Follow the Money: Teaching AI Physics, AI-Powered Digital Twins of Cells, More

$161M: Series B for Autoimmune Dysregulation  

Nuvig Therapeutics closed a $161 million Series B financing. Nuvig aims to deliver novel methods for reducing autoimmune dysregulation without immunosuppression. Lead candidate NVG-2089, a first-in-class, recombinant, Fc fragment immunomodulator, is engineered to bind type II Fc receptors and engage an endogenous regulatory mechanism that improves autoimmune dysregulation. The proceeds from the Series B financing will support clinical proof-of-concept studies for NVG-2089 and advance Nuvig’s preclinical pipeline. The company is progressing NVG-2089 to Phase 2 clinical development in chronic inflammatory demyelinating polyneuropathy (CIDP) and other undisclosed indications for which there is high unmet need for non-immunosuppressive, efficacious new therapies.

$135M: Series B for First-in-Class ADC Pipeline 

Adcendo has closed an oversubscribed $135 million Series B financing round. Proceeds will be used to advance, broaden, and accelerate the development of the company's first-in-class ADC pipeline, including the ADCE-T02 (Tissue Factor ADC), ADCE-D01 (uPARAP ADC), ADCE-B05, and A0401 programs. Adcendo specializes in developing treatment for underserved cancers.

$130M: Series C for AI, Natural Compounds Platform 

Enveda announced an oversubscribed $130 million Series C funding round. Enveda is pioneering a "sequencer" for life's chemistry, an AI-powered platform that combines metabolomics data with machine learning and high-throughput biological experiments to answer two fundamental questions of any natural sample at scale: (1) What are the molecules? and (2) What do they do? In just four years, Enveda’s platform has characterized the structure and function of over 1 million natural compounds, creating the largest known natural product dataset custom-built for modern drug discovery workflows. The new funding will enable Enveda to deliver clinical catalysts in 2025 and 2026 across multiple programs with strong commercial opportunities, continue advancing their deep pipeline of 10 development candidates and multiple discovery programs. This news comes on the heels of the company’s first clinical trial and announcement of a foundation model for metabolomics trained on the world’s largest collection of experimental mass spectra.

$120M: Series C for Musculoskeletal Disease  

Angitia Biopharmaceuticals has closed a $120 million Series C financing round that will support Angitia’s robust pipeline of novel, differentiated treatments for serious musculoskeletal diseases. Angitia is advancing AGA2118 and AGA2115, bispecific antibodies targeting sclerostin and DKK1, through clinical development for osteoporosis and osteogenesis imperfecta (OI), respectively. The two molecules represent the next generation of dual-acting treatments for skeletal disease, increasing bone formation, and decreasing bone resorption. With these two bispecifics, Angitia seeks to promote stronger, more organized skeletal development in patients. Angitia is also developing AGA111, a biologic to promote spinal fusion in patients with degenerative disc disease.

$115M: Series D for Kidney Disease Treatments 

Maze Therapeutics closed a $115 million Series D financing. This latest funding will support the advancement of Maze’s lead programs, MZE829 and MZE782. MZE829, an oral, APOL1 inhibitor, is being evaluated as a treatment for APOL1 kidney disease (AKD), including in patients with focal segmental glomerulosclerosis (FSGS), with a Phase 2 trial expected to begin by the first quarter of 2025. MZE782 is an oral SCL6A19 inhibitor that Maze is evaluating in a Phase 1 healthy volunteer trial with plans to evaluate it as a treatment for chronic kidney disease (CKD), as well as phenylketonuria (PKU). Data from the Phase 1 trial is expected in the second half of 2025.

$90M: Series B for Monoclonal Antibody for Neutrophil Extracellular Traps 

Citryll has closed an oversubscribed €85 million (approx. $89.9 million) Series B fundraise. The funding will enable next steps for the clinical development of CIT-013, a first-in-class monoclonal antibody which targets Neutrophil Extracellular Traps (NETs), a fundamental component of the inflammatory process that has yet to be addressed therapeutically. NETs are web-like structures composed of DNA, histones, and antimicrobial proteins, released by neutrophils to trap and degrade pathogens. Excessive NET formation can contribute to tissue damage and chronic inflammation in various immune-mediated inflammatory disorders.

$84M: Series A for GLP-1 Alternatives 

Antag Therapeutics has closed an €80 million (approx. $83.9 million) Series A financing. The funds will support the clinical development of AT-7687, a novel, once-weekly subcutaneous antagonist of the Glucose-Dependent Insulinotropic Polypeptide Receptor (GIPR) and fuel the expansion of Antag's pipeline of monthly injectable therapies. GLP-1-based therapies have revolutionized obesity management, but for some patients can cause tolerability issues, loss of muscle mass, and suboptimal weight-loss. This highlights the need for complementary pharmacological approaches.

