Participated · Series G · Aug 2026

Form Energy develops iron-air long-duration batteries capable of delivering up to 100 hours of discharge. Its chemistry relies on iron oxidation and reduction, enabling lower-cost storage by avoiding higher-priced minerals like lithium, cobalt, and nickel. The company has secured large commercial customers including Google, Crusoe, Xcel Energy, and FuturEnergy Ireland and reports a commercial project backlog of about 80 gigawatt-hours. About 80% of the company’s materials supply is sourced from the U.S., with the remainder from Europe and Asia. Form is expanding manufacturing capacity in West Virginia following its recent financing. The company’s positioning and technology aim to address growing demand for long-duration storage as U.S. electricity demand rises and renewable generation expands.

Participated · Equity · Aug 2026

Avere Therapeutics is advancing AVR-001 (HS-20118), a cyclic peptide IL-23R antagonist designed for once-weekly oral dosing to treat inflammatory diseases including plaque psoriasis, ulcerative colitis, and Crohn's disease. AVR-001 was licensed from Hansoh Pharmaceutical under an exclusive ex-Greater China agreement signed in June 2026 that included $120 million in upfront payments, up to $2.18 billion in development and sales milestones, and mid-single- to low-double-digit royalties. Hansoh generated Phase Ib data in moderate-to-severe plaque psoriasis showing Week 4 and Week 8 PASI and PASI 75 responses comparable on a cross-trial basis to once-daily icotrokinra, and reported a plasma half-life for AVR-001 of approximately 100 hours supporting once-weekly dosing. Avere announced a $500 million private placement (in addition to a $320 million concurrent placement tied to its merger with NextCure) and said the combined $820 million in pre-merger capital should fund the company's operating plan through 2029. The company is merging with NextCure and, upon closing in the second half of 2026, the combined company will trade on Nasdaq as AVRX with Hansoh expected to hold between 30% and 40% of the combined company and to appoint two directors to the board.

Led · Series C · Aug 2026

Epicrispr Biotechnologies develops programmable epigenetic medicines designed to durably regulate gene expression without altering DNA sequence, leveraging its proprietary GEMS platform. Its lead program, EPI-321, is an investigational epigenetic therapy for facioscapulohumeral muscular dystrophy (FSHD) delivered in a single AAV vector intended to target muscle following intravenous administration. EPI-321 is in a Phase 1/2 trial with enrollment completed and interim results showing statistically significant increases in whole-body lean muscle volume, favorable biomarker changes consistent with DUX4 suppression, and a manageable safety profile. The company is advancing additional gene-modulating programs across multiple therapeutic areas and plans to expand its manufacturing capabilities. Epicrispr is based in San Francisco and is positioning to move EPI-321 into pivotal studies as it develops its next-generation programmable epigenetic medicines.

Participated · Series B · Jul 2026

Claris Biotherapeutics, spun out of the Harvard lab of corneal disease expert Reza Dana, is developing CSB-001 (oremepermin alfa), an eye drop candidate now targeted at limbal stem cell deficiency (LSCD) after an initial neurotrophic keratitis study failed but showed benefit in LSCD patients. The company plans a phase 3 pivotal trial of CSB-001 beginning in the first half of 2027 with a data readout expected within roughly two years. Claris is running a non-interventional natural history study to better understand LSCD and to create a pool of subjects for its phase 3 trial. The biotech has grown from an initial team of five to more than 25 employees and is seeking to establish a physical headquarters. CEO Stephen Brady, who took over June 15, said the company intends to educate providers on diagnosing LSCD and expects to explore additional indications or pipeline expansion if independent and capitalized. Brady also anticipates taking the company public before phase 3 readout, either via IPO or a reverse merger.

Participated · Equity · Jul 2026

Mentari’s lead programs are MT-001, an anti-PACAP monoclonal antibody slated for first-in-human regulatory filings in mid-2026, and MT-002, an anti-CGRP x PACAP bispecific antibody expected to enter regulatory filings in the first quarter of 2027. The programs were discovered by Paragon Therapeutics and have shown strong in vitro potency and favorable pharmacokinetic profiles in preclinical studies. The therapies are designed to target complementary migraine pathways and address patients who experience limited benefit from currently approved anti-CGRP treatments. Mentari announced a $290 million private placement that it says will fund operations through 2028 and entered an all-stock merger agreement with InMed Pharmaceuticals to gain public market infrastructure. Following the transaction the combined company is expected to trade on the Nasdaq Capital Market and have a pro forma equity value of approximately $421.4 million, with pre-merger InMed shareholders holding about 1.51% of the combined company. The company and merger parties expect to accelerate development timelines and pursue regulatory filings according to the stated milestones.