FoRx Therapeutics is keeping Switzerland on the European oncology funding map, raising a EUR 50 million Series A to move its lead DNA repair program deeper into the clinic. The round was led by existing investors EQT Life Sciences, Novartis Venture Fund and Pfizer Ventures, with M Ventures also participating, underscoring a clear pattern in today’s biotech market: concentrated capital behind mechanistically differentiated precision oncology assets once clinical execution is de-risked.
The financing was announced on 18 December 2025. The company reported the round at US$50 million, broadly equivalent to roughly EUR 42-50 million depending on FX.
Why this deal, why now
FoRx is no longer a platform-only story. The company is financing a defined near-term value inflection: Phase I readout for its first program, the PARG inhibitor FORX-428, expected by mid-2026.
FoRx completed its IND submission after a first closing in June 2024, initiated the Phase I trial in August 2025, and is now capitalising the program through early clinical data. That sequencing matters. In a market that still rewards discipline, investors are showing they will fund clinical-stage execution when timelines are clear and prior milestones have been met.
Asset focus: PARG in DNA repair
FoRx develops precision oncology therapeutics targeting DNA Replication Stress (DRS) and DNA Damage Response (DDR) pathways. Its lead program inhibits PARG (poly(ADP-ribose) glycohydrolase), a node in DNA repair biology connected to break-induced replication.
The scientific foundation traces back to founder Thanos Halazonetis, who discovered PARG’s role in break-induced replication, a DNA repair process. Mechanistic credibility helps, but the underwriting question for investors will be whether PARG inhibition can translate into a clinically meaningful therapeutic window and a differentiated positioning versus other DDR approaches.
FoRx nominated FORX-428 as its first preclinical development candidate on 3 May 2024, with IND-enabling activities already initiated at that time. Since then, the company has moved into Phase I, making this round fundamentally about clinical execution rather than discovery build-out.
Investor syndicate signals confidence and optionality
The Series A is notable for its repeat participation from blue-chip life sciences investors and strategics. EQT Life Sciences, Novartis Venture Fund and Pfizer Ventures led the round, and M Ventures joined.
FoRx previously raised a EUR 10 million seed round in 2020 led by M Ventures, Novartis Venture Fund and Omega Funds, with Pfizer Ventures and LSP. The continuity across seed and Series A suggests two things:
- Existing investors see enough progress to double down rather than rotate out.
- Strategics are maintaining proximity to an emerging DDR/DRS program at a point where partnership or acquisition optionality can begin to take shape, depending on Phase I signals.
Terms beyond the headline amount were not disclosed, including valuation, use-of-proceeds split beyond the lead program, or whether the Series A includes tranched funding.
Key questions for the next 12 months
With the company already in Phase I, the diligence focus shifts from science narrative to operational delivery:
- Patient selection and biomarkers: How FoRx defines the responder population will shape development speed and eventual commercial positioning.
- Differentiation within DDR: What clinical endpoints or combination strategies can separate a PARG inhibitor from the crowded DNA repair landscape.
- Execution bandwidth: Whether the team can run a clean early-stage trial while advancing additional pipeline programs in DDR and DRS without diluting focus.
- Strategic interest: With both pharma venture arms and financial investors in the syndicate, the pathway to partnering discussions could open quickly if early data is compelling.
What to watch next
- Initial Phase I safety and tolerability signals for FORX-428
- Any early evidence of target engagement or biomarker-driven activity
- Guidance on trial design, expansion cohorts and potential combinations
- Pipeline updates beyond FORX-428 across DDR and DRS targets
- Signs of partnership activity as mid-2026 data approaches