The Venture Codex

Participated · Series D · Aug 2026

Abcuro develops immunotherapies intended to benefit people with debilitating and progressive rare autoimmune diseases by selectively targeting and depleting highly cytotoxic T cells. Its lead program, ulviprubart, is a monoclonal antibody that targets killer cell lectin like receptor G1 (KLRG1) and is currently being evaluated for the treatment of Inclusion Body Myositis (IBM). The company plans to use proceeds from the Series D to support a new potentially registrational clinical study of ulviprubart in patients with less severe IBM. Abcuro is led by CEO Alex Martin and is based in Newton, MA. Financially, it has just completed a $66M Series D financing led by New Leaf Venture Partners with participation from a broad syndicate of life sciences and strategic investors.

Participated · Series B · Mar 2026

PaXini develops full-stack embodied perception products—haptic chips, sensors, and multimodal data pipelines—positioning itself as an infrastructure and standards contributor for Physical AI. Over the past year the company reported near-1 million units of self-developed haptic chip consumption, and its multimodal haptic data has been adopted by leading embodied intelligence foundation model companies and major internet technology firms. PaXini says it has achieved product-market fit in the perception track and operates large-scale embodied intelligence data collection factory clusters to produce structured multimodal haptic data. Its core patents reportedly cover major global markets, and the company is building localized operations and delivery systems in North America, Japan, South Korea, and Europe. PaXini's customer matrix has penetrated core global supply chains, and the company emphasizes its role as a foundation for delivering standardized physical interaction data to embodied models. The company aims to scale global commercial deployment and deepen integration with world-class supply chains as it expands internationally.

Participated · Series B · Oct 2025

Founded in 2020 by immunologists Dr. Yang Liu and Dr. Pan Zheng, OncoC4 leverages deep immuno-oncology expertise to create a pipeline of innovative biologic therapies with first-in-class or best-in-class potential. The Rockville, Maryland company is advancing multiple clinical-stage candidates that target both novel and well-validated pathways across oncology and immunological disorders. Its strategy centers on rigorous global clinical development complemented by active business development to broaden therapeutic reach. Although specific revenue or patient metrics were not disclosed, the company characterizes itself as having a broad pipeline poised for growth. Proceeds from its latest financing will fund continued clinical development of these pipeline programs. Management emphasizes a commitment to delivering disruptive therapies to patients worldwide. The company’s leadership team includes Dr. Yang Liu, who serves as Chairman, CEO, and CSO.

Led · Series D · Oct 2023

Atom Bioscience's lead product, ABP-671, is an orally administered URAT1 inhibitor in clinical development for chronic gout; it has demonstrated strong Phase 2 efficacy across doses from 1–12 mg once daily. At 6–8 mg doses 100% of subjects achieved sUA <6 mg/dL, and at 12 mg 100% achieved sUA <4 mg/dL; efficacy was maintained up to 24 hours with once-daily dosing and no significant adverse effects versus placebo. ABP-671 was generally well tolerated with mostly grade 1 adverse events and a human mass-balance study showed the drug is largely excreted unchanged without metabolites similar to benzbromarone. The company plans global pivotal clinical trials for ABP-671 and intends to investigate use in refractory gout. A second small molecule, ABP-745, has shown efficacy in animal anti-inflammation models; Atom submitted a Pre-IND to the U.S. FDA in August and expects to file INDs in the U.S. and China in November. Financially, Atom completed a D-round of approximately $83 million and has now raised nearly $165 million to date to advance its pipeline. Atom Bioscience is a clinical-stage biotech developing best-in-class small-molecule therapeutics for inflammatory and metabolic diseases. Its lead candidate, ABP-671, is a URAT1 inhibitor being developed to treat hyperuricemia and chronic gout and is moving into a global Phase III trial. In a Phase IIa exploratory analysis, a low daily dose of ABP-671 enabled about 95% of patients to achieve serum uric acid (sUA) below 6 mg/dL, with many reaching 4–5 mg/dL; the drug has shown an attractive safety profile and activity at low doses. The company also has ABP-6016, a small molecule for NASH that has shown notable potency and an excellent safety profile in preclinical/early testing. Atom plans to use the Series C proceeds to support the ABP-671 Phase III and continued preclinical and clinical development of its pipeline. Financially, the company closed a $45 million Series C and has raised $87 million in total since its 2012 founding. Founded in March 2012 as a Sino‑US joint‑venture, Jiangsu Xinyuansu centers on discovery and development of innovative medicines. Its lead program is ABP‑601, a 1.1 class anti‑gout candidate now preparing and filing an IND in the United States. Preclinical data reportedly show ABP‑601 promotes uric acid excretion far superior to marketed drugs in animals while lacking liver, kidney, gastrointestinal, and cardiovascular toxicities, and demonstrating strong developability. The company’s gout platform includes both uric‑acid‑excretion and uric‑acid‑production‑inhibition approaches. Other pipeline programs target breast cancer and NASH, with some candidates approaching preclinical or clinical research. Recently completed financing will support global clinical advancement of ABP‑601 and continued development of other pipeline assets.

