Key Takeaways
- • Expedition Therapeutics raised $115 million in a Series B funding round to advance EXPD-101, a DPP1-targeting drug licensed from China's Fosun Pharma, through mid-stage clinical testing for chronic obstructive pulmonary disease (COPD).
- • The company has now accumulated nearly $280 million in total venture funding ($165 million Series A in 2025, plus the current $115 million Series B), reflecting institutional investor confidence in its China in-licensing strategy and the commercial potential of DPP1 inhibitors.
- • EXPD-101 targets DPP1 enzyme activity in neutrophils to reduce lung inflammation in COPD, positioning the drug within a validated therapeutic class that includes AstraZeneca/Insmed's approved Brinsupri and compounds from Boehringer Ingelheim and Chiesi currently in clinical development.
- • Expedition exemplifies a growing trend of purpose-built biotechnology companies formed to identify, acquire, and clinically develop drugs originating from Chinese pharmaceutical firms, capitalizing on a pipeline of assets previously unavailable to Western markets.
- • The COPD market has demonstrated strong commercial traction with multiple recent approvals since 2024, including therapies from Regeneron/Sanofi (Dupixent), GSK (Nucala), and Verona Pharma (Ohtuvayre), suggesting robust demand for new mechanistic approaches to a high-prevalence inflammatory disease.
Summary
Expedition Therapeutics, a U.S. biotech company founded in 2024 with a specialized focus on in-licensing and developing China-originated pharmaceuticals, announced a $115 million Series B funding round on Wednesday. The capital will fund clinical advancement of EXPD-101, its lead asset licensed from China's Fosun Pharma, through mid-stage testing. This Series B follows a $165 million Series A round completed in 2025, bringing the company's total venture capital raised to approximately $280 million within less than two years of operation.
EXPD-101, known as XH-S004 during Fosun's development phase, is a DPP1 (dipeptidyl peptidase-1) inhibitor designed to treat chronic obstructive pulmonary disease. The mechanism targets an enzyme that activates specific immune cell functions in neutrophils, white blood cells that play dual roles in infection defense and inflammatory response. By modulating DPP1 activity, the drug aims to reduce pathological lung inflammation characteristic of COPD while preserving protective immune function. According to CEO Yi Larson, this therapeutic approach addresses one of the world's most prevalent inflammatory lung diseases and capitalizes on the proven clinical and commercial viability of the DPP1 inhibitor class.
The DPP1 inhibitor space has validated commercial potential. AstraZeneca's in-licensed DPP1 inhibitor, now marketed by Insmed as Brinsupri for bronchiectasis, is expected to achieve blockbuster status. Clinical-stage competitors from Boehringer Ingelheim and the partnership between Chiesi and Haisco Pharmaceutical are also in development, signaling broad investor and pharmaceutical industry interest in the mechanism. The COPD market itself has demonstrated accelerating therapeutic innovation, with multiple novel agents approved since 2024—including Regeneron and Sanofi's Dupixent, GSK's Nucala, and Verona Pharma's Ohtuvayre—indicating robust clinical demand and commercial opportunity for differentiated mechanisms.
Expedition Therapeutics represents a broader strategic trend reshaping biotech venture formation: the creation of purpose-built companies designed specifically to acquire, develop, and advance drugs originated from Chinese pharmaceutical companies. This model capitalizes on a substantial pipeline of molecules previously underdeveloped or unavailable in Western markets. Expedition's oversubscribed Series B, backed by institutional investors including Sanofi, reflects confidence in both the company's operational execution and the strategic viability of systematically extracting value from China-sourced intellectual property through Western clinical development and regulatory pathways. The company's planned use of Series B proceeds—advancing EXPD-101 through Phase 2 testing—positions it for potential pivotal study initiation within the next 18-24 months, standard timing for COPD drug development.
EXPD-101, known as XH-S004 during Fosun's development phase, is a DPP1 (dipeptidyl peptidase-1) inhibitor designed to treat chronic obstructive pulmonary disease. The mechanism targets an enzyme that activates specific immune cell functions in neutrophils, white blood cells that play dual roles in infection defense and inflammatory response. By modulating DPP1 activity, the drug aims to reduce pathological lung inflammation characteristic of COPD while preserving protective immune function. According to CEO Yi Larson, this therapeutic approach addresses one of the world's most prevalent inflammatory lung diseases and capitalizes on the proven clinical and commercial viability of the DPP1 inhibitor class.
The DPP1 inhibitor space has validated commercial potential. AstraZeneca's in-licensed DPP1 inhibitor, now marketed by Insmed as Brinsupri for bronchiectasis, is expected to achieve blockbuster status. Clinical-stage competitors from Boehringer Ingelheim and the partnership between Chiesi and Haisco Pharmaceutical are also in development, signaling broad investor and pharmaceutical industry interest in the mechanism. The COPD market itself has demonstrated accelerating therapeutic innovation, with multiple novel agents approved since 2024—including Regeneron and Sanofi's Dupixent, GSK's Nucala, and Verona Pharma's Ohtuvayre—indicating robust clinical demand and commercial opportunity for differentiated mechanisms.
Expedition Therapeutics represents a broader strategic trend reshaping biotech venture formation: the creation of purpose-built companies designed specifically to acquire, develop, and advance drugs originated from Chinese pharmaceutical companies. This model capitalizes on a substantial pipeline of molecules previously underdeveloped or unavailable in Western markets. Expedition's oversubscribed Series B, backed by institutional investors including Sanofi, reflects confidence in both the company's operational execution and the strategic viability of systematically extracting value from China-sourced intellectual property through Western clinical development and regulatory pathways. The company's planned use of Series B proceeds—advancing EXPD-101 through Phase 2 testing—positions it for potential pivotal study initiation within the next 18-24 months, standard timing for COPD drug development.
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