Follow the Money: Cancer Platform Expansion, Wearable Device for Metabolic Health, More

$168M: Financing for Cancer Platform Expansion 

Caris Life Sciences has closed a growth capital funding round of $168 million. After receiving FDA approval, Caris launched MI Cancer Seek, the first and only simultaneous Whole Exome and Whole Transcriptome Sequencing-based assay with FDA-approved CDx indications for molecular profiling of solid tumors for adult and pediatric patients. Additionally, the organization commercially launched Caris Assure for therapy selection in 2024, a minimally invasive, blood-based assay using a novel circulating Nucleic Acid Sequencing (cNAS) approach with Whole Exome and Whole Transcriptome Sequencing to analyze cell-free DNA and RNA from plasma, as well as genomic DNA and messenger RNA from circulating white blood cells to distinguish somatic tumor, incidental clonal hematopoiesis and incidental germline variants.

$155M: Series B for RNA Editor for Rare Disease 

AIRNA has closed its $155 million series B financing round. The funds will allow the company to perform clinical trials on its lead molecule. The Cambridge, Mass. and Tübingen, Germany–based company is developing an investigational RNA editor called AIR-001 to treat alpha-1 antitrypsin deficiency (AATD), a rare genetic disorder that commonly affects the lungs and liver. AIRNA’s AIR-001 addresses AATD by targeting and repairing the most common pathologic SERPINA1 mutation in the RNA transcript, restoring the expression of functional AAT protein.

$150M: Series C for Ocular Gene Therapy Programs 

Atsena Therapeutics announced the successful closing of an oversubscribed $150 million Series C financing. Proceeds will be used to advance Atsena’s lead program, ATSN-201, for the treatment of X-linked retinoschisis (XLRS), a genetic condition that is typically diagnosed in childhood and leads to blindness later in life. The proceeds will also support Atsena’s preclinical pipeline of first-in-class therapies and expand the use of Atsena’s novel spreading AAV.SPR capsid.

$121M: Series A for Autoimmune and Allergic Diseases 

Merida Biosciences launched with $121 million in Series A financing. Merida is developing antibody-like therapeutics with the potential to drive deep and durable depletion of pathogenic antibodies, without the broad immunosuppression and resulting toxicities that accompany currently approved therapies. The company currently has programs targeting Graves’ disease, allergy and primary membranous nephropathy, a chronic autoimmune disease that affects the kidneys.

$115M: Series C for Rare Disease Trial 

Glycomine announced a $115 million Series C financing to advance its lead candidate, GLM101, into a Phase 2b clinical trial. GLM101, a first-in-class mannose-1-phosphate replacement therapy, is in development for phosphomannomutase-2 congenital disorder of glycosylation (PMM2-CDG), a rare and life-threatening genetic disorder with no approved treatments. Glycomine has enrolled more than 20 patients across Europe and the US in its ongoing Phase 2 study and recently initiated dosing in pediatric patients.

$110M: Series A for Preclinical Immunology Pipeline 

RayThera has completed its Series A financing. RayThera is a small molecule drug discovery company focused on building an immunology pipeline. Proceeds from the financing will be used to advance RayThera’s lead drug candidates through Phase 1 clinical studies.

$100M: Series C for Biowearable Platform for Metabolic Health 

Biolinq Incorporated announced a $100 million Series C financing. The funds will support Biolinq through the US regulatory approval process as the company prepares to bring the first autonomous intradermal glucose sensor to market. Biolinq’s initial product is a wearable biosensor powered by an array of tiny electrochemical sensors that measure glucose levels continuously just beneath the skin’s surface.

$93M: Series B for Progressive Eye Diseases Precision Medicine 

Character Biosciences announced an oversubscribed $93 million Series B financing round to accelerate the advancement of its pipeline of precision therapies to treat degenerative eye diseases, starting with age-related macular degeneration (AMD). After gathering data from over 6,500 consented patients, Character Bio developed its lead candidates, CTX203 and CTX114, which target key drivers of retinal cell death and vision loss. The funds will support Phase 1 and Phase 2 proof-of-concept studies for CTX203 and CTX114, as well as the expansion of Character Bio’s pipeline into additional ophthalmic diseases.

$90M: Series C for Skin Treatments 

Attovia Therapeutics announced the closing of a $90 million Series C financing. Proceeds from the financing will be used to advance Attovia’s lead assets, ATTO-1310 and ATTO-3712, through clinical proof-of-concept, with the aim of achieving best-in-disease efficacy for the treatment of chronic pruritus and atopic dermatitis. The funds will also enable focused expansion of Attovia’s pipeline of multi-specific therapeutic candidates utilizing the company’s proprietary ATTOBODY technology to develop breakthrough treatment options for patients suffering from immune-mediated disorders, including inflammatory bowel disease and others.

$84.8M: Series A for Charco-Marie-Tooth Disease 

Augustine Therapeutics announced the successful completion of a $84.8 million Series A financing round. Proceeds to support the clinical development of lead candidate AGT-100216 for the treatment of Charcot-Marie-Tooth (CMT) disease, with Phase I trials starting imminently. Beyond AGT-100216, Augustine has two other programs in discovery targeting peripherally-restricted and blood-brain barrier-penetrant HDAC6i for undisclosed neurodegenerative and cardio-metabolic indications.

$70M: Series B for Substance Use Disorder Trial  

Tempero Bio announced the closing of a $70 million Series B financing. The funds will be used to advance TMP-301 through two Phase 2 clinical trials for alcohol use disorder and cocaine use disorder, as well as Phase 3-enabling activities and preclinical studies for additional indications and formulations.

