Funding announcements in biotech are more than business headlines—they're signals of scientific momentum and bets on new ways of understanding or treating disease. These moments offer a glimpse into where science is headed, what investors are prioritizing, and how novel biology is making its way toward the clinic.
In this series, we're covering early-stage biotech companies that recently raised capital, spotlighting the ideas—and the science—behind them. Next up: Expedition Therapeutics.
Expedition Therapeutics' Bold Goal: A First-in-Class COPD Therapy
Expedition Therapeutics is a biotechnology company founded in 2024 with a clear focus: to develop oral drugs that target neutrophilic inflammation, a key driver of chronic obstructive pulmonary disease (COPD). It's an ambitious effort aimed at a widespread and serious condition—COPD affects millions globally and represents a substantial market with significant unmet medical needs.
Why COPD Needs New Approaches
COPD is a progressive lung disease characterized by airflow limitation, chronic inflammation, and declining lung function over time. Most current COPD therapies primarily include bronchodilators, inhaled corticosteroids, and phosphodiesterase-4 inhibitors, but these approaches offer limited benefits in controlling the underlying neutrophilic inflammation that drives disease progression.
At the molecular level, neutrophil-driven inflammation plays a key role in COPD pathogenesis. Neutrophil serine proteases (NSPs)—including neutrophil elastase, proteinase 3, and cathepsin G—contribute to tissue destruction, airway remodeling, and the progressive decline in lung function that characterizes COPD. These NSPs are activated by dipeptidyl peptidase-1 (DPP-1), an enzyme that plays a critical role during neutrophil maturation in the bone marrow. Inhibiting DPP-1 represents a novel therapeutic approach to addressing the root cause of neutrophilic inflammation rather than just managing symptoms.
Neutrophilic phenotype is the most common airway inflammation pattern in COPD patients, affecting approximately 58% of patients according to clinical studies. That leaves a significant gap in care—and a clear opportunity for better solutions. Expedition Therapeutics is aiming to fill that gap by developing drugs that target the underlying inflammatory mechanisms of the disease.
A Novel Therapeutic Approach: Next-Generation DPP-1 Inhibition
Expedition Therapeutics is developing EXPD-101, a next-generation oral DPP-1 inhibitor designed for once-daily dosing with the potential to be a first-in-class therapy for COPD targeting the DPP-1 mechanism. EXPD-101 works by inhibiting DPP-1, which prevents the activation of NSPs in neutrophils. This mechanism is designed to reduce neutrophilic inflammation, mitigate aberrant immune responses, decrease mucus production, and attenuate tissue damage throughout the airways.
In Phase 1 studies, EXPD-101 demonstrated clear target engagement with pharmacokinetics supporting once-daily oral dosing and was well tolerated. The compound also showed the potential to reduce NET (neutrophil extracellular trap) formation, a key mediator of inflammation that induces airway epithelial cells to secrete inflammatory cytokines. Beyond COPD, EXPD-101 has potential across a broad spectrum of neutrophil-driven inflammatory diseases.
Leadership & Expertise
Expedition Therapeutics is led by a team of experienced professionals in drug discovery, development, and corporate strategy:
- Yi Larson, Founder and CEO: Former CFO of LianBio and Turning Point Therapeutics (acquired by Bristol Myers Squibb for $4.1 billion), with over $100 billion in M&A and financing transactions at Goldman Sachs, and board roles at RayzeBio and Olema Oncology.
- Geoff Gilmartin, M.D., Chief Medical Officer: With leadership experience at AstraZeneca and Vertex, formerly Chief Medical Officer of Proteostasis, who most recently led the benralizumab (Fasenra) program across multiple indications including COPD and asthma.
- Eric Hu, Ph.D., Chief Business Officer: With 20 years of R&D and business development experience at Overland Pharma, Gilead Sciences, and Mitsubishi Tanabe.
The company is advised by a world-class scientific committee led by globally recognized COPD leaders 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., bringing decades of clinical and translational expertise.
Funding & Backing
Expedition Therapeutics officially launched in 2024 and announced a $165 million Series A financing round on October 9, 2025. This substantial funding round was co-led by Sofinnova Investments and Novo Holdings, with participation from Forbion, Dawn Biopharma (a KKR platform), Adage, Balyasny, Logos Capital, and Sanofi Ventures, alongside existing investors including Venrock, BVF Partners, and Lake Bleu Capital.
This funding will enable Expedition to advance EXPD-101 through a global Phase 2 study in COPD and support indication expansion into other neutrophil-driven inflammatory diseases.
Strategic Licensing & Pipeline
In August 2025, Expedition acquired exclusive worldwide rights (excluding mainland China, Hong Kong, and Macau) from Fosun Pharma to develop and commercialize EXPD-101 in all indications. The licensing agreement involves $17 million in upfront cash and up to $103 million in development and regulatory milestones, plus up to $525 million in commercial milestones, totaling a potential deal value of $645 million.
EXPD-101 (originally designated XH-S004 by Fosun) is currently advancing in a Phase 2 bronchiectasis study in China, led by Fosun Pharma subsidiary S-Infinity Pharmaceuticals, which retains development rights in mainland China, Hong Kong, and Macau. Expedition represents a strategic cross-border model for in-licensing promising drug candidates from China for global development, leveraging expertise at the intersection of US and Chinese biotech innovation.
Market Opportunity & Competitive Edge
The COPD market represents a substantial opportunity with significant unmet need. Current therapies have relatively limited effects on neutrophil-mediated inflammation, which drives disease progression in most patients. The first DPP-1 inhibiting drug, Insmed's Brinsupri (brensocatib), was approved by the FDA in August 2025 for non-cystic fibrosis bronchiectasis. However, Insmed is not currently pursuing COPD approval for Brinsupri, leaving the COPD indication open for first-in-class competition.
EXPD-101's advantages include favorable pharmacokinetics, demonstrated target engagement, and good tolerability in Phase 1 studies. The compound's potential to address the broad COPD patient population—particularly those with neutrophilic inflammation—positions it as a potential standard-of-care therapy for millions of patients.
Looking Ahead
Expedition Therapeutics is positioning itself to deliver a first-in-class DPP-1 inhibitor for COPD, addressing a major unmet need. With substantial Series A financing from premier life sciences investors and a management team with deep respiratory disease expertise, the company holds credible potential to improve the standard of care for COPD patients worldwide.
The company's cross-border strategy of in-licensing global innovation from China, combined with US clinical development capabilities and top-tier investor support, provides a differentiated platform for building a pipeline of novel therapies. Beyond COPD, EXPD-101 has potential for expansion into other neutrophil-driven inflammatory diseases, offering multiple paths to value creation.