Obsidian Therapeutics

Obsidian Therapeutics is a provider of cell and gene therapeutics used to treat tumors and skin cancer in patients. The company uses its proprietary cytoDRIVE platform to develop its therapeutics by using drug responsive domains (DRDs) to control protein functions using an FDA-approved small molecule. The platform uses Obsidian’s library of DRDs and biology engineering toolkit, which is used to optimize protein functionality in any cell type, including I/II membrane proteins, membrane-tethered cytokines, intracellular proteins, secreted proteins, and genome editing proteins.

As of May 2024, the company had one lead candidate, OBX-115, a tumor-infiltrating lymphocyte (TIL) for treating melanoma and lung cancer. The company was planning to carry out three studies (a single center and two multicenter studies), all of which were in Phase I of clinical trials. The company was also developing a next generation TIL for an undisclosed application, which was still in discovery stages. The company also had two partnered programs, one with Bristol Myers Squibb and the other with Vertex, for two undisclosed applications.

Key customers and partnerships

Obsidian partnered with biotechnology company Vertex Pharmaceuticals in April 2022 to collaborate on discovering and developing therapies that regulate gene editing for treating serious diseases. Through the partnership, Obsidian would provide its cytoDRIVE platform so that Vertex could develop genetic therapies. Vertex would pay Obsidian USD 75 million in equity, upfront payments, and potential research milestone payments.

Obsidian also extended its multi-year partnership with pharmaceutical company Bristol Myers Squibb in October 2022 to continue to develop cell therapies. Originally partnering in 2020, the partnership entailed Bristol Myers Squibb developing cell therapies while using Obsidian’s cytoDRiVE platform.

Funding and financials

Obsidian last raised funds in September 2021, where the company secured USD 115 million in a Series B funding round led by The Column Group Crossover Fund, along with participation from other venture capital and pharmaceutical firms including both Bristol Myers Squibb and Vertex Pharmaceuticals. The raised funds were set aside to advance its lead tumor infiltrating lymphocyte (TIL) program into clinics while also diversifying the therapeutic to target other lymphocytes.