Domestic In Vivo CAR-T Sector Sees Record Funding Surge and Clinical Advancement

Recently, Eli Lilly acquired for $7 billion in vivo（in vivo） CAR-T Company Kelonia Sets New Record in Field's M&A, Marking Its Second Such Deal of the Year. Since 2024, with MNCs like AstraZeneca, BMS, AbbVie, Gilead, and Johnson & Johnson entering the space, the cumulative transaction volume has exceeded $10 billion. In vivo CAR-T has now moved from "proof of concept" to the "clinical translation and pre-commercialization phase."

The in vivo CAR technology route, which focuses on lower costs and higher accessibility, has also attracted attention from domestic capital in China. According to incomplete statistics, in 2025 alone, there were 11 disclosed Biotech financing events in the domestic in vivo CAR field, with the highest single amount exceeding 300 million yuan.(Recommended reading:Over 300 Million Yuan in a Single Round! A Total of 11 Deals: The Technological Race and Clinical Breakthroughs Behind the In Vivo CAR Financing Boom in China）In just the first four months of 2026, a company has already broken the highest financing record of last year with a single round of funding. Additionally, more companies have disclosed plans to enter or increase investment in the in vivo CAR-T sector.

The following are representative Biotech financing events in the CAR field in China this year:

In April, IVACTA Biotechnology, a spin-off from Grail Bio, announced that it has recently completed Series A and Series A+ financing rounds, with a total financing amount exceeding50 million US dollarsIts core candidate product GT801 has initially demonstrated good safety and efficacy in patients with hematologic tumors and autoimmune diseases.

GT801 is a T cell-targeting LNP（T-LNP）Innovative anti-CD19 in vivo CAR therapy delivering optimized mRNA. This platform integrates the CLAMP technology co-developed by Grail Bio and CloudTrans Biotech, enabling targeted VHH antibody conjugation with LNPs for T-cell targeting, enhancing targeting efficiency while avoiding non-specific uptake.

IIT studies show that, as of November 30, 2025, two patients with non-Hodgkin lymphoma completed multiple doses without receiving lymphodepletion pretreatment. The first enrolled patient received three infusions of 0.5 mg each of GT801, while the second patient received four doses of 1.5 mg each. The clinical manifestations demonstrated good overall tolerance, with high CAR expression levels in peripheral blood T cells.Persistent and reproducible CAR-T expansion was observed after each administration.`, and`CAR expression was not detected in peripheral blood mononuclear cells., confirming that the T-LNP delivery platform enhances targeting efficiency while avoiding non-specific uptake.

In April, Qrigincell Therapeutics announced the completion of a cumulative $110 million in Pre-IPO financing. The company's core pipeline, Ori-C101, is an autologous CAR-T therapy targeting GPC3 for the treatment of advanced hepatocellular carcinoma, and is about to launch pivotal clinical trials. With positive clinical progress, Ori-C101 is expected to becomeThe World's First Approved and MarketedCAR-T drug for hepatocellular carcinoma.

In addition to its core pipeline, Qrigincell Therapeutics' full-platform technology system is continuously incubating multiple next-generation multi-target, multi-mechanism CAR-T products, including secretory, rapid production, and various others. in vivo CAR-T Project.

In March, BDgene announced the completion of a strategic financing round worth hundreds of millions of yuan. The company's core competitiveness lies in its two self-developed platform delivery technologies: the clinically validated virus-like vector BD-VLP platform and the next-generation lentiviral vector BD-Lenti platform. Among these, the BD-VLP platform features transient expression, high payload capacity, high targeting specificity, and high editing efficiency, and has been included in the encouraged category of "new gene therapy technologies" by China’s National Health Commission.

In addition, this guide gene participated in the incubation ofIn-body CAR-T Company FronCyte BiotechAfter about a year of development, IVACTA Biotechnology has received investments from several top-tier institutions and obtained IIT ethical approval from leading tertiary hospitals, further expanding the application scenarios of its delivery platform.

In March, Tianyikang Pharmaceutical announced the completion of a seed funding round exceeding 100 million yuan. The raised funds will be mainly used for in vivo Multi-Target Cell TherapyDevelopment of candidate products, next-generation universal multi-target CAR-T candidate products for broader autoimmune diseases, and next-generation autologous rapid-process multi-target CAR-T cell therapy candidate products.

The company's in vivo multi-target CAR-T cell therapy candidate product, Skye-03, is developed based on its unique multi-targeting technology to create in vivo targeting vectors. It tests various combinations of targets and actively explores the modification and testing of novel vectors to overcome related patent restrictions.

It is worth mentioning that Dr. Wang Wen, the founder of the company, as the core technology leader, participated in and led the promotion of the second CD19 CAR-T approved for marketing in China.(Relmacabtagene Autoleucel Injection)And the first approved BCMA CAR-T(Ide-cel Injection)Two Class 1.1 innovative drugs. In view of the problems exposed in the clinical real-world application of CAR-T therapy, such as recurrence caused by antigen escape in a considerable number of patients, long preparation cycles, and high production costs, Tianyikang Pharmaceuticals is committed to systematically solving the above issues through next-generation technology platforms.

In February, Jingtong Life, a company engaged in the development of regenerative anti-aging innovative drugs, announced the completion of an angel round of financing worth tens of millions of yuan. The funds will be partially invested in IIT research for key reprogramming pipelines and the construction of an AI molecular design platform.

One of the company's core pipelines, JTL-3202, focuses onLiver and Systemic RejuvenationRelying on its unique Senolytic in vivo CAR-T technology platform, it aims to precisely identify and eliminate senescent cells accumulated in vital organs, with the goal of achieving functional "rejuvenation" in specific organs or even system-wide.

Looking back at the financing and strategic layout of China's in vivo CAR赛道 (CAR track) this year, China's innovative power has charted a differentiated evolutionary path characterized by vector delivery, target innovation, and expanded indications, leveraging local clinical needs and underlying technological advantages. For example, Tianyikang Pharmaceuticals focuses on multi-targeted in vivo targeting vectors, aiming to systematically address clinical pain points such as antigen escape and long preparation cycles; Jingtong Life Sciences takes an alternative route, extending in vivo CAR-T technology into the anti-aging field.

At present, CSPC Pharmaceutical Group has taken the lead in launching the registrational clinical trial of in vivo CAR-T. In China, companies such as Hongxin Biotech, IVACTA Biotechnology, StarRive Medicine, YuanBio CellTech, Afagna Biotech, and Transcript Biotech have advanced in vivo CAR-T into the clinical stage. With the influx of capital and the progress of clinical pipelines, innovative drug companies in China are stepping into the spotlight of the "global arena."

Editor-in-Chief: Ju

Proofread by Ju

References:

1.Official Materials of Each Company

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