Notable Investors: Forbion (lead); Sanofi (new); Medicxi, Pitango, Atlantic Partners (existing)

Atlanta-based Altesa closed a $75M oversubscribed Series B to fund the CARDINAL Phase 2b trial of vapendavir, a rhinovirus capsid inhibitor, in 900 COPD patients across the US and UK, with initiation expected Q2 2026. Vapendavir targets rhinovirus, a major trigger of COPD exacerbations, and has shown activity against RV-A, RV-B, and RV-C in recent work. Potential expansion into asthma. CEO Brett Giroir, MD, is a former Acting FDA Commissioner.

ILiAD Biotechnologies

Date: February 9 Series: Series B Amount: $115M Therapeutic Area: Infectious disease (pertussis) Modality: Live attenuated intranasal vaccine Notable Investors: RA Capital Management, Janus Henderson Investors, BNP Paribas Asset Management Alts

Florida-based ILiAD raised an oversubscribed $115M Series B for BPZE1, a live attenuated intranasal whooping-cough vaccine designed to block infection and transmission rather than just symptoms. A pivotal human-challenge trial launches in 2026.

QuantX Biosciences

Date: February 9 Series: Series B Amount: $85M (oversubscribed; brings total raised to $130M) Therapeutic Area: Immunology/inflammation Modality: Oral small molecules (physics-based computational discovery platform) Notable Investors: LAV (Lilly Asia Ventures) and Sanofi Ventures (co-leads); Hongshan; existing investors including OrbiMed and Creacion Ventures (prior incubators)

QuantX, headquartered in Princeton, N.J. with a Shanghai presence, closed an oversubscribed $85M Series B to advance two best-in-class oral small molecules, a STAT6 inhibitor and an IL-17 inhibitor, into clinical development for immunology and inflammatory diseases. The biotech uses a computational drug discovery platform merging physics-based and statistical modeling, and was previously incubated by OrbiMed and Creacion Ventures. Per trade coverage, the STAT6 program is expected to enter Phase 1 in Q4 2026, with IL-17 to follow in Q1 2027.

January 2026

TRexBio

Date: January 27 Series: Series B extension Amount: $50M Therapeutic Area: Immunology (atopic dermatitis) Modality: Tissue-targeted Treg therapeutics (TNFR2 agonist) Notable Investors: Janus Henderson Investors, Balyasny Asset Management, Affinity Asset Advisors, Alexandria Venture Investments, Avego BioScience Capital, Delos Capital, Eli Lilly and Company, Johnson & Johnson Innovation – JJDC, Pfizer Ventures, Polaris Partners, SV Health Investors

TRexBio closed an oversubscribed $50M Series B extension to advance TRB-061, a TNFR2 agonist, through a Phase 1a/b in atopic dermatitis. The approach selectively activates regulatory T cells in disease-relevant tissues. Two additional wholly owned programs are expected to enter Phase 1 in 2027.

CORXEL Pharmaceuticals

Date: January 22 Series: Series D1 Amount: $287M Therapeutic Area: Cardiometabolic (obesity, Type 2 diabetes) Modality: Oral small-molecule GLP-1 receptor agonist Notable Investors: RTW Investments, SR One Capital Management, TCG Crossover (TCGX), RA Capital Management, HBM Healthcare Investments, SymBiosis, Adage Capital Management, Invus, SilverArc Capital

CORXEL raised up to $287M to advance CX11, a non-injectable oral GLP-1 receptor agonist, through Phase 2 in the US while a Phase 3 runs in China. Additional cardiometabolic candidates for hypertension and acute ischemic stroke are in the pipeline.

Mendra

Date: January 21 Series: Series A (oversubscribed) Amount: $82M Therapeutic Area: Rare diseases (portfolio aggregator model) Modality: AI-augmented rare disease drug developer (acquire-and-develop strategy across multiple modalities) Notable Investors: OrbiMed, 8VC, 5AM Ventures (co-leads); Lux Capital, Wing VC (participants)

San Francisco-based Mendra launched with an oversubscribed $82M Series A under a different model than a typical biotech, rather than developing a single asset, the company will acquire high-potential rare disease programs and layer on AI-enabled tools for asset selection, patient identification, clinical trial enrollment, and global commercialization. The company was founded in 2025 by 8VC and 5AM and is led by BioMarin veterans including CEO Joshua Grass (formerly CEO of Escient Pharmaceuticals and Modis Therapeutics) and CCO Jeff Ajer (former BioMarin CCO). Mendra plans to bring its first asset in-house within 12 months.

