Crossbow Therapeutics, a Cambridge, Massachusetts-based biotechnology company developing TCR-mimetic antibody therapies for oncology, has closed a Series B financing totaling USD 77 million. The Crossbow Therapeutics Series B round will fund continued clinical development of the company's T-cell engager pipeline, including its lead candidate CBX-250 and a second program, CBX-663.
The round was co-led by Taiho Ventures and Arkin Bio Capital, with participation from new investors Sixty Degree Capital, Hamilton Square Partners Management LP, LifeLink Ventures, Libbs Ventures, and Blood Cancer United's Therapy Acceleration Program. Existing investors MPM BioImpact, Pfizer Ventures, BVF Partners, Polaris Partners, Eli Lilly and Company, and Mirae Asset Venture Investment also participated. Sakae Asanuma of Taiho Ventures and Pini Orbach of Arkin Bio Capital have joined the company's board. The Crossbow Therapeutics financing will support completion of the CBX-250 Phase 1 trial (CROSSCHECK-001), submission of an IND application for CBX-663, and initiation of a Phase 1 study of CBX-663, projected for Q3 2026.
Crossbow's pipeline is built on its proprietary T-Bolt platform, which generates T-cell engager therapies targeting peptide-HLA complexes on cancer cells. The platform uses antibodies engineered to mimic T-cell receptors, enabling targeting of intracellular cancer proteins that are processed and displayed on the cell surface via the MHC class I antigen presentation pathway. This approach expands the range of actionable targets beyond conventional surface antigens. CBX-250, the lead candidate, is a T-cell engager targeting a pHLA complex specific to myeloid cancer cells. The ongoing CROSSCHECK-001 study is evaluating CBX-250 in patients with relapsed and refractory myeloid malignancies, including acute myeloid leukemia, chronic myeloid leukemia, myelodysplastic syndromes, and chronic myelomonocytic leukemia. Initial clinical data are expected around the end of 2026. CBX-663 targets a TERT-derived pHLA complex and is being developed for hematologic and solid tumors. Preclinical data for both programs are scheduled for presentation at AACR 2026 in San Diego.
The company was co-founded by Daniel Powell and Mark Bhatt, both of the University of Pennsylvania's Perelman School of Medicine. The underlying science of the T-Bolt platform originated from their academic research at Penn on TCR-mimetic antibodies and pHLA targeting. Crossbow is led by CEO Briggs Morrison, M.D. No licensing or partnership deals have been publicly disclosed. Details of prior funding rounds were not specified in the company's announcement.
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