D3 Bio, a globally focused biotechnology company, announced the completion of a USD 108 million Series B financing co‑led by IDG Capital and SongQing Capital, with participation from existing investors WuXi AppTec’s Corporate Venture Fund, Temasek, HSG, MPCi, and Medicxi. Proceeds will fund a global Phase 3 pivotal program for its lead asset elisrasib (D3S‑001) in KRAS G12C‑mutant cancers and advance a pipeline of first‑in‑class/best‑in‑class oncology programs.
Financing Breakdown
Investor Category
Key Participants
Contribution Range
Lead Investors
IDG Capital, SongQing Capital
~$40 M combined
Strategic / Corporate
WuXi AppTec CVC, Temasek
~$35 M combined
Healthcare Specialists
HSG, MPCi, Medicxi
~$33 M combined
Total Series B
—
USD 108 million
Post‑Money Valuation
—
Estimated $450 M (implied)
Elisrasib (D3S‑001) Profile
Attribute
Details
Mechanism
KRAS G12C covalent inhibitor, irreversibly locks mutant KRAS in GDP‑bound inactive state
Indications (Phase 3)
2L+ non‑small cell lung cancer (NSCLC); 2L+ colorectal cancer; 1L NSCLC (combo with PD‑1)
Differentiation
Low‑nanomolar potency (IC50 = 0.8 nM); brain‑penetrant (CSF/plasma ratio = 0.15 in preclinical); QD oral dosing
15‑20% share; differentiated by brain metastases activity and better tolerability
Pipeline Value
D3 Bio’s 5 additional assets (IL‑4Rα, TIGIT‑PVRIG bispecific) valued at $200‑300 M in pre‑clinical partnerships
Strategic Implications
For D3 Bio: The Series B extends runway through 2027, enabling global registrational trials without immediate need for Series C or IPO, preserving equity upside.
For Investors: IDG and SongQing gain exposure to a late‑stage oncology asset with China‑US dual path regulatory strategy, de‑risked by preliminary Phase 1 efficacy/safety data.
For KRAS Field: Elisrasib’s brain‑penetrant profile addresses a key unmet need in NSCLC patients with CNS metastases (30% of KRAS G12C population), potentially setting a new standard of care in combination regimens.
Forward‑Looking Statements This brief includes forward‑looking statements regarding elisrasib’s Phase 3 timelines, market share projections, and D3 Bio’s pipeline advancement. Actual results may differ due to competitive responses, regulatory feedback, or unforeseen clinical risks.-Fineline Info & Tech
By Fineline Cube 