KSKD

KSKD (凯思凯迪, also known as CasCade Therapeutics) is a Shanghai-based biotech company founded in 2017 that develops metabolic disease drugs targeting nuclear receptors and G protein-coupled receptors (GPCR) . The company was established by Dr. Xu Huaqiang, a structural biologist from the Chinese Academy of Sciences' Shanghai Institute of Materia Medica, who has led his team in resolving structures for nearly one-third of human nuclear receptors and multiple important GPCRs .

KSKD's pipeline centers on CS0159, a self-developed Class 1 new drug that has received FDA Fast Track and Breakthrough Therapy designations plus orphan drug status . The oral tablet has completed Phase II trials in the US for metabolic dysfunction-associated steatohepatitis (MASH) and finished Phase II core studies in China for primary biliary cholangitis (PBC), with Phase III trials now underway . The company has also advanced CS060304, another independently developed NASH candidate, into clinical trials .

The company has raised multiple rounds from investors including Gaorong Ventures, which first invested in 2020, with its most recent financing in February 2026 bringing in nearly 500 million yuan led by Zhongping Capital .