One To Watch

Expedition Therapeutics

Company Overview

A clinical-stage US biotechnology company developing once-daily oral DPP1 inhibitors for COPD and neutrophil-driven inflammatory diseases, backed by $280 million raised across two oversubscribed financing rounds since its 2024 launch. Expedition's model is built on in-licensing clinical-stage small molecules originated by Chinese pharmaceutical companies and advancing them through global development. Lead candidate EXPD-101 has entered Phase 2 in COPD, with first-in-class ambitions in that indication and potential across a broader neutrophil-driven disease spectrum.

Headquarters and Global Presence

Expedition Therapeutics is a US-based clinical-stage company. Its development footprint reflects a deliberate geographic split: Expedition holds exclusive rights to EXPD-101 outside mainland China, Hong Kong, and Macau, while its licensor's subsidiary retains and is actively running development within those territories.

Founding and History

Expedition was launched in 2024 with an explicit strategy of sourcing clinical-stage assets from Chinese pharmaceutical originators rather than building an internal discovery engine. In October 2025 the company closed a $165 million Series A co-led by Sofinnova Investments and Novo Holdings. A $115 million oversubscribed Series B followed in August 2026, led by General Atlantic, completing a fundraising pace of roughly $280 million in under a year.

Therapy Areas and Focus

COPD is the primary focus, a condition where neutrophilic inflammation drives progression across the severity spectrum yet approved therapies address symptoms rather than the underlying inflammatory mechanism. Expedition also targets bronchiectasis and a broader range of neutrophil-driven inflammatory diseases. No oral anti-inflammatory agent currently approved for COPD addresses the DPP1 pathway, which is the gap Expedition is positioning EXPD-101 to fill.

Technology Platforms and Modalities

Expedition's approach centres on inhibiting DPP1, also known as cathepsin C, an enzyme that activates neutrophil serine proteases including neutrophil elastase upstream. Blocking DPP1 is designed to reduce pathological neutrophil-driven tissue destruction without the broad immune suppression associated with non-selective anti-inflammatory strategies. The oral, once-daily format addresses a practical gap in COPD management, where inhaled biologics are the current ceiling of care. Targeting the pathway at the DPP1 node, rather than individual downstream proteases, is the mechanistic argument for breadth of effect across neutrophil-driven conditions.

Key Pipeline and Programs

EXPD-101 is Expedition's lead and only disclosed asset. It is a once-daily oral small molecule DPP1 inhibitor in-licensed in August 2025 from Shanghai Fosun Pharmaceutical, where it was designated XH-S004, for $17 million upfront and up to $628 million in milestones and royalties across all indications.

In Phase 1 studies EXPD-101 was well tolerated with no dose-limiting toxicities and showed dose-proportional pharmacokinetics consistent with once-daily dosing. First patient dosing in the Phase 2 COPD trial has been confirmed, with the $115 million Series B proceeds specifically earmarked to advance this program through that study.

The same molecule is in a Phase 2 bronchiectasis study run by Fosun subsidiary S-Infinity Pharmaceuticals in Greater China. Expedition does not sponsor that trial, but data from it could provide informative read-across for its own pipeline planning, particularly if bronchiectasis emerges as a priority indication for global development.

Recent Developments

August 2025 brought the EXPD-101 licensing deal with Shanghai Fosun Pharmaceutical, establishing the company's lead program. October 2025 saw the $165 million Series A close, followed by first patient dosing in the Phase 2 COPD trial. On 5 August 2026, Expedition announced an oversubscribed $115 million Series B led by General Atlantic, with participation from RA Capital Management, Vivo Capital, and existing investors. Two oversubscribed rounds in under a year, on a single Phase 2-stage asset, signals how strongly investors have priced the DPP1 mechanism and the existing tolerability data.

Key Personnel

Yi Larson serves as founder and chief executive officer, bringing direct precedent to the role: she previously served as chief financial officer of both LianBio and Turning Point Therapeutics, two companies where China-to-global asset translation was central to strategy.

