Cascade Pharmaceuticals Completes RMB 318 Million Series D Financing, Continues to Deepen Its Focus on Bile Acid Metabolism Innovative Drug R&D

On June 10, 2026, Cascade Pharmaceuticals (Shanghai) Co., Ltd. officially announced the completion of its Series D financing round, raising RMB 318 million. This round was co-led by Taiping Medical Health Fund and Shanghai STVC Group, with participation from several professional investment institutions including Yuekai Capital, Zhaode Investment, and Lianbang Fund. The proceeds will support the clinical advancement of the company's core pipelines and the continued upgrade of its R&D systems.

This financing marks another significant milestone for Cascade Pharmaceuticals, following its nearly RMB 500 million Series C financing round completed earlier in early 2026. It reflects the capital market's continued recognition and strong endorsement of the company's original innovation capabilities, clinical translation efficiency, and the value of its metabolic disease pipeline. The completion of the Series D financing will further accelerate progress across four key areas: clinical development of core products, international regulatory filings, combination therapy exploration, and long-acting formulation development.

A representative from Taiping Medical Health Fund, a co-lead investor in this round, commented: Metabolic and inflammatory diseases have become one of the world's largest areas of unmet medical need. Leveraging structure biology-driven drug design and first-principles thinking, Cascade Pharmaceuticals has built a differentiated pipeline spanning primary biliary cholangitis (PBC), metabolic dysfunction-associated steatohepatitis (MASH), obesity, and diabetes. Its core products have the potential to be first-in-class or best-in-class. We highly recognize the team's long-term R&D philosophy and international development vision. We look forward to empowering the company with capital, accelerating the commercialization of its core products, expanding applications in new targets and disease areas, and continuously generating original innovations from China, thereby contributing core technological strength to safeguarding public health and supporting the nation's future industrial development.

A representative from the Biomedical Division of Shanghai STVC Group, the co-lead investor, stated: Shanghai STVC Group has long focused on hard technology and the biomedical sector. Cascade Pharmaceuticals has demonstrated a solid financing rhythm and clear milestones in this round. Its core pipelines show high druggability certainty and address a broad future patient population. The R&D team, led by Dr. Huaqiang Xu, has deep expertise in structural biology and nuclear receptor drug design, demonstrating the ability to efficiently translate proprietary intellectual property into differentiated clinical pipelines for metabolic and inflammatory diseases. Going forward, Shanghai STVC Group will leverage its advantages as "patient capital, long-term capital, and strategic capital," along with industrial synergies, to empower this team of top scientists, accelerate the global expansion of local original innovations, and help Cascade Pharmaceuticals become a benchmark enterprise in Shanghai and even nationwide in the field of metabolic disease innovative drugs, contributing to enhancing the global competitiveness of China's biomedical industry.

A representative from Yuekai Capital, a new shareholder in this round, said: We are honored to embark on this promising partnership with Cascade Pharmaceuticals, an outstanding innovative drug company. Cascade Pharmaceuticals has a world-class team of structural biology scientists and original innovation capabilities, showing great potential for first-in-class and best-in-class in the golden therapeutic area of metabolic diseases. With its unique technological moat, the company is filling treatment gaps in metabolic dysfunction-associated steatohepatitis, primary biliary cholangitis, and other diseases both in China and globally. As a shareholder, we will fully support Cascade Pharmaceuticals in advancing the clinical development and commercialization of its core pipelines, and we look forward to the company providing safer and more effective treatment options for patients with metabolic diseases worldwide, witnessing the rise of China's original innovative drugs.

Dr. Huaqiang Xu, Founder and Chairman of Cascade Pharmaceuticals, commented: I sincerely thank all investors in this round for their trust and strategic empowerment. Over the past year, the clinical development of our core products has advanced by leaps and bounds: CS0159, the first non-steroidal farnesoid X receptor agonist in China to enter Phase III clinical trials, continues to generate robust efficacy and safety data; CS060380, a highly selective thyroid hormone receptor beta agonist, is leading its class, with Phase II clinical trials for metabolic dysfunction-associated steatohepatitis nearing completion and preparations underway for initiating Phase III. Moving forward, the company will remain focused on the core therapeutic area of bile acid metabolism innovative drugs, leveraging original innovation to accelerate clinical translation across the entire pipeline, and striving to launch proprietary original innovative drugs as soon as possible, bringing high-quality treatment options to patients with liver disease, obesity, and various metabolic diseases.