Moonwalk Biosciences raised $70 million in Series B funding to advance its adipose-targeted siRNA obesity program MW101 into IND-enabling work and first-in-human trials planned for late 2027. The company said its approach targets non-incretin biology within fat cells, aiming to reduce body weight and fat mass without reducing food intake and while preserving lean muscle mass in preclinical models. Moonwalk also plans to expand its tissue-targeted siRNA pipeline for distinct adipose mechanisms. The round was co-led by Alpha Wave Ventures and YK Bioventures, with participation from Eli Lilly and other investors. The disclosure included that Moonwalk licensed its adipose-targeting chemistry from Suzhou Siran Biotechnology. The financing reflects continued investor appetite for obesity drugs beyond GLP-1s, especially strategies promising durable engagement and differentiated safety or tolerability profiles.