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TwoStep Therapeutics makes small peptides that home in on proteins found on many solid tumours and carry a cancer drug to them. Its first medicine, TS-104, started an early trial in 2026.
TwoStep Therapeutics was founded in 2024, according to the company, on science from the Stanford laboratories of Jennifer Cochran, Ron Levy and Carolyn Bertozzi. Its platform is a polyspecific integrin-binding peptide (PIP) that targets five tumour-associated integrins; its lead, TS-104, is a peptide-drug conjugate coupling PIP to the cytotoxic payload MMAE, and the pipeline also includes radioligand programmes. In September 2026 the company announced an oversubscribed USD 62.5 million Series A, led by Insight Partners and Medical Excellence Capital with M Ventures and Pfizer Ventures as co-leads and NFX, 2048 Ventures and Stanford University participating, bringing total capital to USD 71.2 million, together with FDA IND clearance for TS-104. Its phase 1 first-in-human trial (NCT07814248) is in select advanced solid tumours including non-small cell lung, head and neck, endometrial, ovarian and oesophageal cancers. Its first registered cancer trial, NCT07814248, was posted on ClinicalTrials.gov in September 2026.
| Round | Year | Amount | Source |
|---|---|---|---|
| Series A · Led by Insight Partners and Medical Excellence Capital; M Ventures and Pfizer Ventures co-led. Total capital raised USD 71.2 million. | 2026 | $63M | twosteptx.com |
Amounts only where the cited source states them. Rounds without a public source are not listed.
Shares Peptide-drug & small-molecule-drug conjugates, Non-small-cell lung cancer.
Shares Peptide-drug & small-molecule-drug conjugates, Non-small-cell lung cancer.
Shares Pfizer Ventures, Head and neck squamous cell carcinoma.
Shares Peptide-drug & small-molecule-drug conjugates, Ovarian cancer, Non-small-cell lung cancer.
Shares Peptide-drug & small-molecule-drug conjugates, Ovarian cancer, Non-small-cell lung cancer.
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