Solve Therapeutics raises $120 million to advance ADC pipeline

Solve Therapeutics has secured $120 million in new financing to move its solid-tumor antibody–drug conjugate (ADC) programs through early clinical development and expand work on its hydrophilic CloakLink linker system. The round, led by Yosemite with a mix of new and existing investors, comes after a $75 million raise in December 2024.

The San Diego biotech says the oversubscribed round will support completion of Phase I trials for SLV-154 and SLV-324, both built on its CloakLink technology. The platform is designed to reduce hydrophobicity and improve pharmacokinetics, addressing common limitations seen with traditional ADCs. The company also plans to scale operations as it prepares for later-stage studies.

Chief executive Dave Johnson said the investment reflects confidence in the firm’s approach, which combines ADC engineering with diagnostic tools for selecting patients most likely to respond. Yosemite investor Dan McHugh added that Solve’s integrated therapeutic-diagnostic model represents a step forward for precision oncology.