Expedition Therapeutics, a biotechnology company dedicated to developing therapies for novel inflammatory and respiratory diseases, has closed an oversubscribed and upsized Series A financing round, raising $165 million. This financing round was co-led by Sofinnova Investments and Novo Holdings, with additional participation from investors such as Forbion, Dawn Biopharma—a platform controlled by KKR—Adage, Balyasny, Logos Capital, Sanofi Ventures, and existing investors BVF Partners and Venrock Healthcare Capital Partners.
The funds raised will primarily support the advancement of Expedition’s lead candidate, EXPD-101, through a global Phase 2 study targeting chronic obstructive pulmonary disease (COPD). Current treatments for COPD provide limited benefits, especially for non-type 2 COPD, which affects nearly 70% of COPD patients. The financing will also facilitate the expansion of indications for EXPD-101, positioning it with the potential to be both first-in-class and best-in-class across a variety of neutrophil-driven inflammatory diseases.
EXPD-101 is a next-generation DPP1 inhibitor designed to specifically target neutrophilic inflammation, a significant underlying cause of COPD across its spectrum. In initial Phase 1 studies, EXPD-101 showed promising results, being well tolerated with no dose-limiting toxicities, while also demonstrating clear target engagement and pharmacokinetics that support once-daily oral dosing.
In August 2025, Expedition Therapeutics secured exclusive worldwide rights—excluding mainland China, Hong Kong, and Macau—from Fosun Pharma to develop and commercialize EXPD-101 across all potential indications. The candidate is currently making progress in a Phase 2 bronchiectasis study, which is being led by Fosun Pharma within China.
The company is guided by a highly experienced management team with extensive backgrounds in respiratory therapeutics, drug development, and corporate strategy. Yi Larson, the Founder and CEO, has previously served as CFO of LianBio and Turning Point Therapeutics, bringing a wealth of experience from Goldman Sachs, where he was involved in over $100 billion in M&A and financing transactions. He also holds board positions at RayzeBio and Olema Oncology.
Geoff Gilmartin, M.D., serves as the Chief Medical Officer (CMO). He possesses significant leadership experience from AstraZeneca and Vertex, and he was formerly the Chief Medical Officer of Proteostasis. Recently, he led the benralizumab (Fasenra) program, which spans multiple indications including COPD and asthma. Eric Hu, Ph.D., is the Chief Business Officer (CBO) at Expedition. He brings 20 years of research and development, as well as business development experience from his previous roles at Overland Pharma, Turning Point Therapeutics, Gilead Sciences, and Mitsubishi Tanabe.
The company is also supported by a scientific advisory committee, which includes experts such as 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. Collectively, this team of globally recognized leaders in COPD offers a wealth of clinical and translational expertise.
In connection with the funding round, several notable additions will join the Expedition Board of Directors. This includes Andrew Cheng, M.D., Ph.D., the CEO of Akero Therapeutics and former CMO of Gilead Sciences; Erin Lavelle, the former COO/CFO of ProfoundBio; Regina Salvat, Ph.D., a Principal at Forbion; Jonathan Leff, M.D., an Executive Partner at Sofinnova Investments; Ken Harrison, Ph.D., a Senior Partner at Novo Holdings; and Gorjan Hrustanovic, Ph.D., a Partner at BVF Partners L.P. They will be joining Yi Larson, the Founder and CEO of Expedition Therapeutics, to help guide the company through its next stages of development.
KEY QUOTES:
“Most COPD patients lack effective treatment options. 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. Beyond COPD, EXPD-101 also has first/best-in-class potential to address a broad spectrum of other neutrophil-driven diseases in the future.”
Yi Larson, Founder and CEO, Expedition Therapeutics
“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. We are excited to partner with the company to advance this important mission.”
Jonathan Leff, M.D., Executive Partner, Sofinnova Investments
“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. We look forward to supporting the company’s growth as it advances EXPD-101 in the clinic.”
Ken Harrison, Ph.D., Senior Partner, Novo Holdings