$68M: Series B for Facioscapulohumeral Muscular Dystrophy Therapy 

Epicrispr Biotechnologies has secured $68 million in the first close of its Series B financing. The proceeds will support the clinical development of EPI-321, a first-in-class, disease-modifying therapy for facioscapulohumeral muscular dystrophy (FSHD), a genetic neuromuscular disease. The financing will support Epicrispr’s upcoming clinical trial of EPI-321, as well as continued advancement of the company’s broader pipeline. Epicrispr also announced clinical trial application approval from New Zealand’s Medsafe to initiate a first-in-human trial of EPI-321, the first epigenetic therapy to enter the clinic for a neuromuscular disease.

$67M: Series A for Precision Immunotherapies 

Hillstar Bio announced the successful closing of a $67 million Series A financing round. The funds will propel Hillstar Bio's lead program, which specifically targets TRBV9+ T cells, into clinical trials in 2026. Initially, the focus will be on treating axial spondyloarthritis (AxSpA) and potentially other immune and inflammatory conditions associated with HLA-B27. The investment will also support the expansion of Hillstar Bio's portfolio, which includes a variety of precision immunology therapies aimed at specific immune cell subsets across a range of autoimmune diseases.

$57.5M: Series B for Heart Failure Treatment 

Imbria Pharmaceuticals has successfully closed a $57.5 million Series B financing. Proceeds will be used to advance ninerafaxstat through a Phase 2b randomized, double-blind, placebo-controlled, clinical trial in non-obstructive hypertrophic cardiomyopathy (nHCM), called FORTITUDE-HCM. The company plans to initiate FORTITUDE-HCM in Q2 2025, with topline data in late 2026. Ninerafaxstat has previously shown positive results in multiple Phase 2a clinical trials in both nHCM (the IMPROVE-HCM trial) and heart failure with preserved ejection fraction (HFpEF) (the IMPROVE-DiCE trial).

$41M: Series A for Chronic Myelomonocytic Leukemia Treatment 

Solu Therapeutics announced the successful completion of a $41 million Series A financing. Funds will be used to complete dose escalation and expansion of the company's lead CCR2-CyTAC program, STX-0712, for the treatment of CMML. Additionally, the funding will support the generation of new development candidates, including a novel, first-in-class mast cell depletor for immunological diseases, initiation of new discovery programs targeting pathogenic cells, further pipeline expansion, and exploration of new applications for the CyTAC and TicTAC platforms.

$25.2M: Financing for AI in Critical Care 

Clinomic announced the closing of a $25.2 million financing round. The funds will be used to expand the company’s presence in global markets and further develop its AI-powered healthcare solutions. Founded in 2019 by intensive care physicians from RWTH Aachen University Hospital, Clinomic developed Mona, an integrated platform designed to streamline intensive care workflows. Mona records, organizes, analyzes, and visualizes patient and operational data, providing healthcare professionals with real-time insights to enhance decision-making.

$24.8M: Series A for Next-Gen Anti-Fibrotic Therapies 

Tribune Therapeutics AB raised a $24.8 million Series A, totaling finances to $42.1 million, to advance a portfolio of therapies targeting central drivers of scar tissue formation. Current standard-of-care for the millions of patients with fibrotic diseases of the lung, kidney, liver, and other tissue types is limited to managing symptoms or moderately slowing disease progression by targeting inflammatory mediators or growth factors. The company’s lead program, TRX-44, is currently in development for the treatment of fibrotic conditions including idiopathic pulmonary fibrosis (IPF), a chronic fibrotic lung disease that leads to respiratory failure and death within three to five years of diagnosis. The Series A financing will prepare TRX-44 to begin clinical trials and will advance additional programs targeting the CCN protein family.

$19.6M: Series B for Targeted Protein Degradation Technology 

Prazer Therapeutics has successfully raised approximately $19.6 million in Series B funding. Prazer Therapeutics develops novel drugs based on TPD technology. While conventional TPD approaches rely on a specific E3 ubiquitin ligase for protein degradation, Prazer’s proprietary SPiDEM platform harnesses multiple E3 ligases, enabling broader and more efficient protein targeting. The proceeds will be used to accelerate drug development and commercialization efforts, as well as foster collaborations with global pharmaceutical companies through joint research and licensing-out agreements.

$19M: Series A for Neural Interface Technology for Prosthetics and Robotics 

Phantom Neuro announced an oversubscribed $19 million Series A funding round. This investment brings Phantom Neuro's total funding to $28 million and represents a milestone in the company's mission to bring its Phantom X robotic control platform to patients. Funding will support preclinical testing, completion of first-in-human trials, regulatory submissions, and expanded research and development for broader control applications beyond prosthetic limbs.

$7M: Series A for Rare Eye Disorders Treatment 

Hubble Therapeutics successfully closed a $7.3 million Series A funding round, which will advance its lead candidate, HUB-101, into human clinical trials. HUB-101 targets two rare and devastating eye disorders: Leber Congenital Amaurosis (LCA16) and Snowflake Vitreoretinal Degeneration (SVD). This treatment aims to address the root cause of these conditions. LCA16 and SVD are severe, early-onset retinal dystrophies caused by mutations in the KCNJ13 gene, which is crucial for the function of a vital ion channel in the retina's pigment epithelium cells. These disorders typically manifest in children before the age of five, leading to progressive retinal degeneration over the following two decades and ultimately resulting in blindness.

$6M: Series B for Parkinson’s Device  

PhotoPharmics announced the closing of its oversubscribed $6 million Series B extension. The new capital will support the completion of the company’s Pivotal, Phase 3 clinical trial and fund key pre-commercialization initiatives, for Celeste, the company’s specialized light therapy device for Parkinson’s disease. Celeste passively delivers proprietary, disease-specific wavelengths and intensities of light to the eye to engage the brain’s natural processes, improving daytime function in people with Parkinson’s.