Solve Therapeutics Raises $120M to Advance Next-Generation ADC Platform

Solve Therapeutics, a clinical-stage biotechnology company developing best-in-class antibody-drug conjugates (ADCs) for solid tumors, has secured $120 million in an oversubscribed and expanded financing round to accelerate development of its clinical programs and proprietary CloakLink™ linker technology. The raise brings the company’s total funding to $321 million, following a $75 million round completed in December 2024.

The latest financing was led by Yosemite, with participation from Abingworth, Ally Bridge Group, B Capital, Balyasny Asset Management, Merck & Co., and SymBiosis. Existing investors—including Alexandria Venture Investments, AyurMaya Capital Management, DC Global Ventures, General Atlantic and Surveyor Capital—also joined the round.

Solve Therapeutics was founded to engineer next-generation ADCs designed to overcome longstanding limitations in treating solid tumors. Traditional ADCs often struggle with issues such as hydrophobic payloads, which can negatively affect pharmacokinetics, plasma stability, safety, and therapeutic effectiveness.

The company’s CloakLink™ platform aims to address these challenges by increasing ADC stability and reducing hydrophobicity, allowing for a broader range of drug-to-antibody ratios. According to the company, ADCs generated through this platform demonstrate enhanced plasma stability, improved pharmacokinetics, and reduced toxicity—ultimately producing stronger therapeutic performance.

Solve’s two lead programs, SLV-154 and SLV-324, are both in Phase 1 clinical trials for patients with solid tumors. Each candidate uses the CloakLink™ system alongside engineered targeting antibodies designed for optimal ADC behavior. Both programs also incorporate novel diagnostics to refine patient selection. The new funds will support the completion of Phase 1b studies and expand operational capabilities as the company prepares for later-stage development.

CEO and Co-Founder Dave Johnson said the strong investor interest underscores support for the company’s scientific strategy. “We’ve built a differentiated platform that unites next-generation ADC engineering, a hydrophilic linker system, and innovative patient-selection diagnostics,” he said.

Yosemite investor and board member Dan McHugh noted the company’s role in advancing precision oncology. “By integrating therapeutic innovation with a novel diagnostic platform, Solve is pushing the boundaries of personalized cancer care,” he said.

Solve Therapeutics was founded by leaders with deep oncology and ADC expertise, including veterans of VelosBio and Acerta Pharma—companies previously acquired by Merck and AstraZeneca, respectively. The company aims to deliver pioneering therapeutics and diagnostics for solid tumors with significant unmet need.