Might be a repeat in your feed: the newsletter already covers Encoded’s Dravet financing, but this cluster instead highlights another capital-intensive genetics effort in the same therapeutic theme—Caspian Therapeutics formed from Kura with Lilly-backed support to develop a diabetes drug candidate. (Menin inhibition is a different indication than Dravet, but it is the same high-growth genetics-and-drug-development financing pattern.) Caspian Therapeutics received $50 million in financing led by BVF Partners, with other investors including Eli Lilly and multiple diabetes-focused funds. The company will use the capital to advance KO-7246 through IND-enabling studies for a chronic metabolic disease approach. For the industry, the move reinforces ongoing interest in platform-driven, mechanism-specific small molecules and in syndicates that pair specialty biotech capital with strategic pharma participation.