Expedition Therapeutics is gearing up for a phase 2 trek with a $165 million series A that closed Oct. 9. The new funding will fuel the Bay Area biotech’s DPP1 inhibitor EXPD-101 as it ventures into a study in patients with chronic obstructive pulmonary disease (COPD).
The round was led by Sofinnova Investments and Novo Holdings, according to an Oct. 9 release, with Forbion, Dawn Biopharma (a platform controlled by KKR), Adage Capital Management, Balyasny Asset Management, Logos Capital and Sanofi Ventures also joining the journey alongside some existing investors.
Expedition kicked off in 2024 with its eyes on China, licensing ex-China rights to EXPD-101 from Shanghai-based Fosun Pharma in August 2025 for $17 million upfront. Fosun subsidiary S-Infinity Pharmaceuticals is currently testing the asset in a phase 2 bronchiectasis trial in China.
“Most COPD patients lack effective treatment options,” Yi Larson, Expedition’s founder and CEO, said in the release. “DPP1 represents an exciting new mechanism for COPD, and EXPD-101 has the potential to be a first-in-class therapy with this target.”
The biotech also plans to use the raise to expand EXPD-101 into other neutrophil-driven inflammatory diseases, according to the release.
The first DPP1-inhibiting drug was approved this August, with Insmed’s Brinsupri (brensocatib) scoring an FDA nod for non-cystic fibrosis bronchiectasis. Insmed is not currently pursuing COPD approval for Brinsupri, according to its website, but does have another preclinical DPP1 inhibitor in the works for undisclosed indications.
Expedition’s launch last year was backed by Venrock, BVF Partners and Hong Kong’s Lake Bleu Capital. Larson is a former Goldman Sachs managing director who previously served as chief financial officer at Turning Point Therapeutics before its $4.1 billion acquisition by Bristol Myers Squibb as well as at LianBio.
Alongside the series A, Expedition is supplying its C-suite with a pack of new advisors, including new Chairman Andrew Cheng, M.D., Ph.D., CEO of Akero Therapeutics. This marks a busy day for Cheng, with Novo Nordisk announcing it had struck a deal to buy Akero for up to $5.2 billion just two hours before Expedition’s fundraising was revealed.