Andrew Cheng, MD, PhD, chairs the board. He is chief executive of Akero Therapeutics and a former chief medical officer of Gilead Sciences, adding late-stage regulatory and clinical development experience to the company's governance.

Strategic Partnerships

The foundational relationship is with Shanghai Fosun Pharmaceutical, from which Expedition licensed EXPD-101 in August 2025. Fosun subsidiary S-Infinity Pharmaceuticals retains Greater China rights and is running an independent Phase 2 bronchiectasis study in those territories. Investors across the two financing rounds include General Atlantic, RA Capital Management, Vivo Capital, Sofinnova Investments, Novo Holdings, Forbion, and Sanofi.

FAQ Section

The model deliberately trades discovery-stage risk for execution risk. By in-licensing assets that have already cleared early Chinese clinical studies, Expedition enters with tolerability and pharmacokinetic data in hand. Yi Larson's background as CFO of LianBio, itself built on China-to-global licensing, gives the leadership team direct experience navigating the deal structures and regulatory translation this approach requires.

DPP1, or cathepsin C, sits upstream of the neutrophil serine proteases that drive the airway inflammation and tissue destruction characteristic of COPD. Inhibiting it reduces activation of multiple damaging enzymes, including neutrophil elastase, in a single mechanism. Competing approaches that target individual serine proteases leave others active; a DPP1 inhibitor addresses the problem further upstream without the systemic immune suppression of broader anti-inflammatory strategies.

Approved COPD therapies are predominantly bronchodilators and inhaled corticosteroids, which address airflow limitation and some localised inflammation but do not target systemic neutrophilic inflammation. EXPD-101 is an oral small molecule designed to reduce that neutrophil-driven component at a mechanistic level, reaching disease biology that inhaled agents cannot. Its once-daily oral format, supported by dose-proportional Phase 1 pharmacokinetics, would represent a mechanism of action and route of administration currently absent from the approved standard of care.

EXPD-101 has completed Phase 1, where it was well tolerated with no dose-limiting toxicities and demonstrated dose-proportional pharmacokinetics supporting once-daily dosing. First patient dosing in the Phase 2 COPD trial has been confirmed, making the program early in its pivotal-stage journey. A parallel Phase 2 bronchiectasis trial is underway in Greater China under Fosun subsidiary S-Infinity Pharmaceuticals, which could yield informative read-across data independently of Expedition's own trial timeline.

Bronchiectasis is the second disclosed indication, with a Phase 2 already active in Greater China under the licensing partner. Expedition describes EXPD-101 as having first-in-class or best-in-class potential across a broader spectrum of neutrophil-driven diseases, and the Series B proceeds are also earmarked for expanding the pipeline of next-generation inflammatory disease therapies. No additional named assets or indications beyond COPD and bronchiectasis have been publicly disclosed.

Expedition is an early Phase 2 company as of mid-2026, having dosed the first patient in its COPD trial and closed a $115 million Series B to fund that program. The critical near-term milestones are Phase 2 interim data from the COPD trial and any readout from the Fosun-run bronchiectasis study in Greater China. With $280 million raised across two rounds in under a year, the company has runway to advance the program materially before needing additional capital.

Expedition's story over the next 18 to 24 months turns on a compact set of events and structural questions:

Phase 2 COPD data: the make-or-break readout for EXPD-101's lead indication and the primary driver of near-term valuation.
Bronchiectasis read-across: data from the Fosun-run Phase 2 in Greater China could either validate or complicate the DPP1 thesis before Expedition's own trial concludes.
Pipeline expansion: management has committed Series B capital to new programs, so deal flow and asset quality in the next in-licensing transaction will signal the durability of the business model.
Competitive landscape: the DPP1 class has attracted other developers; any rival clinical setbacks or advances will shape Expedition's positioning.
Regulatory and geopolitical risk: the China-to-global licensing model depends on stable access to originator data and continued regulatory receptiveness to that pathway in the US and Europe.

Want to Update your Company's Profile?