Funding profile · Oncology therapeutics

Shasqi

Roughly $68 million of disclosed equity, $10.2 million of NCI grant money, and not a single Form D on file with the SEC. The last announced round closed in November 2021.

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

Rounds at a glance

What the filings show

Reading the filings

1. There is no Form D to read, and that is the finding.Shasqi has announced at least $60 million of equity across a 2019 Series A and a 2021 Series B and has never filed a Regulation D notice. Companies that place securities under Section 4(a)(2) rather than Rule 506 file nothing, and a round assembled from named individuals rather than a fund is the shape of deal that takes that route. The absence is consistent with the announcements.
2. The Series B had no institutional lead.The November 2021 release names two people and calls the rest a syndicate of private investors: Juan Jaen, president of Arcus Biosciences, and Bill Rieflin, executive chairman at NGM Biopharmaceuticals. For a $50 million round in 2021, a syndicate of operators rather than a fund is an unusual structure, and it is why Shasqi appears in Arcus and NGM disclosure documents rather than on a fund’s portfolio page.
3. The capital efficiency claim holds up to arithmetic.Rieflin said at the time: “The Shasqi team has parlayed $18 million into an ongoing Phase 1/2 clinical study of SQ3370 and a click chemistry platform that is poised for expansion into antibody-based and other targeted modalities.” UC Davis reported the same $18 million figure independently eleven months earlier. That is incorporation through IND, GMP manufacturing and first-in-human dosing on $18 million.
4. Roughly 13 percent of the money is non-dilutive.NIH RePORTER records $10,233,607 obligated across eleven award year records under five NCI SBIR R44 projects, FY2021 through FY2026, all with the founder as principal investigator. Against about $68 million of disclosed equity that is 13 percent of total capital, and it is the only funding stream still visibly flowing: the newest project runs to August 31, 2027. A January 2025 report put the NIH total at more than $8 million; RePORTER shows about $7.6 million obligated through FY2024, with the FY2025 awards landing later that year.
5. The equity clock is nearly five years old.The last announced financing closed November 11, 2021. Since then the lead program was terminated, the company restyled itself from clinical stage to preclinical, and it added three directors. No round has been announced, no Form D has appeared, and the NCI grants are the only dated cash on the public record after 2021.
6. Two public companies now treat Shasqi as a named competitor.Veraxa Biotech’s August 2026 prospectus states: “Only two small biotech companies pursue such approaches, TagWorks and Shasqi, which have both progressed into clinical studies.” Telix lists Shasqi Inc in the competition section of its FY2025 annual report. It is a weak signal, but an independent one, made under penalty of securities law.

Commercial signals

What to watch

• A first Form D, or another announced round. Five years without either is the open question.
• An IND or a trial registration for the CEACAM5 and MMAE program, promised for 2026.
• Whether the Johnson & Johnson collaboration converts into a licensed candidate with disclosed economics.
• Renewal of the NCI grants beyond August 2027.

The Shasqi story on Healthcare DiscoveryHealthcare Discovery

Related companies

• b12 Labs: Also in Drug Discovery and Delivery. A two person, then three person, chemistry lab in San Francisco building AI agents that plan chemical reactions and hand the resulting protocols to robots
• PostEra: Also in Drug Discovery and Delivery. An AI chemistry company that gave its most famous work away for free
• Harmonic Discovery: Also in Drug Discovery and Delivery. A New York company using machine learning to design kinase drugs that engage several targets on purpose while avoiding the ones that cause harm
• Numerion Labs: Also in Drug Discovery and Delivery. Formerly Atomwise

Sources

1. Public recordEDGAR full text search for shasqi, all forms and Form DSEC · Sep 22, 2026
2. Public recordVeraxa Biotech Holding AG, Form 424B5SEC · Aug 10, 2026
3. Public recordTelix Pharmaceuticals, Form 20-F for FY2025SEC · Feb 20, 2026
4. Public recordNIH RePORTER, five NCI SBIR R44 projectsNIH · FY2021 to FY2026
5. Public recordClinicalTrials.gov NCT04106492Retrieved Sep 22, 2026
6. IndependentShasqi snatches $50M, Series B reportFierce Biotech · Nov 11, 2021
7. IndependentBusiness Roundup, Series B entryChemical & Engineering News · Nov 21, 2021
8. IndependentUC Davis startup now in clinical trialsUC Davis Office of Research · Dec 14, 2020
9. IndependentAt JPM, Shasqi and the ADC 1% problemDrug Discovery and Development · Jan 23, 2025
10. CompanyShasqi Completes $10 Million Series A FinancingShasqi · Oct 31, 2019
11. CompanyShasqi Raises $50 Million, Series B releaseBusiness Wire · Nov 11, 2021
12. CompanyBoard appointment releasesPR Newswire · Jan 4, 2024 and Oct 1, 2025

Compiled from SEC, NIH and ClinicalTrials.gov public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; an absence of Form D filings does not mean no capital was raised, because offerings placed under Section 4(a)(2) require no notice. Healthcare Venture Capital Fund holds no position in Shasqi. This page is not an offer to sell or a recommendation to buy any security.