$60M: Series E for Expansion of Insulin Delivery System 

Beta Bionics closed a $60 million Series E financing round. Beta Bionics' flagship product, the iLet Bionic Pancreas, is an autonomous insulin delivery system that streamlines diabetes management and reduces the burden on patients, caregivers, and physicians. Proceeds from the financing will support expanded commercialization of the iLet and development of the product pipeline as Beta Bionics works towards improving health outcomes and the quality of life of children and adults living with diabetes and other conditions of glycemic dysregulation.

$57M: Series A for Antibody Platform  

ATB Therapeutics has received a €54 million (approx. $57 million) Series A funding round from EQT Life Sciences. The funds are aimed at accelerating the clinical development of a groundbreaking therapeutic antibody pipeline derived from its proprietary ATBioFarm platform, as well as accelerating development of its unique weaponized antibodies for oncology and immunology applications. ATB's research and development operations will be extended to Ghent, Belgium, and will continue in Marche-en-Famenne, Belgium, where the company is setting up a cutting-edge pilot manufacturing facility.

$53M: Series C for TGF-beta and Protein Engineering 

35Pharma closed an oversubscribed $53 million Series C financing.  The company plans to use the proceeds to advance its pipeline of Activin and GDF inhibitors, HS135 for pulmonary hypertension and HS235 for cardiometabolic disease and obesity. Drawing from its expertise in TGF-beta biology and protein engineering, 35Pharma has developed two clinical-stage assets with the potential for best-in-class efficacy and safety.

$42M: Series A for Global Expansion of Bispecific Antibody and ADC Pipeline 

Allink Biotherapeutics closed a $42 million Series A financing. The proceeds will be used to advance global clinical development of lead candidates ALK201 and ALK202 through Phase 1 studies in Australia, the United States, and China; enrichment of current portfolio by developing multiple highly competitive new assets in oncology and immunology; further development of the company's proprietary bispecific antibody and ADC technology platform; and global footprint expansion.

$41M: Financing for Antibody to Treat Solid Tumors 

KisoJi Biotechnology has raised $41 million in equity. The funds will be used to advance its lead asset, KJ-103, the first potent naked antibody against TROP2, into the clinic to treat solid tumors.  Funds will also be used to deploy its cutting-edge antibody discovery platform towards new multi-specific therapeutic antibody drugs in cardiometabolic disease, as well as immunology and inflammation. The company also plans to use the proceeds to support the deployment of their antibody discovery platform, including the first of its kind antibody paratope map (KisoSeek) that effectively visualizes an immune response against a given target.

$38M: Financing for Teaching Physics to GenAI Platform 

AQEMIA has closed a $38 million funding. The proceeds will be used to advance AQEMIA’s technology platform—teaching quantum-inspired, atomic-scale physics to generative AI—to transform drug discovery and design innovative and safe small-molecule drugs with high efficiency. By teaching theoretical physics to the generative AI, AQEMIA does not need experimental data to train on, unlocking truly innovative molecular designs, further away from existing molecules—a key challenge for genAI today. The company is also beginning its global expansion, starting with London.

$35M: Series B for Trigeminal Neuralgia, Tuberous Sclerosis Complex 

Noema Pharma closed a CHF 27 million (approx. $35 million) Series B extension financing round. The new financing will support Noema Pharma’s four active Phase 2 trials, with key data readouts anticipated in 2025. This includes additional development activities for basimglurant (NOE-101), an mGluR5 negative allosteric modulator currently in Phase 2 trials for severe pain in trigeminal neuralgia (TN) and seizures in tuberous sclerosis complex (TSC); gemlapodect (NOE-105), a PDE10a inhibitor in a Phase 2b trial for Tourette syndrome and under development for childhood-onset fluency disorder (COFD or stuttering); and NOE-115, a broad-spectrum monoamine modulator in a Phase 2 trial for vasomotor symptoms and other symptoms of menopause.

$30M: Seed Funding for Gluco-Immune Checkpoint Platform 

Valora closed its seed funding round. The seed funding will enable Valora to further explore and develop the full potential of its Antibody-Lectin chimera (AbLec) platform, validating specific mechanisms of action, and advancing lead molecules into preclinical development. Valora's AbLec platform is expected to offer a fresh perspective on restoring proper immunological competency. By precisely targeting specific sugar molecules on cells, AbLecs modulate glyco-immune checkpoints—a key control point in the body's immune response. This innovative approach holds significant potential for developing first-in-class and best-in-class therapeutics in oncology, autoimmune diseases, and other therapeutic areas. The technology is exclusively licensed from Stanford University.

$18M: Series A for Data Storage Using Molecular Technology 

Biomemory has raised $18 million in Series A funding. This investment will fuel Biomemory's mission to transform the future of data storage using cutting-edge molecular technology. The funds will help with the following: complete the development of the first generation of their data storage appliance optimized with their biotech processes; accelerate the development of partnerships with industry players and cloud providers; recruit top talent in molecular biology and engineering in order to accelerate the development of the product and accelerate the commercialization; and advance research into broader molecular-based solutions.

