Korean biotech 1ST Biotherapeutics has wrapped up a $21.8 million (31.7 billion KRW) Series D round that sailed past its original target, pushing the company’s total funding to roughly $74.2 million (108 billion KRW).

The round drew a mix of returning backers, fresh financial investors, strategic partners, and—most tellingly—the firm leading its eventual IPO. Smilegate Investment, already on the cap table, co-led alongside newcomers Groom Investment and Double Capital. Ligachem Biosciences, which has co-development and licensing deals with 1ST Bio, came in as a strategic investor. Korea Investment & Securities joining as IPO underwriter marks the company’s move toward going public.

ANDA Investment Partners doubled down with follow-on funding, while DAYLI Partners, Mirae Asset Securities, CKD Venture Capital, ANDA Asset Management, Woori Investment & Securities, and Wanted Lab Partners joined for the first time.

1ST Biotherapeutics is building a pipeline around neurodegenerative diseases and cancer immunotherapy, using its own AI-driven discovery platform to sharpen the odds of success. Its lead candidate, FB849—an HPK1 inhibitor now in global Phase 1 trials—works differently from standard immuno-oncology drugs by activating a broader range of immune cells beyond just T-cells.

That work earned the company a spot on Korea’s Ministry of SMEs and Startups’ “Pre-Unicorn” list in 2024. It’s also forged partnerships with Ligachem Biosciences, D&D Pharmatech, The Michael J. Fox Foundation, and MSD to validate its global R&D capabilities.

The fresh capital will speed up FB849’s clinical progress while pushing forward other programs like c-Abl and LRRK2 inhibitors. The company is also lining up licensing deals and plotting its global commercialization strategy.

“Major financial players and strategic partners backing us—even in tough market conditions—shows real conviction in what we’re building,” said CEO Jaeeun Kim. “We’re focused on closing partnership deals soon and getting IPO-ready as we scale into a globally competitive drug developer.”