Strategic Signals Weekly

C4 Therapeutics (C4T) has entered into a Research Collaboration and License Agreement with Roche to discover, develop, and commercialize degrader-antibody conjugates (DACs) for two initial undisclosed oncology targets. C4T grants Roche exclusive worldwide rights, with Roche responsible for all development, regulatory, manufacturing, and commercialization costs. C4T received an upfront payment of $20.0 million and is eligible for over $1.0 billion in potential development, regulatory, and commercial milestones, plus tiered royalties.

Drug: degrader-antibody conjugates (DACs) · Indication: oncology · Partner: Roche

Regeneron Pharmaceuticals expects to record an acquired in-process research and development (IPR&D) charge of approximately $102 million on a pre-tax basis for the first quarter of 2026. This charge stems from premiums on equity securities purchased, as well as development milestone and upfront payments related to collaboration and licensing agreements. The company anticipates this will negatively impact both GAAP and non-GAAP net income per diluted share by approximately $0.81.

Cue Biopharma, Inc. announced that Boehringer Ingelheim has approved the selection of its first compound for lead optimization under their Collaboration and License Agreement, which includes Cue Biopharma's CUE-501 product candidate. This preclinical milestone triggers a $7.5 million payment to Cue Biopharma, expected in May 2026.

Drug: CUE-501 · Partner: Boehringer Ingelheim

Supernus Pharmaceuticals, Inc. entered into an Asset Purchase Agreement with Navitor Pharmaceuticals, Inc. to acquire all rights to the compound NV-5138 or SPN-820. The agreement, building on prior understandings, obligates Supernus to conduct a Phase 2b study and make up to $350 million in milestone payments. Supernus retains discretion to cease development if the Phase 2b study is unsuccessful.

Drug: NV-5138 or SPN-820 · Partner: Navitor Pharmaceuticals

Biogen Inc. anticipates a pre-tax charge of approximately $34 million in the first quarter of 2026, stemming from acquired in-process research and development, upfront, and milestone expenses related to collaboration and license agreements. This charge is expected to impact GAAP and non-GAAP net income per diluted share by about $0.19. The company emphasizes these are preliminary, unaudited estimates subject to finalization.

Forte Biosciences, Inc. entered into an underwriting agreement for a public offering of 5,709,936 shares of common stock at $26.27 per share. The company expects to raise approximately $150 million in gross proceeds, or $141 million net, before deducting underwriting discounts and commissions. As part of this offering, argenx BV made a strategic investment in Forte Biosciences.

AN2 Therapeutics, Inc. entered into an "at-the-market" (ATM) offering agreement with Jefferies LLC, enabling the company to sell up to $80 million of its common stock. This new agreement replaces a prior ATM facility with TD Cowen, under which the company had already sold approximately $20 million in shares. Jefferies will receive a commission of up to 3.0% of the gross proceeds from any sales.

Ensysce Biosciences, Inc. completed a private placement with an institutional investor, issuing Series B preferred stock and warrants for gross proceeds of $2 million. The company intends to use the net proceeds, estimated at $1.9 million, for general corporate purposes, including the continued development of its TAAP and MPAR® programs, and for working capital.

TransCode Therapeutics, Inc. entered into a Standby Equity Purchase Agreement (SEPA) with YA II PN, LTD (Yorkville), enabling the company to sell up to $14 million of its common stock at its option. Concurrently, Yorkville will provide up to $6.0 million in pre-paid advances through convertible promissory notes, with the first $1.0 million tranche contingent on filing the company's 10-K. The second $5.0 million tranche is subject to regulatory and stockholder approvals.

Opus Genetics, Inc. entered into a senior secured note purchase agreement for up to $155 million, with $105 million committed by purchasers. An initial tranche of $35 million is expected to fund on April 20, 2026, with additional tranches contingent on company options and regulatory milestones for OPGx-LCA5, including FDA application acceptance and approval. Concurrently, the company also secured approximately $5 million through a stock purchase and conversion agreement, issuing 1,116,070 shares of common stock.