Financing accelerates development of clinical-stage assets SLV-154 and SLV‑324, both featuring Solve’s CloakLink™ linker technology

Funding round was led by Yosemite, with participation from new investors Abingworth, Ally Bridge Group, B Capital, Balyasny Asset Management, Merck & Co., SymBiosis, and all existing investors

Solve Therapeutics, a clinical-stage biotechnology company developing best-in-class antibody-drug conjugates (ADCs) for solid tumor malignancies, today announced it has raised $120 million in an oversubscribed and upsized financing to accelerate the development of its clinical pipeline and proprietary CloakLink™ linker platform.

The round was led by Yosemite, with participation from Abingworth, Ally Bridge Group, B Capital, Balyasny Asset Management, Merck & Co., and SymBiosis, and existing investors Alexandria Venture Investments, AyurMaya Capital Management, DC Global Ventures, General Atlantic, and Surveyor Capital (a Citadel company). This latest funding follows a $75 million financing completed in December 2024, bringing Solve’s total capital raised to $321 million.

Solve Therapeutics was founded to develop next-generation ADCs capable of addressing unique challenges presented by solid tumors. Traditional ADCs often face limitations related to payload hydrophobicity, including sub-optimal pharmacokinetics and plasma stability, which can compromise safety and efficacy.

Solve’s proprietary CloakLink™ technology was engineered to overcome these barriers by increasing ADC stability and decreasing ADC hydrophobicity across a broad range of drug-to-antibody ratios. The result is a class of ADCs with improved pharmacokinetics, enhanced plasma stability, and reduced toxicity, enabling improved therapeutic indices and overall performance.

The company’s lead programs, SLV-154 and SLV-324, are currently in Phase 1 clinical trials in patients with solid tumors. Both utilize the CloakLink™ platform and targeting antibodies that are specifically engineered for superior ADC performance. The ADCs are paired with novel diagnostic approaches to enable precision patient selection. The new funding will support the completion of Phase 1b studies for both programs and expand the company’s operational capabilities as it advances toward later-stage clinical 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 & Co-Founder, 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 leaders behind VelosBio (acquired by Merck) and Acerta Pharma (acquired by AstraZeneca), Solve Therapeutics is applying decades of combined oncology and ADC expertise to build a pipeline of pioneering therapeutics and diagnostics targeting solid tumors with high unmet need.

About Solve Therapeutics

Solve Therapeutics is a clinical-stage biopharmaceutical company advancing a pipeline of next-generation ADCs and a novel diagnostic platform for solid tumors. With its proprietary CloakLink™ hydrophilic linker system and a focus on selectively expressed tumor antigens, Solve is engineering therapeutics designed to safely and effectively offer benefit to patients with life-threatening cancers. Its diagnostic approach offers the potential of precise, noninvasive patient selection. The company is based in San Diego, CA. For more information, visit www.solvetx.com.

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