Expedition Therapeutics Raises $165 Million Series A Led by Sofinnova Investments and Novo Holdings to Advance Novel COPD Therapy
Expedition Therapeutics, a biotech company focused on developing innovative therapies for respiratory and inflammatory diseases, has announced the successful closing of a US $165 million Series A financing round. The round was co-led by Sofinnova Investments and Novo Holdings, with participation from Forbion, Dawn Biopharma (a platform controlled by KKR), Adage Capital Management, Balyasny Asset Management, Logos Capital, Sanofi Ventures, and existing investors including BVF Partners and Venrock Healthcare Capital Partners.
The company intends to channel the financing toward advancing its lead candidate, EXPD‑101, a once-daily oral inhibitor of DPP1 (dipeptidyl peptidase 1) designed to address neutrophil-driven inflammation in diseases such as chronic obstructive pulmonary disease (COPD). Expedition states that EXPD-101 has already completed Phase 1 studies showing favorable tolerability and pharmacokinetics for once-daily dosing, and the new capital will support a global Phase 2 study in COPD as well as indication expansion into other neutrophil-driven disorders.
In August 2025, Expedition secured exclusive global rights (excluding mainland China, Hong Kong and Macau) to an oral DPP1 inhibitor originally developed by Fosun Pharma (China), under a deal that includes upfront and milestone payments. The company summarises its strategy as combining translational drug-development expertise with a cross-border licensing model to build therapies for unmet needs in inflammatory and respiratory medicine.
Founded by CEO Yi Larson, Expedition is led by management with deep experience in respiratory therapeutics and drug development. Larson previously served as CFO of LianBio and Turning Point Therapeutics and has a background in finance and biotech governance. The company’s executive team also includes Dr. Geoff Gilmartin as Chief Medical Officer and Dr. Eric Hu as Chief Business Officer, each with established track records in the biotech sector.
The Series A raise underscores investor confidence in Expedition’s differentiated mechanism of action targeting neutrophilic inflammation—a pathway less addressed in the current COPD therapeutic landscape. The company highlights that nearly 70 % of COPD patients have neutrophil-driven disease, for which existing treatments offer limited benefit. By targeting DPP1, Expedition seeks to inhibit activation of neutrophil serine proteases, central drivers of tissue damage and airway remodeling in COPD and related diseases.
The financing also positions Expedition to further build its clinical and regulatory infrastructure, expand its indication horizon beyond COPD to include bronchiectasis, neutrophilic asthma, and other inflammatory lung conditions, and to scale its translational science platform supporting in-licensed assets from outside the U.S. As it moves from early validation into broader development, the company will focus on enrolling and executing its Phase 2 program efficiently while preparing for future value-creating milestones.
Although the funding provides considerable runway, Expedition faces the typical challenges of advancing a clinical-stage biotech: demonstrating efficacy in complex disease populations, securing regulatory approval paths, managing global partnerships, and scaling commercial planning ahead of potential launch. The competition among DPP1 inhibitors and therapies for neutrophil-driven disease is intensifying, and the company must prove that its candidate can deliver meaningful benefit in real-world settings.
Regardless, the size of the round—US $165 million—and the high-caliber investor syndicate reflect strong belief in the unmet need in COPD and related diseases, as well as conviction in Expedition’s science and leadership. With its lead program poised to enter Phase 2 and its cross-border licensing model in motion, the company is now entering a pivotal growth phase in its mission to bring first-in-class therapies to patients with limited treatment options.
