Alchemab Therapeutics reports US$32m Series A extension

Alchemab will use a US$32m extension to its Series A financing to start first-in-human testing of the safety of its antibody programme ATLX-1282, designed to treat neurodegenerative disorders such as  amyotrophic lateral sclerosis (ALS) and frontotemporal dementia. ATLX-1282 was licensed to Eli Lilly and Company  in May 2025 as part of an exclusive global licensing agreement, which included a milestone payment to Alchemab following the initiation of the Phase I first-in-human study.  Alchemab will conduct the first-in-human study for ATLX-1282 and Lilly will lead further development and commercialisation of the therapy.

The company Series A extension brings Alchemabs investment to date to US$114 m. The round included participation from Ono Venture Investment (OVI) alongside a blue-chip syndicate of RA Capital, SV Health Investors, DCVC Bio and Lightstone Ventures and strategic investment by Lilly.

Alchemab’s AI-enabled platform identifies protective auto-antibodies and novel targets from individuals that are naturally resilient to various diseases. The platform operates like a search engine for the immune system, leveraging advanced machine learning models and proprietary data to interrogate the largest database of patient-derived antibodies, known as the DataCube, comprising over 6,000 highly curated patient samples from more than 30 global collaborators across metabolic, immune and neurological conditions.

The additional capital will enable Alchemab to advance ATLX-2847, a wholly-owned programme for muscle atrophy derived from the platform, into clinical development. ATLX-2847 is a first-in-class program targeting the prostaglandin pathway. The financing will also support Alchemab to advance highly novel earlier programs for immune and neurological conditions towards clinic, and further expand its AI-enabled, disease resilience-led platform.

This financing follows a separate research collaboration with Lilly announced in January 2025 for the discovery, development and commercialisation of up to five novel therapeutic candidates for neurodegenerative disease.

Jane Osbourn, Co-Founder and Chief Executive Officer, Alchemab, commented: “Reaching the key milestone of our first drug candidate into the clinic is great validation of Alchemab and our AI enabled next generation antibody platform. Through our collaboration with Lilly, we hope to get this, our first clinical candidate and a potentially transformative therapy, to as many patients as possible, as quickly as possible.”