Caldera Therapeutics

Date: January 14 Series: Series A + Series A-1 Amount: $112.5M ($75M Series A + $37.5M Series A-1) Therapeutic Area: Immunology (IBD) Modality: Bispecific antibody (IL-23p19 × TL1A) Notable Investors: Atlas Venture, LAV, venBio, Omega Funds, Wellington Management, Janus Henderson Investors Caldera launched with $112.5M and first-in-human dosing for CLD-423, a bispecific antibody targeting IL-23p19 and TL1A for inflammatory bowel disease.

Proxima (formerly VantAI)

Date: January 13 Series: Seed Amount: $80M Therapeutic Area: Multiple (AI-driven platform) Modality: AI-designed PROTACs and molecular glues (proximity-based) Notable Investors: DCVC (lead), NVentures (NVIDIA), Braidwell, Roivant, AIX Ventures, Yosemite, Magnetic Ventures, Alexandria Venture Investments, Modi Ventures

Proxima (the renamed VantAI) raised an oversubscribed $80M seed to build an AI-native proximity-therapeutics engine. The platform pairs NeoLink structural data with Neo AI models to design PROTACs and molecular glues; the first partnered program is expected to enter the clinic in 2026.

Kinaset Therapeutics

Date: January 10 Series: Series B (oversubscribed) Amount: $103M Therapeutic Area: Respiratory (severe asthma, including non-eosinophilic phenotype) Modality: Inhaled pan-JAK inhibitor (JAK1, JAK2, JAK3, TYK2) delivered as dry powder Notable Investors: RA Capital Management, Forge Life Science Partners (co-leads, new); EQT Life Sciences, Vivo Capital, Schroders Capital, Willett Advisors, Pictet Alternative Advisors, Sixty Degree Capital (new); Atlas Venture, 5AM Ventures, Gimv (existing)

Boston-based Kinaset closed an oversubscribed $103M Series B to advance frevecitinib (KN-002), an inhaled pan-JAK inhibitor, through a Phase 2 dose-ranging study in severe asthma. The dry powder is designed to deliver therapeutic concentrations directly to the lungs while minimizing systemic JAK exposure, and because it hits all four JAK family kinases, it could work across both Th2- and Th1-driven disease, including the non-eosinophilic asthma patients who are underserved by current biologics.

AirNexis Therapeutics

Date: January 9 Series: Series A Amount: $200M Therapeutic Area: Respiratory (COPD) Modality: Dual PDE3/4 inhibitor (inhaled) Notable Investors: Frazier Life Sciences, OrbiMed, Life Sciences at Goldman Sachs Alternatives, SR One, Longitude Capital, Enavate Sciences AirNexis launched with $200M and ex-China rights to AN01 (HSK39004), a Phase 2 dual PDE3/4 inhibitor licensed from Haisco. The drug combines bronchodilation with anti-inflammatory activity, and will be developed as both an inhalation suspension and dry-powder inhalation.

Parabilis Medicines

Date: January 8 Series: Series F (oversubscribed) Amount: $305M Therapeutic Area: Oncology (desmoid tumors, Wnt/β-catenin-driven cancers, prostate cancer) Modality: Helicon peptides and Helicon degraders (cell-penetrant alpha-helical peptides targeting intracellular “undruggable” proteins) Notable Investors: RA Capital Management, Fidelity Management & Research Company, Janus Henderson Investors (co-leads); Frazier Life Sciences, Soleus Capital (new investors); venBio Partners, Cormorant Asset Management, Nextech Invest, ARCH Venture Partners, GV, T. Rowe Price Associates, Samsara BioCapital, Foresite Capital, among others (existing)

Cambridge, Mass.-based Parabilis (formerly FogPharma) closed an oversubscribed $305M Series F to push FOG-001 (zolucatetide), its lead Helicon peptide and the first direct inhibitor of the β-catenin:TCF interaction, toward a registrational trial in desmoid tumors. The financing also supports continued Phase 1/2 evaluation across other Wnt/β-catenin-driven tumors and advances preclinical Helicon degrader programs targeting ERG and allosteric ARON in prostate cancer. Zolucatetide holds FDA Fast Track designation for desmoid tumors (November 2025) and later received Orphan Drug designation in March 2026.

