Solve Therapeutics has secured $120 million in new financing to accelerate the development of its clinical-stage antibody drug conjugates for solid tumors, marking one of the biotechnology sector’s notable funding rounds of the year. The San Diego-based company is advancing a portfolio built on its proprietary CloakLink linker system, designed to improve stability, reduce hydrophobicity, and enhance the therapeutic index of ADCs targeting difficult solid tumor indications.
Yosemite led the round with participation from new investors Abingworth, Ally Bridge Group, B Capital, Balyasny Asset Management, Merck & Co., and SymBiosis. Existing backers, including Alexandria Venture Investments, AyurMaya Capital Management, DC Global Ventures, General Atlantic, and Surveyor Capital, also joined. The new financing follows a $75 million raise in late 2024, bringing the total capital raised to $321 million.
Solve Therapeutics was founded by the team behind VelosBio, acquired by Merck, and Acerta Pharma, acquired by AstraZeneca. The company aims to overcome longstanding challenges inherent to solid tumor ADC development. Traditional ADCs often struggle with payload hydrophobicity, suboptimal pharmacokinetics, and limited plasma stability, which can constrain their safety and efficacy profiles.
CloakLink was engineered to address these constraints by decreasing ADC hydrophobicity while increasing molecular stability across a broad range of drug-to-antibody ratios. According to the company, these properties yield improved pharmacokinetics, enhanced stability in circulation, and reduced toxicity. The platform is also paired with diagnostic tools intended to enable precise patient selection.
Solve’s two lead programs, SLV-154 and SLV-324, are currently in Phase 1 trials in patients with solid tumors. Both assets incorporate CloakLink and utilize targeting antibodies designed for optimized ADC behavior. The new funding will support completion of upcoming Phase 1b studies and facilitate broader operational expansion as the company prepares for later clinical stages.
The company continues to develop a pipeline of therapeutics and diagnostics for tumor types with significant unmet medical needs. Its combined platform approach is designed to advance precision oncology strategies by integrating therapeutic development with patient selection diagnostics.
KEY QUOTES
“We’re thrilled to partner with an outstanding syndicate of investors who share our vision for developing best-in-class ADCs. Since founding the company, we’ve built a differentiated platform that combines next-generation ADC engineering, a superior hydrophilic linker system, and novel patient-selection diagnostics. This investment syndicate represents a strong endorsement of our science, our team, and our mission to develop more effective and safer targeted therapies for patients with solid tumors.”
Dave Johnson, CEO and Co-Founder, Solve Therapeutics
“Solve is the next wave of ADC innovation. By integrating therapeutic development with a novel diagnostic platform, Solve is pushing the boundaries of precision oncology and enabling a more personalized, effective approach to cancer care. Yosemite is excited to support the excellence and innovation demonstrated by this best-in-class team.”
Dan McHugh, Investor, Yosemite and Board Member, Solve Therapeutics
