San Francisco-based Expedition Therapeutics has closed an oversubscribed USD 115 million Series B financing round to advance its lead asset, EXPD-101 (FXS7553), a next-generation oral dipeptidyl peptidase 1 (DPP1) inhibitor under development for chronic obstructive pulmonary disease (COPD). Concurrent with the financing, Expedition announced first patients dosed in a global Phase II COPD trial for EXPD-101.
General Atlantic led the round, with new investors RA Capital Management and Vivo Capital also participating. All existing Series A investors — including Sanofi Ventures, Sofinnova Investments, Novo Holdings, KKR via Dawn Biopharma, Forbion, Adage Capital Management, Balyasny Asset Management, and Logos Capital — rolled into the financing. The company said proceeds will be used to advance EXPD-101 through Phase II, expand the asset into additional neutrophil-driven inflammatory diseases, and build out a broader pipeline of next-generation DPP1 inhibitors. The Series B follows a USD 165 million Series A closed in October 2025, also oversubscribed, bringing total capital raised to approximately USD 280 million.
EXPD-101 was in-licensed from China-based Fosun Pharma's subsidiary S-Infinity Pharmaceuticals in August 2025 for an upfront payment of USD 17 million, with potential milestones and royalties bringing the total deal value to up to USD 645 million. Expedition holds exclusive rights to develop and commercialise the asset in all indications outside mainland China, Hong Kong, and Macau. Concurrent with the Series B announcement, the company said the first patients had been dosed in a global, randomized, double-blind, placebo-controlled Phase II trial evaluating two doses of EXPD-101 versus placebo over 52 weeks in COPD.