Solve Therapeutics has raised $120 million in an oversubscribed financing round that will significantly accelerate the clinical development of its antibody drug conjugate programs and expand its proprietary CloakLink linker platform. The funding was led by Yosemite with participation from Abingworth, Ally Bridge Group, B Capital, Balyasny Asset Management, Merck & Co., and SymBiosis, along with the company’s existing backers, including Alexandria Venture Investments, AyurMaya Capital Management, DC Global Ventures, General Atlantic, and Surveyor Capital. This new infusion brings Solve’s total capital raised to $321 million following a $75 million round completed in late 2024.
Headquartered in San Diego, Solve Therapeutics is developing a portfolio of ADCs designed to overcome long-standing limitations in the treatment of solid tumors. Traditional ADC approaches often struggle with hydrophobic payloads, which can compromise pharmacokinetics, reduce plasma stability, and pose safety challenges. Solve’s CloakLink technology was engineered to address these barriers by improving stability and reducing hydrophobicity at multiple drug-to-antibody ratios. The resulting candidates demonstrate more favorable pharmacokinetics, reduced toxicity, and improved therapeutic indices.
The company’s two lead clinical assets, SLV 154 and SLV 324, are in Phase 1 trials for patients with solid tumors. Both programs incorporate the CloakLink system and utilize targeting antibodies engineered for optimal ADC performance. Each program is paired with an innovative diagnostic strategy intended to support highly selective patient identification. The new capital will support completion of Phase 1b studies for both candidates and enable broader operational expansion to support later-stage clinical development.
The financing follows the continued emergence of Solve Therapeutics as a next-generation oncology innovator. The company was founded by industry leaders involved in the creation and growth of VelosBio, which was acquired by Merck, and Acerta Pharma, which AstraZeneca acquired. Today, Solve is applying its collective expertise to develop therapeutics and diagnostics that address significant unmet needs across solid tumor cancers.
The company continues to expand its research, clinical, and diagnostic capabilities in pursuit of a differentiated platform that integrates novel linker chemistry, optimized ADC engineering, and precision patient selection tools to advance a new era of targeted cancer treatment.
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 at Yosemite and Solve Therapeutics Board Member
