Two financing rounds underscored investor appetite for next‑generation T‑cell engager modalities. Crossbow Therapeutics raised $77 million to advance CBX‑250, a TCR‑mimetic engager derived with MD Anderson, into a Phase 1 trial targeting hematologic malignancies. Separately, Shanghai’s Excalipoint closed an oversubscribed $68.7 million seed round to scale multiple T‑cell engager platforms aimed at solid tumors. Crossbow plans Phase 1 enrollment in acute and chronic leukemias with early data due by end‑2026; Excalipoint will advance several discovery and IND‑enabling programs. Both firms emphasize designs intended to limit on‑target, off‑tumor toxicity and improve therapeutic index compared with earlier engagers. The financings signal sustained venture and strategic interest in bispecific and TCR‑mimetic strategies as alternatives to cell therapies, reflecting expectations that off‑the‑shelf molecules can expand patient access and simplify delivery logistics.