Source Code Capital Portfolio | Nutshell Therapeutics Announces $40 Million Series A+ Round, Existing Shareholder Source Code Capital Continues to Increase Stake

#MaKe Key Updates from Source Code Capital and MaHui Members

Nutshell Therapeutics has officially announced the completion of its $40 million Series A+ round. The round was led by YuanSheng Ventures, with Hengxu Capital as co-lead. Source Code Capital, an existing investor from the Series A round, participated alongside fellow returning investors Kunlun Capital, Matrix Partners China, and Northern Light Venture Capital. Touchstone Capital continued to serve as the exclusive financial advisor. Previously, the company also received investments from notable institutions including Baidu Venture, Prudence Capital, and Tengye Ventures.

Nutshell Therapeutics possesses deep academic expertise in protein conformation-modulating drug development, upon which it has built its commercialized computational and experimental allosteric drug development platform, ALLOSTARTM. Leveraging this platform, Nutshell has established R&D collaborations with multiple large pharmaceutical companies and biotech firms, achieving preliminary validation and positive progress. Meanwhile, the company has also used the platform to develop and validate early and lead molecules targeting a series of allosteric mechanisms, continuously converting these into a promising internal innovation pipeline.

For a long time, drug discovery based on protein conformation modulation has relied primarily on serendipitous experimental findings, lacking systematic research methodologies and resulting in low development efficiency. At the same time, this field encompasses vast target space and unmet clinical needs. Nutshell Therapeutics focuses on deeply addressing these industry demands by constructing systematic computational and experimental methodologies, gradually expanding to cover the development of high-subtype-selective allosteric inhibitors, high-mutation-selective allosteric inhibitors, next-generation allosteric inhibitors overcoming multiple clinical resistance mutations, enzyme allosteric agonists, protein-protein interaction modulators (agonists/inhibitors), and small-molecule regulators promoting disordered-to-ordered protein transitions. The company is actively building internal and collaborative innovation pipelines, steadily evolving into an internationally capable, technology-driven biotech focused on developing drugs that modulate protein conformational changes.

Nutshell will fully adhere to a dual-wheel-drive strategy of independent R&D and collaborative development, with highly integrated computational and experimental technologies, to intensively advance next-generation innovative drug development targeting unmet clinical needs in this new paradigm of pharmaceutical R&D.

Yungang Huang of Source Code Capital commented: "The pharmaceutical industry has long value chains and high risks. For years, China has been awaiting original innovative drugs. As domestic biotechnology advances and pharmaceutical manufacturing capabilities accumulate, we firmly believe that an increasing number of independent innovative drug pipeline R&D platforms will emerge. We are optimistic about Nutshell Therapeutics' expertise in allosteric drug design, combined with AI technology enablement to accelerate development. The team has rapidly secured highly translational pipeline molecules across multiple difficult-to-drug targets, and we look forward to seeing positive clinical outcomes soon. Source Code will continue to steadfastly support technological innovation in this field."

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