Excalipoint Therapeutics Closes Oversubscribed $68.7 Million Seed Round for T-Cell Engager Therapies

Excalipoint Therapeutics, a Shanghai-based biotechnology company focused on next-generation T-cell engager therapies for cancer and autoimmune diseases, has closed an oversubscribed seed financing round totaling USD 68.7 million. The round, one of the largest seed financings for a Chinese biotechnology company, will fund advancement of the company's proprietary TCE platforms and a pipeline of six programs targeting solid tumors and immunological diseases.

The financing was raised in two tranches. An initial USD 41 million seed round, completed at the company's inception in August 2025, was co-led by HSG, Apricot Capital, and Yuanbio Venture Capital, with participation from 5Y Capital, Co-Win Ventures, Med-Fine Capital, and Hony Capital. A subsequent USD 27.7 million extension round was co-led by MPCi (formerly Matrix Partners China) and Centurium Capital, with participation from LAV (Lilly Asia Ventures), Eisai Innovation Inc. (the venture arm of Eisai Co., Ltd.), and returning investors Apricot Capital and 5Y Capital. The company said the funding will support advancement of its three proprietary platforms — TOPAbody, T-Cell Immune Shield, and TCE Probody — along with its six pipeline programs.

Excalipoint's lead candidate, EXP011 (also designated CTM012), is a tri-specific antibody targeting DLL3, CD3, and 4-1BB, in development for small cell lung cancer, neuroendocrine tumors, and other DLL3-expressing malignancies. The company initiated a Phase I/II clinical trial with the first patient dosed in October 2025. The remaining pipeline includes EXP012 (CTM013), a tri-specific antibody targeting CDH17, CD3, and 4-1BB for colorectal, gastric, and pancreatic cancers; EXP016 and EXP015, both tri-specific antibodies derived from the TOPAbody platform targeting solid tumors and IgG-associated immunological diseases respectively; EXP017, a multi-specific antibody from the Immune Shield platform; and EP101, developed using the Pro-TCE platform to address tumor-associated antigens that have historically been difficult to target. The CTM designation on the lead asset reflects a relationship with CStone Pharmaceuticals, though precise terms of that arrangement have not been publicly disclosed.

The company's three platforms are designed to address distinct limitations that have constrained T-cell engager efficacy in solid tumors. The TOPAbody platform engineers tri-specific molecules that simultaneously bind a tumor antigen, CD3, and the 4-1BB costimulatory receptor, aiming to provide fuller T-cell activation and persistence than conventional bispecific approaches. The Immune Shield platform incorporates structural elements intended to counteract immunosuppression within the tumor microenvironment. The Pro-TCE platform uses a conditionally activated design in which the molecule remains inactive in systemic circulation and is triggered by tumor-specific conditions such as protease activity, intended to widen the therapeutic window for antigens expressed on both tumor and normal tissue.

Excalipoint was co-founded by Lei Fang, Ph.D., who serves as chairman and chief executive officer, and Jielun Zhu, who serves as chief financial and chief business officer. Dr. Fang previously held leadership roles at Lepu Biopharma and I-Mab Biopharma. Mr. Zhu brings over 20 years of healthcare and capital markets experience from positions at I-Mab Biopharma, Fapon Group, and Jefferies. The company was established under what it describes as a "China NewCo model" that integrates experienced founders, pipeline assets, and venture capital to accelerate drug development. No prior funding rounds beyond the seed and extension tranches described above have been disclosed, and no additional licensing or partnership deals with third-party companies have been publicly announced.

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