ILiAD Biotechnologies closed an oversubscribed $115 million Series B led by RA Capital Management, with participation from Janus Henderson and BNP Paribas Asset Management Alts, to advance its live attenuated intranasal pertussis vaccine BPZE1 toward Phase III development. The company plans a pivotal human challenge study in 2026 with initial data expected in 2027 and aims to demonstrate durable mucosal and systemic immunity that could curb transmission as well as disease. BPZE1 was developed at Institut Pasteur de Lille and has clinical data from six prior studies including a Lancet Microbe challenge trial; the financing is explicitly targeted at pivotal trials and global development. Investors framed the round as backing a needle‑free vaccine approach that could address persistent pertussis epidemics despite high global vaccine coverage.