Funding profile · AI drug discovery

Nabla Bio

Thirty-seven million dollars of equity against more than $1.5 billion of announced, mostly contingent partnership value. No Form D has ever been filed under the company name, and no new round in 28 months.

$37.0MTotal raised through the Series A, company-reported (May 2024)
$26.0MSeries A, May 2024, led by Radical Ventures
$11.0MSeed, Dec 2021, co-led by Khosla Ventures and Zetta Venture Partners
0Form D filings on record with the SEC under Nabla Bio

Data as of September 23, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
2020 to 2021 Unannounced first round Not disclosed Led by Fifty Years TechCrunch
Dec 6, 2021 Seed, first priced round $11.0M Co-led by Khosla Ventures and Zetta Venture Partners; Fifty Years, Cantos Ventures, undisclosed others Company release
May 14, 2024 Series A $26.0M Led by Radical Ventures, all existing investors participating Company release
May 2024 Partnership value, three deals “more than $550M” in upfront and milestone payments, plus royalties AstraZeneca, Bristol Myers Squibb, Takeda Company-stated
Oct 14, 2025 Second Takeda collaboration Double-digit millions upfront and research costs; success-based payments that “may exceed $1 billion” Takeda Company-stated
Sep 2026 No round announced since the Series A None None Not found

What the filings show

Nabla Bio, Inc. · Form D · none on record

Filings found
None. SEC EDGAR company search returns no registrant named Nabla Bio.
Full text search
Three hits for the phrase “Nabla Bio” across all SEC filings, all of them Takeda’s.
Reading
Both rounds were sold without a Regulation D notice, or filed under a name that omits the phrase.

Takeda Pharmaceutical Company Limited · Form 20-F · filed Jun 17, 2026

Fiscal year
Ended Mar 31, 2026
Entry
Nabla Bio listed among Takeda’s principal alliances: “Research collaboration to discover novel protein sequences with Nabla’s AI and experimental technologies for drug design.”
Amounts
Not itemised. Takeda breaks out neither the upfront nor the milestone schedule.
Filing
SEC EDGAR, CIK 0001395064

Takeda annual integrated reports · filed as SEC exhibits · Jun 30, 2025 and Jun 24, 2026

2025 entry
“With Nabla Bio, for example, we’re piloting a new protein design GenAI model that can shorten cycle times for drug discovery of therapeutic molecules.”
2026 entry
Nabla Bio named alongside TetraScience and APHERIS as partners in Takeda’s AI ecosystem for early-stage development.
Reading
The language moves from piloting in 2025 to ecosystem partner in 2026.

Reading the filings

  1. The SEC record is almost empty.No Form D exists for either announced round. Companies that sell under Section 4(a)(2) rather than Regulation D file no Form D at all, so the absence is not evidence that money did not move: two releases, three venture firms and a lead investor post describe the same $37 million. It does mean there is no filed investor count, first-sale date or related-persons list to check the announcements against.
  2. Only one of three partners has a paper trail of its own.Of the three collaborations announced May 14, 2024, only Takeda appears in a public filing of its own. AstraZeneca is corroborated one step down, by two of its executives speaking on the record to Endpoints News. For Bristol Myers Squibb, no statement, release or filing naming Nabla Bio was found.
  3. Announced deal value runs about 42 times the equity raised.More than $550 million across three 2024 deals plus more than $1 billion for the 2025 Takeda contract gives over $1.55 billion of announced value against $37 million of equity. Almost all of it is success-based. The only cash figure either side confirms is double-digit millions upfront, a range spanning $10 million to $99 million.
  4. The company raised deliberately small.Its $26 million Series A landed the season Xaira Therapeutics launched on $1 billion and Generate:Biomedicines had taken in roughly $750 million: about 2.6 and 3.5 percent of those totals. The CEO told Endpoints News the company “raised what we needed, and we could have raised a lot more,” and Nabla says partner work offsets a significant portion of R&D expense. Its Y Combinator listing calls it revenue-generating.
  5. Twenty-eight months without an announced round.May 14, 2024 to September 23, 2026 is 28 months with no new equity disclosed, through a period in which the company shipped two major model releases and signed a billion-dollar-headline contract. Either partnership income is carrying the burn, or a round has closed without a Form D or an announcement to reveal it.
  6. Nothing in the record ties capital to a clinical asset.No registered trial, no FDA submission, no federal award, no named candidate. The company told Reuters in October 2025 it expects first-in-human data within one to two years. Until then the valuation case rests on partner behaviour.

