Moonwalk Biosciences raised $70 million in a Series B round to move its adipose-targeted RNAi obesity candidate MW101 into first-in-human studies planned for late 2027. The company said preclinical work showed weight loss and fat reduction while preserving muscle mass without reducing food intake. Moonwalk’s approach uses small interfering RNA designed to target adipose tissue, aiming to modulate non-incretin biology in fat to address obesity mechanisms that GLP-1 drugs may not fully resolve. The round was led by Alpha Wave Ventures and YK Bioventures, with participation from Eli Lilly and others including Khosla Ventures and ARCH Venture Partners. The financing supports IND-enabling studies, clinical translation, and expansion of additional siRNA programs aimed at pathways including lipolysis, adipogenesis, thermogenesis, and energy homeostasis. The transaction signals continued investor appetite for differentiated obesity modalities beyond incretin receptor agonists as companies seek durable efficacy and lean-mass preservation.