SciBrunch Therapeutics (思璞锐医药)
Shanghai small-molecule RAS startup that licensed a preclinical KRAS G12D(ON) molecular glue to Merck for US$400M upfront less than two years after founding.
1. Core Product / Service
SciBrunch (上海思璞锐医药科技有限公司) develops small-molecule inhibitors of the RAS pathway. Its lead asset, SPR2015, is an oral KRAS G12D(ON) inhibitor that works as a molecular glue — it targets the active, GTP-bound state of the mutant protein rather than the inactive state hit by first-generation KRAS G12C drugs [3][4]. Intended indications are colorectal cancer, non-small cell lung cancer and pancreatic ductal adenocarcinoma [4].
Company-reported preclinical data: nanomolar antiproliferative activity in KRAS G12D cell lines with selectivity over wild-type KRAS cells, and, in a head-to-head mouse study across more than 15 colorectal models, a 64.7% objective response rate and 94.1% disease-control rate as monotherapy at 100 mg/kg once daily [4]. SciBrunch had guided to first-in-human studies by end-2026; Merck has not disclosed a timeline [4].
2. Target Users & Pain Points
- Patients: KRAS G12D is the most common KRAS mutation in pancreatic cancer and is frequent in colorectal and lung cancer, but targeted options have lagged far behind KRAS G12C, where covalent inhibitors reached the market first.
- Buyer of the asset: large pharma looking to fill oncology pipelines with differentiated RAS mechanisms. SciBrunch's business model so far is to generate a transactable preclinical molecule quickly and out-license it, rather than run its own clinical trials [1].
3. Competitive Landscape
| Player | Positioning | Vs. SciBrunch |
|---|---|---|
| Pan-RAS / RAS(ON) developers (US) | Tri-complex and molecular-glue RAS(ON) inhibitors, several clinical | Further ahead clinically; SciBrunch's asset is preclinical but G12D-selective |
| Chinese KRAS G12D programs | Multiple domestic small-molecule G12D inhibitors | SciBrunch's differentiation is the (ON)-state glue mechanism and the Merck validation |
| allink-biotherapeutics | Another 2023+ Chinese startup from a serial-founder team | Same speed-to-asset playbook, but takes ADCs into its own global Phase 1 instead of selling preclinical |
| US NewCos holding Chinese assets (candid-therapeutics, kailera-therapeutics) | US shells that in-license Chinese molecules | Alternative route to the same Western buyer; SciBrunch sold directly to an MNC |
4. Unique Observations
- Licensing outran equity by ~6x: the US$400M upfront is roughly six times the company's total equity raised (~US$65M), making SciBrunch the clearest example among 2023+ Chinese non-AI startups of "preclinical molecule straight to MNC" as the fastest monetization path [1][2].
- Serial-founder pattern: like most well-funded post-2023 Chinese biotechs, it was started by an experienced founder rather than spun out of a university lab [2].
- Wet-lab model (inferred, not confirmed): no lab footprint or job postings were found. The sub-two-year path from founding to a licensed molecule and the founder's reported WuXi AppTec background suggest a small in-house design/biology team with medicinal chemistry, DMPK and in vivo pharmacology outsourced to CROs — the dominant model for Chinese small-molecule startups, where synthesis is typically bought on an FTE basis and GLP toxicology/CMC is almost fully outsourced [1][8].
5. Financials / Funding
- Angel (Jun 2025): amount undisclosed; LongRiver Investments (江远投资) participated [1].
- Pre-A (Jan 2026): over US$35M, oversubscribed, led by HighLight Capital (弘晞; some Chinese media wrote 鸿禧); new investor InnoPinnacle Fund (Innovent-sponsored); existing investors Hankang Capital, BioTrack Capital, LongRiver and Elikon Venture followed on [1][4].
- Total equity: over US$65M across two rounds — reported by GEN and ChemXplore [4][5]; earlier only single-sourced, still without a disclosed angel-round amount.
- Merck license (signed 2026-09-28, closed): exclusive global rights to SPR2015; US$400M upfront, up to US$2.13B total including milestones. Merck booked a US$400M pre-tax charge (≈US$0.13/share) in Q3 2026 [3][4][7]. ChemXplore's US$2.53B total does not match Merck's announcement [5].
6. People & Relationships
- Founder, Chairman & CEO: Tao Hu (胡滔), PhD — described as a serial entrepreneur; one source calls him a WuXi AppTec veteran (single-source) [1][4][5].
- Co-founder & CSO: Yang Zhang (张杨), PhD, medicinal chemist [4].
- Founded: late 2024 per Chinese media [1][6]; GEN's "2014" appears to be a typo.
- Licensee: Merck & Co. (MSD).
- Investors: HighLight Capital, InnoPinnacle Fund, Hankang Capital, BioTrack Capital, LongRiver Investments, Elikon Venture.
- Peers: allink-biotherapeutics, vivatides, candid-therapeutics.