Participated · Series B · Jul 2026

Crystalys is advancing dotinurad, a next-generation, once-daily oral URAT1 inhibitor positioned as a second-line therapy to reduce uric acid, gout flares and tophi. Dotinurad was invented by Fuji Yakuhin and has regulatory approvals in Japan, China, the Philippines, Taiwan and Thailand, with supporting clinical data from those markets. The company is conducting the JEWEL clinical research program, which includes the Phase 3 RUBY and TOPAZ trials and the Phase 2 AMETHYST study to evaluate safety and efficacy across a broad spectrum of gout patients. Crystalys aims to position dotinurad as a best-in-class option for safety and efficacy and is preparing for global commercialization. The company is headquartered in San Diego and was co-founded by Catalys Pacific and Novo Holdings. With the announced $130 million Series B, Crystalys has increased its financial runway to support late-stage development and commercial readiness.

Participated · Equity · May 2026

Windward Bio was launched in January 2025 and is developing a portfolio of long-acting antibody therapeutics targeting validated immunological drivers. Its lead program, WIN378, is a next-generation, fully human anti-TSLP monoclonal antibody engineered for half-life extension and silenced effector function; WIN378 completed Phase 1, is dosed subcutaneously, and is being evaluated in the Phase 2/3 POLARIS asthma trial with initial data expected in the second half of 2026. A Phase 2 study of WIN378 in COPD is anticipated to start in Q2 2026 and the first Phase 3 study is expected to begin in Q4 2026. WIN027 is a long-acting bispecific (TSLPxIL-13) currently in Phase 1 with data expected by year-end 2026 and is planned for proof-of-concept studies across respiratory and dermatology indications beginning Q4 2026. The company has in-licensed global rights for its programs from partners including Kelun-Biotech/Harbour BioMed and Qyuns Therapeutics, and is building a discovery pipeline of long-acting bispecific antibodies. Windward has raised $365M since launch and intends to use the new financing to extend its runway and accelerate multiple clinical readouts and study starts.

Led · Series A · Jun 2025

Mosanna Therapeutics is a clinical-stage biotech pioneering a pharmaceutical approach to obstructive sleep apnea with an easily administered nighttime nasal spray, MOS118. MOS118 targets upper airway muscles to restore the body's natural airway reflex and is currently being evaluated in a Phase 1 clinical trial. The company says decreased activity of the natural airway reflex during sleep results in loss of airway patency in OSA patients, and MOS118 aims to correct that dysfunction. The new financing will support advancement of MOS118 through Phase 2 development and will also fund expansion of Mosanna's pipeline. Mosanna appointed David Weber, Ph.D., as President and Chief Executive Officer to lead clinical development and serve on the board. Founded in 2022, the company has offices in Redwood City, California and Basel, Switzerland, and has raised more than $80 million from investors including Pivotal bioVenture Partners, EQT Life Sciences, Forbion, Norwest, Broadview Ventures, Forty51 Ventures, Supermoon Capital and High‑Tech Gründerfonds (HTGF). Mosanna Therapeutics is developing MOS-118 (formerly AVE0118), a small-molecule nasal spray acquired from Sanofi, as a targeted treatment for Metabolic Obstructive Sleep Apnea (MOSA). MOSA is characterized by upper-airway obstruction during sleep that reduces blood oxygen, raises cardiac load, and increases cardiovascular mortality risk, and it also causes daytime sleepiness and cognitive problems. The company aims to deliver an effective, well-tolerated precision medicine to patients and notes hundreds of millions are affected globally. Mosanna plans a first Phase 1b clinical trial by end-2023. The recently completed seed financing will fund formulation and manufacturing optimization and regulatory activities to enable that trial. Leadership includes co-founder and CEO Jonathan Talbot and newly appointed Chairman Ben Machielse.

