SAN FRANCISCO, Calif. — Expedition Therapeutics, a biotechnology company focused on developing next-generation therapies for inflammatory and respiratory diseases, announced the closing of an oversubscribed and upsized $165 million Series A financing. The round was co-led by Sofinnova Investments and Novo Holdings, with participation from Forbion, Dawn Biopharma (a KKR-controlled platform), Adage, Balyasny, Logos Capital, Sanofi Ventures, and existing investors BVF Partners and Venrock Healthcare Capital Partners.
Proceeds from the financing will fund the global development of Expedition’s lead candidate, EXPD-101, a once-daily oral DPP1 inhibitor with first-in-class potential for chronic obstructive pulmonary disease (COPD) and other neutrophil-driven inflammatory disorders. The company plans to initiate a Phase 2 trial in COPD, where current treatment options remain limited, particularly for non-type 2 patients who make up nearly 70 percent of cases.
EXPD-101 is designed to inhibit DPP1, a key enzyme driving neutrophilic inflammation across COPD subtypes. In Phase 1 clinical studies, the therapy was well tolerated with no dose-limiting toxicities and demonstrated strong target engagement and favorable pharmacokinetics supporting once-daily dosing. Expedition also plans to expand development of EXPD-101 into additional neutrophil-driven indications, positioning it as both a first-in-class and best-in-class therapeutic candidate.
“Most COPD patients lack effective treatment options,” said Yi Larson, Founder and CEO of Expedition Therapeutics. “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.”
In August 2025, Expedition acquired exclusive worldwide rights—excluding mainland China, Hong Kong, and Macau—from Fosun Pharma to develop and commercialize EXPD-101 across all indications. The candidate is currently advancing in a Phase 2 bronchiectasis trial being conducted by Fosun Pharma in China.
Expedition’s leadership team includes Founder and CEO Yi Larson, former CFO of LianBio and Turning Point Therapeutics; Chief Medical Officer Geoff Gilmartin, M.D., who previously led the benralizumab (Fasenra) program at AstraZeneca and served as CMO of Proteostasis; and Chief Business Officer Eric Hu, Ph.D., who brings two decades of experience from Overland Pharma, Turning Point Therapeutics, Gilead Sciences, and Mitsubishi Tanabe.
The company is guided by a scientific advisory board of world-renowned COPD experts including 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.
“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,” said Jonathan Leff, M.D., Executive Partner at Sofinnova Investments. “We are excited to partner with the company to advance this important mission.”
“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,” added Ken Harrison, Ph.D., Senior Partner at Novo Holdings. “We look forward to supporting the company’s growth as it advances EXPD-101 in the clinic.”
As part of the financing, Expedition appointed Andrew Cheng, M.D., Ph.D., CEO of Akero Therapeutics and former CMO of Gilead Sciences, as Chairman of the Board. Additional board members include Erin Lavelle, Regina Salvat, Ph.D., Jonathan Leff, M.D., Ken Harrison, Ph.D., Gorjan Hrustanovic, Ph.D., and Yi Larson.
