Aug 03, 2026 —
Obsidian Therapeutics announced the completion of its previously announced transaction with Galera Therapeutics, along with an oversubscribed $350 million private placement financing to support advancement of its engineered tumor-infiltrating lymphocyte, or TIL, cell therapy pipeline.
The combined company will operate under the name Obsidian Therapeutics, Inc. and is expected to begin trading on Nasdaq under the ticker symbol OBX on August 4, 2026.
The private placement included participation from new investors such as Balyasny Asset Management, Caligan Partners, Eventide Asset Management, Nantahala Capital, Octagon Capital, Redmile, Spruce Street Capital, and Trails Edge Capital Partners, along with existing Obsidian investors including Atlas Venture, Deep Track Capital, Foresite Capital, Novo Holdings, RA Capital Management, RTW Investments, TCGX, Wellington Management, and others.
Following the transaction, Obsidian expects to have approximately $350 million in cash and cash equivalents, which the company anticipates will fund operations into the second half of 2028. The runway is expected to support key clinical milestones for OBX-115, Obsidian’s lead engineered TIL cell therapy candidate.
Upcoming milestones include Phase 1 data from the ongoing non-small cell lung cancer, or NSCLC, trial expected in the first half of 2027, and topline data from the melanoma registration-enabling trial expected by year-end 2027.
OBX-115 is a novel engineered autologous TIL cell therapy armored with pharmacologically regulatable membrane-bound IL15, or mbIL15. The therapy is developed using Obsidian’s proprietary cytoDRiVE® platform, which is designed to regulate the timing and level of protein function using FDA-approved small-molecule drugs.
Obsidian is developing OBX-115 as a potentially improved and more patient-centric TIL cell therapy regimen. The approach may support minimally invasive core needle biopsy tumor tissue procurement, low-dose lymphodepletion compatible with outpatient administration, and elimination of IL2 from the treatment regimen.
OBX-115 has received Fast Track and Regenerative Medicine Advanced Therapy, or RMAT, designations from the U.S. Food and Drug Administration for the treatment of patients with unresectable or metastatic melanoma that is resistant to immune checkpoint inhibitor therapy.
The therapy is currently being evaluated in the Phase 1/2 Agni-01 multicenter trial in patients with advanced solid tumors, including a Phase 2 clinical trial in advanced melanoma and a Phase 1 clinical trial in NSCLC.
The completion of the Galera transaction and financing gives Obsidian a stronger public-market platform and funding runway to advance engineered TIL cell therapies across solid tumors. The next key data readouts will help define OBX-115’s potential role in melanoma, NSCLC, and broader solid tumor cell therapy development.
