Expedition Therapeutics raised $115 million in a Series B led by General Atlantic to advance EXPD-101, a once-daily, orally administered program targeting neutrophilic inflammation via DPP1 inhibition in COPD (Phase II). The company reported the first patient has already been dosed, and the funding is earmarked for development execution as well as discovery platform expansion. The financing reinforces the momentum for NewCo-style models that source or develop programs from outside the company’s initial geography and then build clinical credibility quickly. Expedition previously raised a Series A to bring EXPD-101 into the clinic and generate early tolerability and pharmacokinetic signals. For investors, the round frames COPD as a late-cycle but still open opportunity for mechanistically distinct therapies targeting exacerbation biology.