Solstice is pushing a next-generation CTLA-4 strategy into the neoadjuvant setting with new backing. In a deal described as CAP-led syndicate support for a NewCo, the transaction includes a $225 million investment and an in-licensed asset, positioning the program for earlier-line immune activation around surgery. Neoadjuvant regimens aim to shrink tumors while also priming systemic immunity, potentially converting more patients to durable responders. For drug developers, the competitive challenge is to demonstrate immunologic activity alongside measurable survival or pathologic endpoints, while differentiating next-gen CTLA-4 agents from older agents’ toxicity profiles. The financing signals continued appetite for perioperative immuno-oncology platforms, especially those that can show clear immune engagement markers.