Participated · Series C · Mar 2023

ONL Therapeutics is a clinical-stage biopharmaceutical company focused on developing therapeutics to protect and improve vision in patients with retinal disease, specifically geographic atrophy (GA) associated with dry AMD. The firm targets a mechanism of action that prevents Fas-mediated death of retinal cells and inflammatory signaling pathways, which it cites as root causes of vision loss. Its lead candidate, ONL1204 Ophthalmic Solution, showed reductions in the rate of growth of GA lesions in a Phase 1b trial after six months with either a single injection or two injections 90 days apart versus sham. A consistent treatment effect was observed when comparing treated eyes to fellow eyes. The company is led by CEO David Esposito and co-founder and chief scientific officer David Zacks, M.D., Ph.D. ONL plans to use the new financing to expand development efforts and further advance its differentiated clinical program in GA. ONL Therapeutics is a clinical-stage biopharmaceutical company based in Ann Arbor, Michigan, developing first-in-class therapeutics to protect retinal cells from Fas-mediated cell death. Its lead asset, ONL1204 Ophthalmic Solution, is a novel small-molecule Fas inhibitor intended to protect photoreceptors and other retinal cells across a range of retinal diseases. ONL1204 has an active IND and has been granted orphan drug designation by the FDA for macula-off rhegmatogenous retinal detachment (RRD). The company is preparing to initiate a U.S.-based Phase 2 study in macula-off RRD next quarter and is conducting two ongoing Phase 1b studies in geographic atrophy (GA) associated with AMD and in progressing open-angle glaucoma (OAG) at sites in Australia and New Zealand. Preclinical work is ongoing to enable trials in other indications, including inherited retinal degeneration. The recently announced financing will support advancement of ONL1204 into Phase 2 and regulatory preparations for additional Phase 2 programs in GA and OAG. ONL Therapeutics, based in Ann Arbor, Michigan, is developing novel therapies to protect vision in patients with retinal disease. Its lead compound, ONL1204, is a novel small-molecule Fas inhibitor designed to protect key retinal cells, including photoreceptors, from Fas-mediated cell death. The company is building a platform of products intended for a range of blinding diseases, including retinal detachment, glaucoma, age-related macular degeneration (AMD), and inherited retinal degeneration (IRD). ONL1204 has been granted orphan drug designation by the U.S. FDA for retinal detachment, and the company has focused initial clinical plans on the acute indication of retinal detachment while pursuing preclinical work for chronic indications. Planned clinical activity includes completing a Phase 1 study in retinal detachment and initiating Phase 1b studies in open-angle glaucoma and dry AMD, plus a repeat-dose toxicology study to support accelerated chronic dosing. The company is led by CEO David Esposito and co-founder/CSO David Zacks, M.D., Ph.D. ONL Therapeutics is developing a platform of Fas inhibitors intended to protect key retinal cells and preserve vision across a range of retinal diseases. Its lead compound, ONL1204, is a novel, first-in-class small-molecule Fas inhibitor designed to protect photoreceptors and other retinal cells from cell death. ONL1204 has been granted orphan drug designation by the U.S. FDA for the treatment of retinal detachment. The company is preparing ONL1204 for a Phase I study in retinal detachment to be conducted in Australia later in 2019. ONL is pursuing a Series B to continue funding clinical development and to expand its Fas inhibitor pipeline into indications including glaucoma, age-related macular degeneration, and inherited retinal degeneration. Financially, ONL recently raised $3 million in a convertible note from a mix of current investors, management, and new investors to advance its clinical program. ONL Therapeutics is developing ONL1204, a novel first‑in‑class small‑molecule Fas inhibitor designed to prevent retinal cell death via direct and inflammatory signaling. The company is initially advancing ONL1204 toward clinical trials for retinal detachment, where the compound has received U.S. FDA orphan drug designation. Preclinical data and literature cited by the company support potential application of ONL1204 in glaucoma, wet and dry age‑related macular degeneration (AMD), non‑infectious uveitis and other retinal neuropathies. ONL closed a $4.25 million Series A and combined those proceeds with a recently announced $1.0 million grant from the National Eye Institute to finalize preclinical development. The financing also included conversion of a previously announced $1.0 million bridge loan. Funds will be used to complete preclinical work, prepare for first‑in‑human trials, and broaden research into other ocular indications with significant unmet need.