Antibody-drug conjugates have attracted significant attention in cancer treatment. These drugs combine antibodies with toxic compounds to deliver chemotherapy directly to cancer cells while reducing damage to healthy tissue. This precision has led to major investments, with Pfizer, Gilead, and AbbVie acquiring U.S. developers Seagen for $43 billion, Immunomedics for $21 billion, and ImmunoGen for $10 billion, respectively. Additional spending by Johnson & Johnson and Gilead this year reached $4.15 billion for early-stage firms.
The global market for these drugs, valued at $16 billion in 2025, is expected to expand at over nine percent annually, reaching $36 billion by 2034. While large companies dominate headlines, smaller startups are exploring new directions for the technology.
Mapping the “surfaceome” to find new targets
DISCO Pharmaceuticals, a 2022 spin-out from ETH Zürich, addresses a key limitation: only about 30 surface molecules are currently used as antibody targets. The company uses proteomics to map proteins on cancer cells, identifying new targets for antibody-drug conjugates.
After emerging from stealth in 2024, DISCO completed the first full surfaceome map of small-cell lung cancer. The platform has since expanded to colorectal cancer, and the startup is developing its own preclinical candidates. A €36 million seed round, backed by Sofinnova Partners and AbbVie Ventures, supported its work. This year, it secured a licensing deal with Amgen worth up to $618 million for a target discovered through its technology.
COO Johannes Heuckmann, a co-founder, previously helped build PearlRiver Bio, which Eli Lilly acquired in 2021. The team’s academic background—spanning ETH Zürich, the University of Cologne, and Stanford—gives the company a strong research foundation.
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Most startups refine existing targets, but DISCO’s approach could open entirely new treatment possibilities. Success would change how cancer drugs are discovered.
Reprogramming cancer cells from the inside
Fortitude Biomedicines, launched in 2025, tackles cancer resistance to antibody-drug conjugates. Its solution, “degrader-antibody conjugates,” uses the cell’s protein-disposal system to eliminate disease-causing proteins instead of delivering toxins.
Two platforms, two continents
LyncBio Therapeutics, founded in Shanghai in 2023, develops two antibody-drug conjugate platforms. Zent-iDC™ targets autoimmune diseases, while Gemini-TDC™ focuses on cancer. The lead candidate, LYNC-101, is in Phase I trials in Australia for inflammatory bowel disease, marking one of the first antibody-drug conjugates to reach clinical testing for that condition.
LyncBio has raised nearly $30 million across seed and pre-A rounds, with support from Shanghai-based Apricot Capital and Panlin Capital. The team includes CEO Cexiong Fu, who previously co-founded ADC developer Mabsoft Therapeutics, and CTO Jiajie Feng, a veteran of WuXi AppTec. The startup’s dual focus reflects a broader trend in the field, where the same technology is adapted for different diseases.
Synthetic Design Lab, based in San Carlos, California, takes a different approach. Instead of static drugs, it designs treatments that adjust based on conditions in the body. The lead candidate for multiple myeloma outperformed GSK’s belantamab in preclinical tests, showing better potency and absorption.
The company emerged from stealth in 2025 with a $20 million seed round. Co-founders include Daniel Chen, a former Genentech executive who led the development of the checkpoint inhibitor atezolizumab. These “dynamic” antibody-drug conjugates could shift the field toward active, context-aware therapies.
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Targeting sugar molecules on tumors
Tacalyx, a spin-out from the Max Planck Institute of Colloids and Interfaces, focuses on tumor-associated carbohydrate antigens—sugar molecules found in higher quantities on cancer cells. These antigens have long been considered promising targets for broad cancer treatments but have been difficult to target with antibodies.
The lead drug, TCX-201, is in preclinical development for solid tumors like gastrointestinal cancers. Tacalyx plans to seek clinical trial approval in 2027. It has raised €25 million across seed rounds, with backing from Boehringer Ingelheim Venture Fund and Kurma Partners.
CEO Jean Engela previously led NBE Therapeutics, which Boehringer Ingelheim acquired for €1.2 billion in 2020. The team’s experience suggests Tacalyx is building a pipeline with commercial potential.
Success for any of these startups would not only advance antibody-drug conjugate technology but also reshape how cancer drugs are designed and delivered.
Research shows that T cells detect tumors more effectively when supported by certain amino acids, a finding that could complement these new approaches.
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