Commercial signals

Signal Detail Source type
Repeat business Takeda signed a second, broader collaboration in Oct 2025, weeks after exiting cell therapy research and cutting 137 R&D jobs in Massachusetts. Public record
Partner disclosure Nabla Bio named in Takeda’s Form 20-F and in two annual integrated reports filed with the SEC. Public record
Revenue Described as revenue-generating on its Y Combinator listing; no figure disclosed. Company-stated
Headcount Seven employees at the Dec 2021 seed; about fifteen in Jan 2025. No current figure found. Independent
Pipeline No owned programme announced. The CEO said in 2024 that it “seems almost selfish at this point to develop our own drugs.” Independent
Technical evidence Two bioRxiv preprints (Jan and May 2025); JAM-2 and the 2026 pMHC report published only as PDFs on the company’s servers. No peer-reviewed company paper found. Not peer reviewed

What to watch

  • A Form D, or a Series B announcement. A Form D is due within 15 days of a first sale under Regulation D.
  • Whether AstraZeneca or Bristol Myers Squibb name Nabla Bio in their own filings, as Takeda now does twice over.
  • Any disclosed upfront figure. Double-digit millions spans a ten-fold range.
  • First-in-human data, which the company placed between late 2026 and late 2027.
  • Peer review of JAM-2 and the 2026 peptide-MHC report.

The Nabla Bio story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Sixfold Bioscience: Shared investor: Cantos Ventures. A London company that set out to deliver RNA drugs everywhere except the liver
  • 64x Bio: Shared investor: First Round. A Harvard spinout that engineers the cells which manufacture viral vectors, rather than the therapies those vectors carry
  • XGenomes: Shared investor: Cantos Ventures. A Cambridge, Massachusetts company reading DNA in five letter words instead of one base at a time
  • Reverie Labs: Shared investor: First Round. A Cambridge company that used machine learning to design brain penetrant kinase inhibitors for cancer

Sources

  1. Public recordTakeda Form 20-F, alliance table naming Nabla BioSEC EDGAR · Jun 17, 2026
  2. Public recordTakeda 2025 and 2026 Annual Integrated ReportsSEC EDGAR exhibits
  3. Public recordSEC EDGAR company and full text search for Nabla Bio, no Form D foundSEC · Sep 23, 2026
  4. CompanySeries A and collaborations announcementBusiness Wire · May 14, 2024
  5. CompanySecond Takeda collaboration announcementBusiness Wire · Oct 14, 2025
  6. IndependentNabla raised $26M, strikes three pharma dealsEndpoints News, via Zetta · May 2024
  7. IndependentNabla Bio raises $11M for an antibody design platformTechCrunch · Dec 7, 2021
  8. IndependentNabla Bio and Takeda expand AI drug design partnershipReuters · Oct 14, 2025
  9. IndependentBetter antibodies by engineering targets, not engineering antibodiesOwl Posting · Jan 8, 2025
  10. CompanyNabla Bio company listingY Combinator · Sep 2026

Compiled from SEC records and published reports as of September 23, 2026. No Form D has been filed under Nabla Bio; the equity figures on this page come from company releases and independent reporting, not from Regulation D notices. Partnership values are announced upfront and milestone totals and are largely contingent. Healthcare Venture Capital Fund holds no position in Nabla Bio. This page is not an offer to sell or a recommendation to buy any security.