Expedition完成1.15亿美元B轮并启动EXPD-101全球COPD II期，复星授权资产获得继续推进

Expedition Therapeutics has secured an oversubscribed $115 million series B financing from a line-up of big-name investors to propel its lead DPP1 inhibitor through phase 2.
The round was led by General Atlantic, with fellow new investors RA Capital and Vivo Capital joining previous backers like Sanofi's venture arm, Novo Holdings, Sofinnova Investments, Forbion and Dawn Biopharma among others. The latest raise follows a $165 million series A in October 2025.
Expedition launched in 2024 and by the following year had licensed ex-China rights to the DPP1 inhibitor, dubbed EXPD-101, from Shanghai-based Fosun Pharma for $17 million upfront. Fosun is currently running a phase 2 study of EXPD-101 in bronchiectasis in China.
Meanwhile, San Francisco-based Expedition has just dosed the first patient in a mid-stage study of EXPD-101 in patients with chronic obstructive pulmonary disease (COPD), which the company described as the first global, randomized phase 2 trial of a DPP1 inhibitor in the respiratory condition.
The infusion of series B cash will not only finance the study, but also provides “dry powder to continue to pursue other assets to bring into our portfolio and continue to fund our own proprietary discovery efforts as well,” Expedition founder and CEO Yi Larson told Fierce.
Dipeptidyl peptidase 1 (DPP1) is an enzyme that works by turning on neutrophils, a type of immune cell, in the bone marrow. Once these neutrophils are matured, they migrate out of the bone and play a protective role in the immune system and fight against infection, Larson explained.
“DPP1 is a selective target that targets neutrophilic inflammation—the underlying driver of COPD, along with some other respiratory diseases as well,” Larson added. “COPD is our initial focus, as it is the third leading cause of death globally.”
An imbalance of neutrophils or the factors they release, such as serine proteases, can cause airway damage in the lung, typically seen in COPD patients. EXPD-101’s mechanism works to “intervene upstream and reduce that imbalance of those serine proteases and help protect some of the airway function and lower the exacerbations that COPD patients have,” said Larson.
Insmed secured the first-ever FDA approval for a DPP1 inhibitor last year in the form of Brinsupri. That regulatory win was for non-cystic fibrosis bronchiectasis. While Insmed doesn't appear to be exploring Brinsupri in COPD, the company does have another DPP1 inhibitor in preclinical development for undisclosed indications, according to its website.