Two large financings highlight renewed private capital activity: Expedition Therapeutics closed a $165 million Series A to advance EXPD‑101, a DPP1 inhibitor for COPD, while Arthrosi Therapeutics raised $153 million in a Series E to complete two Phase 3 gout trials of its URAT1 inhibitor AR882 (pozdeutinurad). Expedition’s funding — led by Sofinnova and Novo Holdings — will support a Phase 2 program and global rights deals, and Arthrosi’s round aims to deliver pivotal data expected in 2Q 2026. Investors are directing nine‑figure checks into companies with clear near‑term clinical catalysts, underscoring a focal shift toward clinical‑stage risk and commercialization readiness.