Cambridge, Massachusetts–based startup Pinetree Therapeutics has successfully closed a USD 47 million (approx. KRW 67 billion) Series B financing round, surpassing its original target. Existing investors including DSC Investment, Widwin Investment, STIC Ventures, Samho Green Investment, Atinum Investment, S&S Investment, SJ Investment Partners, Smilegate Investment, and Gauss Capital Management participated in the follow-on round, while Korea Investment Partners and SV Investment joined as new investors.

Including its Series A Extension round completed through 2024, Pinetree Therapeutics had previously raised USD 43.5 million (approx. KRW 62.3 billion). With the latest Series B funding, its total capital raised now amounts to USD 90.5 million (approx. KRW 129 billion).

Founded in 2019, Pinetree Therapeutics is a next-generation antibody-based protein degradation biotech company developing TPD (Targeted Protein Degradation) drugs that selectively degrade cell-surface receptors and extracellular disease-causing proteins. Its core platform AbReptor™ leverages dual- and multi-specific antibody architectures to precisely eliminate pathogenic proteins, demonstrating potent efficacy even against tumors resistant to existing tyrosine kinase inhibitors (TKIs) or immune checkpoint inhibitors.

The company is now expanding AbReptor™ into a novel Degrading Antibody-Drug Conjugate (D-ADC) modality that overcomes the inherent limitations of traditional ADCs, further extending its application into inflammatory and immunology indications.

In July 2024, Pinetree entered into an exclusive global license option agreement with AstraZeneca for its EGFR-targeted degradation antibody candidate, a deal valued at up to USD 500 million including milestones and royalties — validating the platform’s scalability and expanding the company’s global pharmaceutical partnerships.

CEO Ho-Joon Song stated, “The AbReptor™ platform has consistently demonstrated exceptional efficacy and minimal toxicity across multiple RTK (receptor tyrosine kinase) targets in preclinical studies, showing strong potential even in refractory and incurable cancers. This funding will accelerate our entry into Phase 1 clinical trials and fast-track the development of breakthrough protein degradation therapeutics.”

Proceeds from the Series B round will be allocated toward IND-enabling activities and a Phase 1 clinical trial for the lead oncology program, expansion of first-in-class multi-specific degrader candidates, and strategic co-development partnerships with global pharmaceutical companies.