Oncology and immunology dominated the pipelines of startups emerging from stealth over the past six months, with four firms raising roughly $500 million combined.
But there was a notable outlier. Slate Medicines set itself apart with its focus on migraines and other headache disorders, nabbing $130 million in funding, including cash from an “undisclosed biotech investor.”
Slate’s lead program, licensed from China-based DartsBio Pharmaceuticals, aims to tap the growing migraine prevention market with an anti-PACAP monoclonal antibody, which could provide an alternative to patients who don’t respond to the current anti-CGRP preventive treatments.
Slate isn’t chasing a first-in-class nod, though. That distinction will likely go to Lundbeck, which is developing an IV-administered anti-PACAP treatment. However, Slate does claim a potential best-in-class formulation, thanks to its at-home subcutaneous dosing.
Here’s a look at some other biotech newcomers that recently emerged from stealth.
New oncology players
Stipple Bio is throwing its hat into the precision oncology ring with $100 million in financing and a lead candidate it expects to see in the clinic by next year. Stipple’s novel antibody drug conjugate uses tumor-specific binders to avoid on-target, off-tumor toxicity at the epitope level, or at a specific part of the antigen. The biotech will use its platform, dubbed Pointillist, to identify additional tumor-specific cell surface epitopes.
Breakthru Medicine, meanwhile, didn’t disclose details of its platform or pipeline, but the biotech did announce it scored $60 million in series A financing when it emerged from stealth in January. Five months later, Breakthru still hasn’t divulged much beyond saying it has an “emerging molecular glue platform” along with a “pipeline in small molecules and novel antibody-drug conjugate payloads.” The company also said it's targeting aggressive solid tumors that existing options haven’t successfully treated.
Breakthru’s founding team includes execs who’ve worked at companies like Ignyta, which Roche acquired in 2017, Genentech, and the Astellas subsidiary OSI Pharmaceuticals.
Immunology upstarts
Beeline Medicines hit the ground running when it emerged from stealth in April with a $300 million series A led by Bain Capital and five programs in-licensed from Bristol Myers Squibb. The company’s CEO, Saqib Islam, is already riding high after leading his last company, Pfizer spinout SpringWorks Therapeutics, through a $3.9 billion acquisition.
Beeline’s lead candidate is the lupus treatment afimetoran, which is already in a phase 2 study that’s expected to wrap up later this year. The drug won an FDA fast track designation last year and has best-in-disease potential, according to the company.
Beeline’s other programs are in various stages of clinical development and will tackle lupus, atopic dermatitis, plaque psoriasis and inflammation across multiple indications.
Accipiter Bio is bringing immunology and oncology together with a computational platform to develop de novo protein therapies, which are newly built from scratch instead of modified versions of existing proteins. The company emerged from stealth in December with a $12.7 million seed financing round that counted Takeda Pharmaceuticals among its backers.
Accipiter’s initial focus is in autoimmunity and oncology, but it plans to explore additional mechanisms of action as well as partnerships with other pharma companies. Its pipeline consists of two dual agonists in oncology; a dual agonist and combined antagonist agonist in immunology; and an earlier stage combined antagonist agonist in gastroenterology. Three of its executive team members are alums of de novo protein therapeutics developer Neoleukin Therapeutics, which merged with Neurogene in 2023.
