Moonwalk Biosciences has closed a $70 million Series B financing round to advance its lead obesity candidate, MW101, an adipose-targeted small interfering RNA (siRNA) therapeutic, toward first-in-human clinical studies in late 2027, the company announced September 8, 2026.¹ The round was co-led by Alpha Wave and YK Bioventures, with participation from Eli Lilly and Company, Gaorong Ventures, and existing investors ARCH Venture Partners, Khosla Ventures, and Future Ventures.¹
Key facts
- Drug: MW101 (Moonwalk Biosciences)
- Class: Adipose-targeted siRNA
- Indication: Obesity and cardiometabolic diseases
- Financing: $70 million Series B; co-led by Alpha Wave, YK Bioventures
- Investors: Eli Lilly, Gaorong Ventures, ARCH Venture Partners, Khosla Ventures, Future Ventures
- Preclinical highlights: Body weight/fat mass reduction with lean mass preservation
- Dosing potential: Durable target engagement after single dose in NHPs (quarterly/twice-yearly)
- Technology source: Adipose-targeting chemistry licensed from Suzhou Siran Biotechnology
- Regulatory status: Preclinical; first-in-human studies planned for late 2027
"Obesity places an extraordinary physical and emotional burden on millions of people," said Alex Aravanis, MD, PhD, CEO and co-founder of Moonwalk Biosciences, in a company press release.¹ "This financing brings us closer to developing a new generation of adipose-targeted medicines designed to improve outcomes for people living with obesity and related cardiometabolic diseases."
How does Moonwalk's adipose-targeting approach work?
Moonwalk's RNA interference (RNAi) medicines are designed to selectively deliver siRNA therapeutics directly to adipose tissue, enabling modulation of novel, non-incretin pathways involved in energy homeostasis, adipogenesis, lipolysis, and thermogenesis while minimizing effects on other tissues. The company exclusively licensed its adipose-targeting chemistry from China-based Suzhou Siran Biotechnology and combines it with human genetics, epigenomics, and multi-omics discovery to identify novel therapeutic targets.¹
Across preclinical studies, Moonwalk has reported reductions in body weight and fat mass while preserving lean muscle mass without reducing food intake, along with metabolic pathway changes consistent with healthy adipose remodeling. In non-human primate studies, a single dose produced durable adipose target engagement, supporting potential quarterly or twice-yearly dosing.¹ Adipose tissue-targeted RNA-based approaches have drawn broader interest as a strategy to address obesity's underlying molecular drivers rather than appetite alone, though delivery to lipid-rich adipose tissue remains a recognized translational challenge across the field.²
What are the terms of the financing, and what's next for MW101?
Proceeds from the financing will advance MW101 into first-in-human studies in late 2027, following completion of ongoing IND-enabling studies. The funds will also expand Moonwalk's pipeline of additional tissue-targeted siRNA programs and its discovery platform. The company’s AI-enabled discovery platform as designed to identify and validate novel adipose-biology targets without affecting appetite, aiming to preserve lean mass, improve tolerability, and enable infrequent dosing relative to existing obesity therapies.¹
The company also appointed Stephen Djedjos, MD, as senior vice president of clinical development. Dr Djedjos previously led clinical development at Kailera Therapeutics for its incretin obesity therapies and held senior roles at Mineralys Therapeutics, Sana Biotechnology, Gilead Sciences, and Amgen, where he contributed to the development of evolocumab (Repatha).¹
"Obesity is one of the most significant global health challenges, and Moonwalk is pursuing a fundamentally different approach to treating it," said Rick Gerson, co-founder, chairman, and CEO of Alpha Wave Global, in the release.¹ "By targeting adipose tissue directly, Moonwalk may redefine how obesity is treated by delivering therapies with the potential for durable efficacy, lean muscle preservation and infrequent dosing."
What are the limitations?
Findings thus far are based on preclinical studies, and MW101 has not yet been tested in humans. First-in-human studies are not expected until late 2027. Financial terms beyond the total $70 million raised, such as individual investor contributions or valuation, were not disclosed.
References
- Moonwalk Biosciences. Moonwalk Biosciences announces $70 million Series B financing to advance adipose-targeted RNAi therapies for obesity and cardiometabolic diseases. Press release. Published September 8, 2026. Accessed September 8, 2026. https://moonwalk.bio/news/moonwalk-biosciences-announces-70-million-series-b-financing-to-advance-adipose-targeted-rnai-therapies-for-obesity-and-cardiometabolic-diseases/
- Parekh K, Sarker G. RNA-based approaches in the diagnosis and treatment of obesity. Front Pharmacol. 2026;17:1882300. doi:10.3389/fphar.2026.1882300
