Two early‑stage firms raised sizable rounds to advance T‑cell engager pipelines. Excalipoint Therapeutics launched with a $68.7 million oversubscribed seed financing to build T‑cell engagers for solid tumors, marking one of the largest early raises in China biotech. Separately, Crossbow Therapeutics closed a $77 million Series B to push CBX‑250, a T‑cell engager platform candidate, through first‑in‑human studies for myeloid malignancies. Both financings highlight investor appetite for next‑generation T‑cell engager formats that aim to extend immunotherapy into solid tumors and previously undruggable intracellular targets.