Funding profile · Neurotherapeutics

Exin Therapeutics

One Form D, filed 449 days after the sale it reports, showing $2,162,300 taken from 28 investors. Data trackers report a quarter of that. A second capital story is running in the Philippines, where a government agency has certified the numbers.

$2.16MSold and fully subscribed, Form D filed Feb 10, 2026
28Investors in the offering, about $77,225 each
449 daysFrom first sale to Form D filing, against a 15 day deadline
$500KTotal raised as reported by Tracxn and Startup Intros

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
Nov 18, 2024 First sale under a Rule 506(b) offering Part of $2,162,300 Not named in the filing Form D
Winter 2025 Y Combinator, W25 batch Not disclosed Y Combinator YC data
Jan 2025 Seed, as reported by data providers $500,000 Y Combinator, Comal Ventures Startup Intros, Tracxn
By Feb 10, 2026 Offering closed, nothing remaining $2,162,300 of $2,162,300 28, unnamed Form D
2025 to 2027 Philippine facility, phase one 45 million pesos, given as $0.8M Self funded, BOI certified Government record
2027 to 2029 Philippine facility, phase two, announced 1 billion pesos, given as $30M Not identified Company-stated

What the filings show

Exin Therapeutics, Inc. · Form D · filed Feb 10, 2026

First sale
Nov 18, 2024
Offered
$2,162,300
Sold
$2,162,300 · $0 remaining
Investors
28 · average about $77,225
Security type
Option to acquire and security to be acquired · no equity or debt box marked
Exemption
Rule 506(b) · no non-accredited investors
Minimum investment
$0 · no sales compensation, no finders fees
Related persons
Gabriel Ocana Santero, Ivan Alex Priela Lazarte and Marko Tvrdic, each as executive officer and director
Issuer detail
Delaware corporation, incorporated 2024 · revenue range: decline to disclose
Filing
SEC EDGAR, CIK 0002109179, accession 0002109179-26-000001

Reading the filings

  1. The checks are angel size, not institutional.$2,162,300 across 28 investors averages $77,225 each. A venture led seed of this size would show three to six investors. Twenty eight names at that average is a founder assembled round, most likely an accelerator cheque plus a syndicate of individuals.
  2. It is paper, not priced equity.The filing marks an option to acquire a security and a security to be acquired, and leaves the equity and debt boxes alone. That is how convertible instruments such as SAFEs are normally reported. The $2.16M therefore has not set a valuation, and a priced round is still ahead of the company rather than behind it.
  3. The filing arrived 449 days late.Form D is due within 15 days of the first sale. The first sale is dated Nov 18, 2024 and the notice was filed Feb 10, 2026. Late filings are common among young companies and carry no automatic penalty, but the sequence matters: money moved seven weeks before the California registration on Jan 10, 2025 and eight weeks before the public launch on Jan 13, 2025.
  4. Trackers are undercounting by a factor of four.Tracxn and Startup Intros both report $500,000 in one round. $500,000 is the standard Y Combinator deal size, so the trackers appear to have captured the accelerator cheque and nothing else. The filing is the better number.
  5. The offering closed flat.Offered and sold are the same figure to the dollar, with $0 remaining. Companies that expect more usually file a round number with headroom. Filing the exact amount raised, more than a year after the fact, reads as housekeeping on a closed round rather than an open raise.
  6. No outside director appears.All three related persons are the three founders. There is no investor seat on the filing, which is consistent with an uninstitutionalized round and with instruments that do not carry board rights.
  7. The Philippine figures do not reconcile with each other.The Board of Investments gives phase one as 45 million pesos, or $0.8 million, an implied rate near 56 pesos to the dollar, and phase two as 1 billion pesos, or $30 million, an implied rate near 33. At the phase one rate, 1 billion pesos is closer to $18 million. The two phases also sum to 1.045 billion pesos, while the Inquirer headlined the total at 1.45 billion. Phase two is a 2027 intention, not committed capital, and no source names who would fund it.

Commercial signals

Signal Detail Source type
Regulatory No FDA record and no registered clinical trial as of Sep 22, 2026. Public record
Facilities Green Lane Certificate awarded Sep 17, 2025 under Executive Order No. 18. Wet lab in Bonifacio Global City, Taguig, commercial operations from October 2025. Wet lab operations moved out of San Francisco in November 2025. Government record
Headcount Y Combinator lists 9. Tracxn lists 7 as of Jul 31, 2026. The BOI certification projects 35 Philippine jobs by 2027. Sources differ
Pipeline One program, generalized epilepsy, presented as a poster at ASGCT on May 13, 2026. No candidate named, no IND. Company-stated
Intellectual property Two provisional patents claimed in early 2025. Provisionals do not publish, and no published application or grant was found. Not found
Revenue and partners Revenue range on the Form D is decline to disclose. No pharma partnership or licensing deal announced. Not found

What to watch

  • A second Form D for a priced round, which would put a valuation on the company for the first time.
  • An amendment naming investors or a lead, which the current filing does not.
  • Whether phase two in Clark, Pampanga is funded and started in 2027 as certified, and by whom.
  • Any registered trial, published application, or affiliation paper, each of which would move a line in the table above out of the company-stated column.

The Exin Therapeutics story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Nectome: Also in Therapeutics. A laboratory result independent judges verified, attached to a commercial plan MIT cancelled, neuroscientists attacked, and the company has since rewritten
  • Perception Biosystems: Also in Therapeutics. A Y Combinator company that set out to build a robotic lab so a rare disease gene therapy could be made faster and far more cheaply
  • Origami Therapeutics: Also in Therapeutics. A small San Diego company designing oral pills that strip the mutant huntingtin protein out of brain cells while leaving the normal protein alone
  • 1910 Genetics: Also in Therapeutics. A Boston biotech that runs small and large molecule drug discovery through one AI platform, backed by a five-year commercial partnership with Microsoft

Sources

  1. Public recordForm D, Exin Therapeutics, Inc., CIK 0002109179, accession 0002109179-26-000001SEC EDGAR · Feb 10, 2026
  2. Public recordCalifornia Secretary of State registration, document 6530638Filed Jan 10, 2025
  3. Government recordBOI fast-tracks establishment of first neurotherapeutics lab in the PHPhilippine Board of Investments · Oct 17, 2025
  4. IndependentUS-based biotech firm cues P1.45-B investment in the PhilippinesPhilippine Daily Inquirer, Jordeene B Lagare · Oct 18, 2025
  5. IndependentAI biotech Exin Therapeutics plans 1-billion-peso Philippine expansionManila Bulletin, Dexter Barro II · Oct 17, 2025
  6. IndependentUS neurotherapeutics lab to operate in PHThe Manila Times, Chynna Grace Ong · Oct 18, 2025
  7. IndependentExin Therapeutics: Funding, Team & InvestorsStartup Intros · accessed Sep 22, 2026
  8. IndependentExin Therapeutics company profile, funding and employee countTracxn · accessed Sep 22, 2026
  9. Not foundPatSnap Synapse organization record, no pipeline, patent or trial data postedSynapse · accessed Sep 22, 2026
  10. CompanyLowering the cost of data, raising the scale of discoveryExin Therapeutics blog · Nov 1, 2025
  11. CompanyExin Therapeutics company page and launch postY Combinator · Jan 2025
  12. CompanyExin Therapeutics CSO to present at ASGCT 2026LinkedIn · May 2026

Compiled from SEC and Philippine government public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Peso to dollar conversions are those given by the sources cited. Healthcare Venture Capital Fund holds no position in Exin Therapeutics. This page is not an offer to sell or a recommendation to buy any security.