The Venture Codex

Led · Series B · Jun 2026

COUR Pharma develops first-in-class antigen-specific immune tolerance therapies using a proprietary nanoparticle platform that encapsulates disease-relevant antigens to reprogram autoimmune responses. Its lead program, CNP-103, encapsulates four recombinant proteins and is designed to induce tolerance to antigens driving type 1 diabetes; it is currently in a Phase 2 randomized, double-blind, placebo-controlled trial (NCT06783309) in recently diagnosed adolescents and adults. COUR says the proteins in CNP-103 are believed to cover over 95% of known T1D-driving antigens and aims to prevent further islet cell destruction and preserve insulin production. The company is pursuing partnerships to advance CNP-104 for primary biliary cholangitis and CNP-106 for myasthenia gravis. COUR recently raised $50 million in a Series B to support the clinical advancement of CNP-103, with participation from strategic and venture investors including Lumira Ventures, Roche Venture Fund, and Sanofi.

Participated · Series B · Jun 2026

Contraline is advancing both hormonal and non-hormonal approaches to expand contraceptive options for men and couples. Its lead program, NES/T Gel, is a once-daily topical gel combining the synthetic progestin segesterone acetate (Nestorone®) with testosterone; NES/T completed a global Phase 2b trial enrolling 462 couples and showed encouraging efficacy, tolerability, reversibility, and user acceptability. The company holds exclusive worldwide rights to NES/T, which was developed by the Population Council with NICHD. Contraline plans to initiate Phase 3 development of NES/T in 2027. In parallel, the company is developing ADAM™, an investigational long-lasting, non-hormonal, reversible contraceptive currently in clinical development. Contraline recently strengthened its balance sheet by securing $92.5 million in Series B financing to support these development plans.

Participated · Series B · Apr 2026

Nervonik is developing a next-generation peripheral nerve stimulation platform that combines electrical stimulation with advanced sensing to enable more precise, personalized neuromodulation therapies. Its implantable leads have demonstrated the ability to record evoked compound action potentials (ECAPs) and other physiological biomarkers. The company is advancing clinical programs and preparing for commercialization of its PNS system. Recent financing will fund further development of its proprietary sensing capabilities and support commercialization activities. Nervonik is headquartered in Los Angeles, California.

Participated · Equity · Mar 2026

Congruence Therapeutics is a clinical-stage biotechnology company that uses a computationally driven discovery engine, Revenir, to identify allosteric and cryptic pockets and generate novel small-molecule correctors. Its lead program, CGX-926, is advancing toward a Phase 1/1b study for MC4R-deficient genetic obesity, and the recent $39.5M financing is earmarked to support that trial. The company has built a pipeline of wholly owned programs spanning genetic obesity, GBA Parkinson’s Disease, and α1‑Antitrypsin Deficiency. Congruence also leverages its platform to support research collaborations with large pharmaceutical companies across oncology, metabolic disease, neurology, and immunology. The company is led by CEO Dr. Clarissa Desjardins and is based in Montreal.

Participated · Series B · Jan 2026

Nocion Therapeutics is advancing taplucainium (formerly NTX-1175), a first-in-class, once-daily dry-powder inhaled charged sodium channel blocker (CSCB) that selectively silences activated airway nociceptors while minimizing systemic exposure. The company positions taplucainium as a potentially best-in-class therapy for the roughly nine million U.S. patients suffering from refractory or unexplained chronic cough, a field with no new FDA-approved drugs in 65 years. Taplucainium is currently being evaluated in the ASPIRE Phase 2b trial enrolling patients across the U.S., Canada, the U.K., and Europe, with topline data expected in mid-2026. Proceeds from the latest financing will fund trial completion, an End-of-Phase 2 meeting, and CMC work in preparation for late-stage studies, giving Nocion an operating runway through 2027. Beyond cough, the company’s CSCB platform may be applied to other conditions involving activated sensory neurons such as itch and pain. Nocion is headquartered in Watertown, Massachusetts, and was founded on intellectual property licensed from Harvard University and Boston Children’s Hospital. To date, the company has raised $93 million in Series B funding, including the recent extension.