Sling Therapeutics closed a $123 million Series C to fund a Phase 3 trial of its oral Tepezza rival in thyroid eye disease. The funding is aimed at advancing the company’s resurrected Astellas drug concept, with a Phase 3 pathway designed to support commercialization after prior attention and VC/pharma interest in the area. The financing also clarifies market appetite for orbital inflammatory disease assets that can differentiate on route-of-administration. A separate story underscores how investors continue backing smaller platform companies with capital-intensive clinical plans—though the thyroid eye disease bet is notable for its relatively direct progression from Phase 3 funding to late-stage evidence generation. For biotech operators, the Sling raise is a reminder that late-stage funding can still be secured quickly when Phase 2 credibility and regulatory pathways are already in motion. This cluster highlights how companies are using fresh capital to bridge the “proof” gap and push into pivotal trials where timelines and trial design become decisive.