Crossbow Therapeutics, Inc., a biotechnology company developing a novel class of potent and precise antibody therapies to treat a broad range of cancers, today announced it has raised $77 million in a Series B financing that will support the completion of the CROSSCHECK-001 Phase 1 clinical trial of the company’s lead program, CBX-250, and accelerate development of additional T-Bolt™ immunotherapies designed to extend the reach of antibody therapy across a broad range of cancers.
This Series B financing was co-led by Taiho Ventures and Arkin Bio Capital, with participation from new investors Sixty Degree Capital, Hamilton Square Partners Management LP, LifeLink Ventures, Libbs Ventures, and Blood Cancer United’s Therapy Acceleration Program® (TAP), as well as existing investors MPM BioImpact, Pfizer Ventures, BVF Partners, Polaris Partners, Eli Lilly and Company, and Mirae Asset Venture Investment. As part of the financing, Sakae Asanuma, President & CEO of Taiho Ventures, and Pini Orbach, Managing Partner of Arkin Bio Capital, have joined Crossbow’s Board of Directors.
Crossbow is developing a broad portfolio of novel T-cell engager (TCE) therapies that potently target peptide human leukocyte antigen (pHLA) on cancer cells, using antibodies that mimic T-cell receptors (TCR-mimetics). These investigational products, known as T-BoltTM molecules, can be adapted to address a broad range of malignancies, potentially targeting the entire universe of cancer proteins.
Briggs Morrison, M.D., Chief Executive Officer of Crossbow Therapeutics said:
“This financing not only strengthens our ability to advance CBX-250 through clinical development but also accelerates our mission to bring next-generation TCR-mimetic immunotherapies to patients who urgently need new options. We greatly appreciate our investors for sharing our conviction in the transformative potential of our T-BoltTM platform. We look forward to efficiently expanding our pipeline to address cancers that remain beyond the reach of today’s therapies.”
The Series B financing will allow Crossbow to complete a Phase 1 clinical trial of CBX-250, Crossbow’s first-in-class TCE therapy, which targets a pHLA specific to myeloid cancer cells. The ongoing Phase 1 study (CROSSCHECK-001) is evaluating CBX-250 in patients with relapsed and refractory myeloid malignancies including acute myeloid leukemia (AML), chronic myeloid leukemia (CML), myelodysplastic syndromes (MDS), and chronic myelomonocytic leukemia (CMML). Initial clinical data from the CROSSCHECK-001 trial are expected around the end of 2026.
The financing will also enable submission of an Investigational New Drug (IND) application and initiation of a Phase 1 trial of CBX-663, a first-in-class TCE targeting a telomerase reverse transcriptase (TERT)-derived pHLA for the treatment of multiple hematologic and solid tumors. The initiation of the Phase 1 study evaluating CBX-663 is projected for Q3 2026.
Crossbow researchers will present preclinical findings for CBX-250 in myeloid malignancies as well as the characterization of CBX-663 in models of solid tumors at the upcoming American Association for Cancer Research (AACR) 2026 Annual Meeting in San Diego, Calif., which takes place April 17-22, 2026.
Sakae Asanuma, President & CEO of Taiho Ventures and Crossbow board member said:
“Crossbow’s arsenal of T-cell engagers represents a differentiated and promising approach to anti-cancer immunotherapy by addressing the wide variety of intra-cellular targets and broadens the potentials of TCE modality,” commented. The company’s experienced team and versatile platform position it to overcome the limitations of current treatments and deliver impact for patients in need. We are excited to continue supporting Crossbow as it advances its lead programs into the clinic.”