Expedition Therapeutics Secures $115 Million to Initiate Phase 2 COPD Trial for EXPD-101
1. Series B Funding Secures Clinical Execution Capabilities
Expedition Therapeutics has secured $115 million in Series B funding, led by General Atlantic. This follows a $165 million Series A round in 2025, bringing the total funding to $280 million. The funds will be used to support the global Phase 2 clinical trial of EXPD-101, a once-daily oral dipeptidyl peptidase-1 (DPP1) inhibitor, and for the development of additional indications. Securing substantial capital before clinical data readouts mitigates the risks of mid-stage financing and development delays.
2. Validating the DPP1 Mechanism in COPD
EXPD-101, currently in clinical development and not yet assigned a brand name or international nonproprietary name (INN), is also known by the development codes XH-S004 and FXS7553. This oral small molecule inhibits the activation of neutrophil serine proteases (NSPs), such as neutrophil elastase, cathepsin G, and proteinase 3, by blocking DPP1. The Navigator Phase 2 trial (NCT07684820) will evaluate the efficacy, safety, tolerability, and pharmacokinetics of two doses of EXPD-101 compared to placebo in COPD patients already receiving dual or triple inhaled maintenance therapy over a 52-week period, with an expected completion date of June 2028. This trial represents a key inflection point, determining whether the DPP1 mechanism, previously demonstrated in bronchiectasis, can be extended to a larger COPD patient population.
3. Commercial Partnership and Rights Structure
In August 2025, Expedition entered into a licensing agreement with Shanghai Fosun Pharmaceutical Group (600196.SH, 2196.HK) for the development, manufacturing, and commercialization of EXPD-101 for all indications in mainland China, Hong Kong, and Macau, excluding other territories. The agreement includes an upfront payment of $17 million, potential development milestone payments of up to $120 million, and potential commercial milestone payments of up to $525 million, plus tiered royalties on net sales. The total potential payment is up to $645 million. This Series B financing is separate from the licensing agreement. This represents a successful cross-border model where a clinical asset discovered in China is transitioned to a U.S.-based company for global late-stage clinical development.
4. Competitive Landscape and Commercial Benchmarks
The COPD therapeutics market is projected to grow from $22.395 billion in 2025 to $31.171 billion in 2033, with the standard of care consisting of LABA/LAMA bronchodilators and inhaled corticosteroids. Verona Pharma's ensifentrine (PDE3/PDE4 inhibitor) received FDA approval on June 26, 2024, and is marketed as a nebulized maintenance therapy. Regeneron Pharmaceuticals (REGN) and Sanofi (SNY)'s dupilumab (IL-4RΞ± antagonist) received FDA approval for COPD in September 2024. Insmed (INSM)'s oral brensocatib (DPP1 inhibitor) received FDA approval on August 12, 2025, and EU approval on November 18, 2025, for non-cystic fibrosis bronchiectasis. EXPD-101 must demonstrate both clinical efficacy and long-term pulmonary/cutaneous safety in COPD. The Phase 2 data will determine whether its oral convenience can displace existing inhaled and biologic therapies.
The $115 million Series B financing and cumulative $280 million in funding provide privately held Expedition Therapeutics with the financial resources to conduct the 52-week global Phase 2 trial of EXPD-101 through 2028. From a research perspective, this is the first major clinical trial to extend the DPP1 inhibition mechanism, validated in bronchiectasis by Insmed (INSM)'s brensocatib, which is approved by the FDA and EU, to the $22.395 billion COPD market in 2025. The industry benchmarks are LABA/LAMA/inhaled steroid combinations, Verona Pharma's ensifentrine, and Regeneron Pharmaceuticals (REGN)/Sanofi (SNY)'s dupilumab. EXPD-101 must demonstrate differentiation through oral administration and modulation of neutrophil inflammation. In the short term, enrollment speed and safety management will drive corporate value. In the medium to long term, the ability to secure data demonstrating a reduction in exacerbation rates will enable the company to negotiate co-development and licensing agreements with Fosun Pharma, with potential payments of up to $645 million.
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