EpiBiologics

Date: January 8 Series: Series B Amount: $107M Therapeutic Area: Oncology, immunology Modality: Bispecific antibodies (extracellular protein degraders) Notable Investors: GV, Johnson & Johnson Innovation – JJDC, Novartis Venture Fund, Aulis Capital, Avego BioScience Capital, Samsara BioCapital, Polaris Partners, Digitalis Ventures, Taiho Ventures, Vivo Capital, Codon Capital, Mission BioCapital

EpiBiologics raised $107M for a pipeline of bispecifics that selectively degrade extracellular proteins. Lead program EPI-326 aims to degrade oncogenic EGFR while sparing healthy tissue; first-in-human trials in EGFR-driven NSCLC and head-and-neck cancer begin in early 2026.

Diagonal Therapeutics

Date: January 8 Series: Series B Amount: $125M Therapeutic Area: Rare vascular disease (HHT, PAH) Modality: Clustering antibody (ALK1 signaling) Notable Investors: Sanofi Ventures, Janus Henderson Investors, Deep Track Capital, EcoR1 Capital, Logos Capital, Balyasny Asset Management, Woodline Partners, Atlas Venture, BVF Partners, Lightspeed Venture Partners, RA Capital Management, Frazier Life Sciences

Diagonal raised $125M to take DIAG723, a clustering antibody that corrects dysregulated ALK1 signaling, into first-in-human testing in hereditary hemorrhagic telangiectasia (HHT) in H1 2026.

Poplar Therapeutics

Date: January 7 Series: Series A Amount: $50M (initial; round later extended to $95M total in March) Therapeutic Area: Immunology (food allergy, atopic conditions) Modality: Anti-IgE monoclonal antibody (triple-action mechanism) Notable Investors: SR One, Vida Ventures, Platanus (all co-leading the initial round)

Boston-based Poplar Therapeutics (formerly Phylaxis Bioscience) kicked off 2026 with a $50M Series A to advance PHB-050, a next-gen anti-IgE antibody with a triple-action mechanism, blocking IgE from binding mast cells, rapidly reducing circulating IgE, and inhibiting IgE production. The ongoing Phase 1 trial is expected to read out in the second half of 2026. PHB-050 targets food allergy, asthma, atopic dermatitis, and select orphan immunology indications. The round was extended in March to a $95M Series A total.

Mediar Therapeutics

Date: January 7 Series: Series B (oversubscribed) Amount: $76M Therapeutic Area/Type: Fibrosis (systemic sclerosis/skin, idiopathic pulmonary fibrosis/lung, CKD-associated fibrosis/kidney) Modality: First-in-class antibody therapeutics targeting EphrinB2 (MTX-474), WISP1 (MTX-463), and SMOC2 (MTX-439) Notable Investors: Amplitude Ventures and ICG (co-leads); Longwood Fund, Asahi Kasei Pharma Ventures, Alexandria Real Estate Trust (new); existing Series A investors also participating

Boston-based Mediar raised an oversubscribed $76M Series B and initiated the EncompaSSc Phase 2a global study of MTX-474, an EphrinB2-neutralizing antibody, in systemic sclerosis. Partner Lilly is running a Phase 2a study of MTX-463, a WISP1 antibody, in idiopathic pulmonary fibrosis. The third program, MTX-439, a SMOC2 antagonist, is progressing toward first-in-human evaluation for CKD-associated fibrosis.

Corsera Health

Date: January 7 Series: Series A Amount: $80M Therapeutic Area: Cardiovascular (prevention) Modality: siRNA (RNAi) Notable Investors: Forbion, Population Health Partners (co-founder and co-CEO John Maraganore participating)

Corsera closed an $80M Series A, an AI risk-prediction platform (Klotho), and first-dose milestones for COR-1004, a PCSK9-targeting siRNA designed for once-yearly subcutaneous dosing to lower LDL cholesterol. A Phase 1 of AGT-targeting COR-2003 for hypertension follows in mid-2026.