Moonwalk Biosciences raised $70 million in Series B financing to advance its adipose-targeted RNAi obesity candidate MW-101 into first-in-human trials. The company said it will use proceeds to complete IND-enabling work and initiate clinical testing planned for late 2027, while also extending its preclinical siRNA pipeline. Moonwalk’s approach targets adipose tissue directly rather than relying on appetite-driven incretin biology. Preclinical data cited by the company include weight and fat mass reductions while maintaining lean muscle mass without reducing food intake. The round further cements competition in obesity drug development beyond GLP-1s, with new delivery and target-engagement strategies drawing heavyweight capital, including Eli Lilly participation.