Expedition Therapeutics has raised $115 million to develop a once-daily pill for chronic obstructive pulmonary disease (COPD), one of the world’s leading causes of death.
The Series B round, announced August 5, 2026, was led by General Atlantic and joined by Vivo Capital, RA Capital, Forbion, Sofinnova, Novo Holdings, Venrock and others. It brings Expedition’s total funding to nearly $300 million, following a $165 million Series A. General Atlantic’s Brett Zbar is joining the board.
The drug
The lead candidate, EXPD-101 (originally XH-S004), is a DPP1 inhibitor — it blocks dipeptidyl peptidase-1, an enzyme upstream of the inflammation that drives COPD. It is designed as a once-daily oral pill and was licensed from China’s Fosun Pharma, with Expedition holding global rights outside certain territories. “You take this pill once a day, and it can target that underlying inflammation that all the COPD patients have,” said CEO Yi Larson.
Why it matters
Expedition has begun recruiting for what it calls the first global Phase 2 trial of a DPP1 inhibitor in COPD, with initial data expected in 2028. The deal also reflects a broader trend: Western biotechs increasingly licensing promising, lower-cost drug candidates out of China. COPD already has several approved therapies, so EXPD-101 will need to show it can meaningfully improve on them.