Expedition Therapeutics has successfully closed an oversubscribed $165 million Series A financing round to advance its lead candidate EXPD-101, a next-generation DPP1 inhibitor targeting neutrophilic inflammation in chronic obstructive pulmonary disease (COPD). The round was co-led by Sofinnova Investments and Novo Holdings, with participation from Forbion, Dawn Biopharma (KKR), Adage, Balyasny, Logos Capital, Sanofi Ventures, and existing backers BVF Partners and Venrock Healthcare Capital Partners.
Addressing Critical Unmet Need in COPD
The financing comes at a crucial time when most COPD patients lack effective treatment options, particularly those with non-type 2 COPD, which affects nearly 70% of patients. Current COPD therapies offer limited benefits for this patient population, representing a significant unmet medical need affecting millions worldwide.
"Most COPD patients lack effective treatment options," said Yi Larson, Founder and CEO of Expedition Therapeutics. "DPP1 represents an exciting new mechanism for COPD, and EXPD-101 has the potential to be a first-in-class therapy with this target. This financing from top-tier investors allows us to accelerate development, with the potential to treat a broad range of COPD patients, addressing a major unmet need and improving the standard of care for millions."
EXPD-101: First-in-Class Potential
EXPD-101 is designed as a once-daily oral DPP1 inhibitor that targets neutrophilic inflammation, a key underlying driver of COPD across the disease spectrum. The candidate has demonstrated promising results in Phase 1 studies, showing favorable safety and pharmacokinetics with no dose-limiting toxicities and clear target engagement supporting once-daily oral dosing.
The drug represents a novel therapeutic approach with first-in-class potential in COPD and first/best-in-class potential across a broad spectrum of other neutrophil-driven diseases. This positions EXPD-101 as a potentially transformative therapy for patients who currently have limited treatment options.
Global Development Strategy
Proceeds from the Series A will fund a global Phase 2 trial in COPD and support broader indication expansion. In August 2025, Expedition acquired exclusive worldwide rights to EXPD-101 from Fosun Pharma, excluding mainland China, Hong Kong, and Macau. The candidate is currently advancing in a Phase 2 bronchiectasis study led by partner Fosun Pharma within China.
Leadership and Expertise
Expedition is led by a management team with deep experience in respiratory therapeutics and drug development. Yi Larson, the Founder and CEO, previously served as CFO of LianBio and Turning Point Therapeutics, with over $100 billion in M&A and financing transactions at Goldman Sachs. The Chief Medical Officer, Geoff Gilmartin, M.D., brings leadership experience from AstraZeneca and Vertex, having most recently led the benralizumab (Fasenra) program across multiple indications including COPD and asthma.
The company is advised by a world-class scientific committee led by globally recognized COPD experts including James Chalmers, M.D., Ph.D.; Alvar Agustí, M.D., Ph.D.; Mark Dransfield, M.D.; Dave Singh, M.D.; and Surya Bhatt, M.D.
Investor Confidence
The oversubscribed nature of the financing reflects strong investor confidence in Expedition's approach and potential. "Expedition is led by a proven team with deep expertise in respiratory drug development and a strategy that could deliver a disease controlling therapy for COPD," said Jonathan Leff, M.D., Executive Partner at Sofinnova Investments.
Ken Harrison, Ph.D., Senior Partner at Novo Holdings, added: "COPD is one of the largest and fastest growing healthcare challenges globally, and Expedition's unique approach has the potential to significantly improve patient outcomes."
As part of the financing, several new members joined Expedition's Board of Directors, including Andrew Cheng, M.D., Ph.D., CEO of Akero Therapeutics and former CMO of Gilead Sciences, who was named Chairman of the Board.
