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A new start-up is launching out of Shanghai with $68.7 million and a plan to tackle cancer and autoimmune diseases with T-cell-engaging antibodies.

Excalipoint Therapeutics is named for the sharp tip of the Excalibur sword of legend. The start-up has backing from some of the most prominent investors in China: HongShan Capital Group, formerly the China arm of Sequoia Capital, led its $41 million seed round, and the regional venture arms of Eli Lilly and Company and Eisai participated in a $27.7 million extension.

The idea began in 2025 over a dinner between two seasoned biotech executives. At the time, Lei Fang was a vice president of Lepu Biopharma, a cancer-drug developer. Jielun Zhu was a founding partner at a company-formation firm called NewCo Capital Group.

At Lepu, Fang had seen the potential of T-cell engagers but knew the company—whose lead candidates are all antibody-drug conjugates—wouldn’t have the resources to develop them. Lepu’s leaders encouraged Fang to take the assets he was interested in and spin out a new company. So Fang called Zhu, who he knew from their time together at I-Mab Biopharma.

“We drew up everything we wanted to do on a piece of paper when we were having a hot pot dinner in Shanghai,” Zhu says. “That was the first page of this company.”

Fang and Zhu licensed two antibodies, CTM012 and CTM013, from Lepu for $10 million up front and formed Excalipoint. CTM012—now EXP011—is already being tested in humans, while CTM013—now EXP012—is expected to enter clinical trials later this year. A third antibody, EXP016, also created using Lepu’s platform, will follow.