Expedition Therapeutics, a biotechnology company focused on developing treatments for novel inflammatory and respiratory diseases, today announced the completion 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, as well as existing investors BVF Partners and Venrock Healthcare Capital Partners.
The proceeds from the financing will primarily support the advancement of Expedition’s lead candidate, EXPD-101, through a global Phase 2 study in chronic obstructive pulmonary disease (COPD). Existing COPD treatments provide limited benefit, particularly for patients with non-type 2 COPD, which represents nearly 70% of cases. The funding will also enable expansion into additional indications, positioning EXPD-101 as a potential first-in-class or best-in-class therapy across a broad spectrum of neutrophil-driven inflammatory diseases.
EXPD-101 is a next-generation DPP1 inhibitor designed to target neutrophilic inflammation, a central driver of COPD pathology. In Phase 1 clinical studies, EXPD-101 was well-tolerated, showed no dose-limiting toxicities, and demonstrated robust target engagement. Its pharmacokinetics support convenient once-daily oral administration.
“Most COPD patients lack effective treatment options,” said Yi Larson, Founder and CEO of Expedition Therapeutics. “DPP1 represents a compelling new therapeutic mechanism for COPD, and EXPD-101 has the potential to become the first therapy targeting this pathway. This financing enables us to accelerate development and reach a broad patient population, addressing a critical unmet need while improving standards of care for millions. Beyond COPD, EXPD-101 has the potential to address a wide range of other neutrophil-driven diseases with first- or best-in-class potential.”
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. In China, EXPD-101 is advancing through a Phase 2 bronchiectasis study led by Fosun Pharma.
Experienced Leadership and Scientific Guidance
Expedition is led by a management team with extensive experience in respiratory therapeutics, drug development, and corporate strategy:
- Yi Larson, Founder & CEO – Former CFO of LianBio and Turning Point Therapeutics, with over $100 billion in M&A and financing transactions at Goldman Sachs; board member of RayzeBio and Olema Oncology.
- Geoff Gilmartin, M.D., CMO – Previously led programs at AstraZeneca, Vertex, and Proteostasis, including the benralizumab (Fasenra) program across multiple respiratory indications.
- Eric Hu, Ph.D., Chief Business Officer – Brings two decades of R&D and business development experience from Overland Pharma, Turning Point Therapeutics, Gilead Sciences, and Mitsubishi Tanabe.
The company is further advised by a world-class scientific committee featuring globally recognized COPD experts: 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. This group brings decades of clinical and translational experience, strengthening Expedition’s strategic and scientific direction.
“Expedition is led by a proven team with deep expertise in respiratory drug development and a strategy capable of delivering a disease-controlling therapy for COPD,” said Jonathan Leff, M.D., Executive Partner at Sofinnova Investments. “We are excited to partner with the company and support its mission.”
“COPD is one of the fastest-growing healthcare challenges worldwide,” said Ken Harrison, Ph.D., Senior Partner at Novo Holdings. “Expedition’s unique approach has the potential to transform patient outcomes, and we are thrilled to support the company as it advances EXPD-101 in clinical development.”
Board Expansion and Governance
As part of the Series A financing, the Expedition Board of Directors welcomed several new members:
- Andrew Cheng, M.D., Ph.D. – CEO of Akero Therapeutics; former CMO of Gilead Sciences.
- Erin Lavelle – Former COO/CFO, ProfoundBio.
- Regina Salvat, Ph.D. – Principal, Forbion.
- Jonathan Leff, M.D. – Executive Partner, Sofinnova Investments.
- Ken Harrison, Ph.D. – Senior Partner, Novo Holdings.
- Gorjan Hrustanovic, Ph.D. – Partner, BVF Partners L.P.
- Yi Larson, Founder & CEO – Serving as board member and guiding company strategy.
Looking Ahead
The Series A funding will accelerate development of EXPD-101, including global Phase 2 studies, indication expansion, and commercialization planning. Investment will also strengthen the company’s operational infrastructure, manufacturing capabilities, and strategic partnerships to support future growth.
By targeting neutrophilic inflammation, Expedition aims to deliver a novel therapeutic option for the majority of COPD patients who currently have few effective treatments, while also exploring broader applications in other neutrophil-driven diseases. The company’s combination of experienced leadership, robust scientific advisory, and substantial financial backing positions it to advance its pipeline efficiently and address critical unmet needs in respiratory medicine.
With EXPD-101 poised to become a first-in-class therapy, Expedition Therapeutics is advancing toward a future where effective, disease-modifying treatments for COPD and related inflammatory diseases are a reality for patients worldwide.
