Daily Snap - 29. October 2025

Author

Joachim Eeckhout
October 29, 2025

Good morning! Spain’s biotech scene just got a boost: Adaptam Therapeutics, a San Sebastián–based spin-off from CIC bioGUNE, raised €3 million in pre-seed funding led by Criteria Bio Ventures to advance cancer immunotherapies that target immunosuppressive myeloid cells, the tumor’s own defense squad. Founded in 2023, Adaptam is developing bispecific antibodies and ADCs aimed at glyco-immune checkpoints, taking a novel route to reawaken immune responses in solid tumors. It’s a small round compared to what you can see in the U.S. (just look at the ‘Snapshot’ below), but as I once heard a famous American VC say, “European biotech companies achieve more with less”.

Enjoy today’s read!

—Joachim E.

SNIPPETS

What’s happening in biotech today?

🎰BET-ting off: Incyte has halted development of its BET inhibitor INCB57643, previously in a Phase 2 myelofibrosis study with Jakafi, citing pipeline prioritization rather than safety concerns. However, analysts suggest the move reflects broader industry hesitation due to safety issues tied to the BET inhibitor drug class, including Novartis' delay of pelabresib after leukemia concerns and Vyne Therapeutics' FDA hold following animal toxicity findings. Incyte is also discontinuing development of its anti-CD122 drug INCA034460 for vitiligo and dropping povorcitinib for chronic spontaneous urticaria, though it remains committed to seeking regulatory approval for povorcitinib in hidradenitis suppurativa and pursuing other indications.

🔁Handoff: BioMarin Pharmaceutical is divesting its hemophilia A gene therapy Roctavian following nearly three years of disappointing sales, despite initial expectations that it would become a blockbuster. Approved in Europe in 2022 and the U.S. in 2023, Roctavian was promoted as a one-time treatment alternative to chronic therapies, but commercial uptake was hindered by treatment complexity, reimbursement hurdles, and concerns about long-term efficacy. Sales totaled only $3.5 million in 2023 and $23 million through the first nine months of 2025. BioMarin plans to out-license the product while continuing limited commercial availability and support in the U.S., Germany, and Italy.

🚀 To the moon: Zenas BioPharma’s bifunctional monoclonal antibody, obexelimab, achieved its primary endpoint in the Phase II MoonStone trial for relapsing multiple sclerosis (RMS), showing a 95% reduction in new gadolinium-enhancing T1 lesions after eight weeks, sustained through week 12. The drug also significantly lowered lesion counts per scan and reduced new or enlarging lesions compared to placebo, with a safety profile consistent with prior studies. Following the results, Zenas’ stock rose 33%, and the company plans to continue the study with a 24-week data readout expected in early 2026. Obexelimab is also being tested in lupus and IgG4-related disease.

💨ARDS assist: Edesa Biotech has reported positive results from a truncated Phase 3 trial of paridiprubart (EB05), an anti-TLR4 antibody, in patients with COVID-19-induced acute respiratory distress syndrome (ARDS). The trial, halted early due to business decisions, enrolled around 100 patients on mechanical ventilation. Paridiprubart reduced 28-day mortality to 39% versus 52% for placebo, and 60-day mortality to 46% versus 59%, meeting the primary endpoint. Though the effect size was smaller than in a previous Phase 2 trial, the data supported continued development. Edesa is now focusing on broader ARDS indications, awaiting results from a BARDA-supported platform trial expected in 2027.

🔧 Pipeline revamp: Aldeyra Therapeutics has restructured its pipeline of reactive aldehyde species (RASP) modulators following recent clinical data, discontinuing development of ADX-629 despite positive Phase 2 liver disease results, and focusing instead on other assets. ADX-629 will no longer be pursued beyond an investigator-led trial in Sjögren-Larsson syndrome. In metabolic inflammation, Aldeyra is prioritizing ADX-248 over ADX-743 based on favorable Phase 1 pharmacokinetic data. For dry age-related macular degeneration, the company is shifting from ADX-631 to ADX-246 following promising preclinical results. These changes will extend Aldeyra’s cash runway into late 2027, with an FDA decision on reproxalap expected by year-end.

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