$16.7M: Series A for ALS Disease Gene Therapy 

Celosia Therapeutics has completed a $16.7 million Series A financing. The funds will be used to advance the development of the company’s lead candidate, CTx1000, a novel gene therapy that targets TDP-43, a protein directly linked to ALS pathology. Currently, there is no cure to reverse damage to motor neurons or a cure the disease, but CTx1000 has shown the potential to not only stop the progression of the disease but also reverse the damage.

$16M: Series B for Nicotine Inhaler 

Qnovia has raised $16 million in Series B funding. Qnovia has also received clearance of its Investigational New Drug (IND) application by the U.S. Food and Drug Administration (FDA) for the RespiRx Nicotine Inhaler, a prescription inhaled smoking cessation medicine. Funds will advance RespiRx Nicotine Inhaler to Marketing Authorization Application (MAA) submission and accelerate the path to commercialization in the UK. The proceeds will advance the RespiRx Nicotine Inhaler past Phase 1, bringing it one step closer to transforming the treatment paradigm for smoking cessation for a population who has not had access to any new treatment options in several decades.

$15M: Seed Financing for Prostate Cancer Treatment 

Alessa Therapeutics closed a $15 million seed financing. Alessa will use the funds to advance development of its lead program, Enolen, a novel enzalutamide-eluting seed implant for the treatment of localized prostate cancer. Alessa announced the start of a first-in-human trial with Enolen in collaboration with the NCI. The company anticipates initial data to read out next year. Alessa’s proprietary localized drug-delivering implants are designed for sustained release of an anti-androgen selectively to the prostate thus limiting systemic side effects despite providing therapeutic concentrations in the prostate.

$15M: Series A for Protein Purification and Spatial Proteomics Technology 

Syncell closed a $15 million Series A funding round. The investment will be used to expand and accelerate global commercialization and commercial support for the company’s Microscoop platform. The platform enables high-precision, unbiased, spatial proteomic discovery in subcellular tissues or cells and has the ability to accurately discover new protein components from predetermined regions of interest. The technology also enables spatial protein purification for proteomic discovery, helping researchers identify cell subtypes and states, novel protein drug targets at disease-associated locations, biomarkers for disease, and mechanisms of biological pathways.

$11M: Series A for Phase 3 Clinical Trial for Regenerative Osteoarthritis Drug 

Doron Therapeutics successfully raised an aggregate $11 million as an initial Series A round to take MOTYS into Phase 3 clinical studies. Doron's most advanced product, MOTYS, is an intra-articular biologic drug developed for the management of symptomatic knee osteoarthritis. Data from a Phase 2 clinical trial identified MOTYS as a highly promising program to address the significant impact of debilitating osteoarthritis.

$10M: Series A for AI-Powered Models of Human Cells 

DeepLife raised $10 million in a Series A financing. The company plans to use the proceeds to develop AI-powered models of human cells, known as digital twins of cells, for drug discovery. The DeepLife team relies on a software as a service platform that combines deep learning algorithms on multi-omics sequencing data, public and private cell atlases and proprietary deep learning-based cell engineering tools. DeepLife’s goal is to complement in vitro assays with in silico simulations and quickly discover molecular triggers to efficiently alter cell behavior.

$8.1M: Financing for Rett Syndrome Research 

ProQR announced an expansion of its partnership with the Rett Syndrome Research Trust (RSRT), which includes an $8.1 million in funding. Rett Syndrome, a rare and devastating neurodevelopmental disorder, affects approximately 350,000 people worldwide, predominantly girls. With no current cures and limited treatment options, Rett Syndrome presents a significant unmet medical need. AX-2402 is being developed for individuals with Rett syndrome who have the R270X mutation in MECP2 gene and is based on ProQR’s proprietary Axiomer RNA editing platform. Axiomer can target many mutations beyond R270X that collectively impact a large segment of the Rett population. Success with AX-2402 sets the foundation for developing RNA editing therapeutics to target the remaining mutations.

$5.5M: Seed Financing for GenAI in Drug Discovery 

Converge Bio has raised $5.5 million in seed funding. Converge Bio's platform uses large language models (LLMs) trained on biological and chemical data (DNA, RNA, protein sequences, and small molecules) to help biotech and pharmaceutical companies discover and develop better-performing drugs in less time. Converge Bio offers a variety of generative AI-based solutions, such as engineering antibodies for improved specificity and reduced side effects, identifying novel drug targets, or designing mRNA vaccines optimized to elicit strong immune responses.

$5.2M: Seed Financing for Intracranial Hemorrhage 

Alveron Pharma has closed a €5 million (approx. $5.2 million) Seed extension financing to advance the development of its innovative drug, OKL-1111, for the treatment of intracranial hemorrhage (ICH). Current therapies for treating ICH patients on anticoagulants have cumbersome regimens, resulting in excessive door to needle times, often exceeding two hours, which exacerbate poor outcomes for these patients. OKL-1111 has a universal mode of action by binding to a downstream clotting factor and a unique product profile, enabling administration within 10 minutes of a diagnosing CT scan. In addition, the drug reverses the effects of clopidogrel, a major platelet inhibitor, for which there is currently no antidote.