Participated · Series C · Oct 2024

Evommune is a Palo Alto-based clinical-stage biotechnology company focused on discovering and developing treatments for immune-mediated inflammatory diseases. Led by CEO Luis Pena, its lead programs include EVO756, a potent, highly selective small-molecule antagonist of MRGPRX2, and EVO301, a long-acting serum albumin-binding injectable therapeutic fusion-protein targeting IL-18 signaling. EVO756 is implicated in mast cell activation and neuroinflammation and is being developed as a potentially targeted, safe oral therapy for multiple mast cell–mediated diseases. EVO301 is designed to neutralize IL-18 signaling to regulate inflammation across chronic inflammatory diseases. The company plans multiple Phase 2 studies of EVO756 and a Phase 2 proof-of-concept study of EVO301. Evommune raised $115M in a Series C and intends to use the proceeds to advance these lead clinical programs. Evommune is a private, clinical-stage R&D biotechnology company focused on treating inflammatory diseases. The company uses a human tissue–based approach to discover, develop, and deliver therapies intended to address symptoms and halt progressive disease. Led by President and CEO Luis Peña, Evommune pursues translational immunology research to advance its therapeutic candidates. Founded in 2020, the company is advancing its pipeline through clinical-stage development. Evommune recently expanded funding for its Series B round, strengthening its financial position for near-term work. The company intends to use the new funds to expand operations and broaden its business reach. Evommune is a clinical-stage biotechnology company discovering and developing therapies to treat inflammatory diseases using a dynamic human tissue-based approach. Its prioritized pipeline includes EVO101, a novel small-molecule IRAK4 inhibitor currently in a Phase 2a proof-of-concept trial for atopic dermatitis, with data expected later this year. The company is also developing EVO756, a preclinical program that targets mast cells by selectively modulating MRGPRX2 to treat chronic spontaneous urticaria and interstitial cystitis. In addition, Evommune runs a discovery program targeting autoimmune diseases via PKCθ. The company intends to use the proceeds from its recent financing to support these three prioritized programs. Evommune was founded in 2020 and is led by President and CEO Luis Peña in Palo Alto, CA. Evommune is a private R&D company and innovation engine that uses the skin as a lens to uncover approaches for accelerating development of medicines across immunology and dermatology. The company has four investigational compounds in its pipeline, three of which were in‑licensed via an exclusive agreement with Dermira, a wholly owned subsidiary of Eli Lilly and Company. Evommune is led by co‑founders Luis Pena (President & CEO), Eugene A. Bauer, M.D. (Chief Medical Officer), and Hans Hofland, PhD (SVP of Research). The company says it is developing transformative therapies to treat patients with immune‑mediated and chronic inflammatory diseases. Evommune recently won the Gore Range Capital Skin Health Innovation Competition at the Fall Clinical Dermatology Conference, reflecting engagement with clinicians and industry thought leaders. The company plans to use its recent funding to continue research and development of its pipeline. Evommune applies a tissue‑based, skin‑centered approach and a novel screening platform to discover molecules aimed at treating chronic inflammatory and dermatologic diseases. The company is building a pipeline intended to include both discovery-stage and clinical‑stage development programs and has established academic and industry collaborations to support that work. Leadership includes industry veterans Luis Peña (CEO), Eugene A. Bauer, MD (CMO), Hans Hofland, PhD (SVP, research), and Janice Drew, MPH (SVP, product development), who previously held senior roles at Dermira. The team highlights a track record of rapid regulatory approvals and drug development across immunology and dermatology; Dermira was sold to Eli Lilly for approximately $1.1 billion in 2020. Evommune says the seed financing will be used to set up and drive execution of its longer‑term strategy to accelerate development of transformative medicines. The company was founded in 2020 and is headquartered in Los Altos, California.

Participated · Series C · May 2024

Zenas BioPharma is a clinical-stage biopharmaceutical company based in Waltham, MA, focused on inflammation and immunology-directed (I&I) therapies. Led by CEO Lonnie Moulder, the company operates clinical development capabilities globally and is advancing a portfolio of autoimmune therapeutics. Its lead candidate, obexelimab, is a bifunctional monoclonal antibody designed to bind both CD19 and FcγRIIb to inhibit B cells, plasmablasts, and CD19-expressing plasma cells. Obexelimab is being evaluated across multiple programs, including a Phase 3 registration-directed trial in IgG4-Related Disease, two planned Phase 2 randomized controlled trials in Multiple Sclerosis and Systemic Lupus Erythematosus, and an ongoing open-label Phase 2 in Warm Autoimmune Hemolytic Anemia. The company intends to use new funding to advance ongoing mid- to late-stage clinical development programs for obexelimab and its broader I&I portfolio. Zenas BioPharma is a biopharmaceutical company focused on advancing and commercializing immune-based therapies. Led by Lonnie Moulder and based in Waltham, MA, its lead candidate is obexelimab, an investigational phase III‑stage bifunctional antibody that inhibits CD19‑expressing B‑cell lineages without depleting the cells. Zenas acquired exclusive worldwide rights to obexelimab from Xencor. In early‑stage clinical studies obexelimab demonstrated inhibition of B‑cell function and produced an encouraging treatment effect in patients with multiple autoimmune diseases. The company plans to use new funding to initiate a global Phase 3 registration trial in patients with IgG4‑related disease in late 2022 and to progress other global autoimmune disease programs into clinical development in 2023. IgG4‑RD is described in the article as a chronic, serious fibroinflammatory disease that typically affects multiple organs.