SAN DIEGO — Solve Therapeutics, a clinical-stage biotechnology company developing next-generation antibody-drug conjugates (ADCs) for solid tumors, has raised $120 million in an oversubscribed and upsized financing round. The funding will accelerate development of the company’s lead clinical assets, SLV-154 and SLV-324, and further advance its proprietary CloakLink linker platform.
The round was led by Yosemite, with new participation from Abingworth, Ally Bridge Group, B Capital, Balyasny Asset Management, Merck & Co., and SymBiosis. All existing investors—including Alexandria Venture Investments, AyurMaya Capital Management, DC Global Ventures, General Atlantic, and Surveyor Capital (a Citadel company)—also joined the financing. This latest investment follows a $75 million raise in December 2024, bringing Solve’s total capital raised to $321 million.
Solve Therapeutics was founded to address limitations of traditional ADCs, particularly challenges associated with payload hydrophobicity that can lead to suboptimal pharmacokinetics, poor plasma stability, and reduced therapeutic effectiveness.
Solve’s CloakLink technology is designed to improve ADC stability and reduce hydrophobicity across a wide range of drug-to-antibody ratios. This engineering results in improved pharmacokinetics, enhanced plasma stability, and reduced toxicity—enabling broader therapeutic windows and superior performance compared to conventional ADCs.
The company’s lead programs, SLV-154 and SLV-324, are currently in Phase 1 clinical trials for solid tumors. Both utilize the CloakLink platform and feature targeting antibodies optimized for enhanced ADC performance. Combined with individualized diagnostic strategies, these programs are designed to enable precise patient selection. Proceeds from the round will support completion of Phase 1b studies and strengthen the company’s operational capacity ahead of later-stage development.
“We’re thrilled to partner with an outstanding syndicate of investors who share our vision for developing best-in-class ADCs,” said Dave Johnson, CEO and Co-Founder of Solve Therapeutics. “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.”
“Solve is the next wave of ADC innovation,” said Dan McHugh, Investor at Yosemite and Solve Therapeutics board member. “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.”
Founded by the leadership behind VelosBio (acquired by Merck) and Acerta Pharma (acquired by AstraZeneca), Solve Therapeutics is leveraging its team’s extensive oncology and ADC expertise to build a pipeline of pioneering therapeutics and diagnostics targeting solid tumors with high unmet need.
