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.

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.

Led · Series A · Jun 2026

Serapha Bio launched to develop a one-and-done gene-editing treatment for Alpha-1 Antitrypsin Deficiency (AATD). The company emerged via a reverse merger with Boundless Bio and simultaneous financing that totaled $230 million. Founding investors RA Capital and RTW Investments arranged a $138 million Series A and an additional $92 million tied to the reverse merger. Boundless Bio, founded in 2019, had researched extrachromosomal DNA and faced difficulties with its lead program prior to the merger. Serapha also negotiated a licensing deal with a Chinese drug company as part of its launch and capital plan.

Participated · Series D · Jun 2026

Lycia Therapeutics is a California-based biotech company whose lead programs target disease-driving proteins that circulate in the blood. The company employs a platform the investor describes as able to reach proteins outside the cell, addressing targets conventional drugs cannot. Lycia has progressed through multiple financing rounds, with RTW Biotech participating in its Series B (September 2021), Series C (2024), and the current Series D. The recent Series D financing totals $75M, from which RTW invested $1.4M. Investors and coverage in the reporting frame the use of proceeds around advancing the pipeline toward clinical proof of concept. Financial metrics such as revenue or user counts were not disclosed in the article.

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.