# Cascade

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/cascade

- Industry: Biotechnology
- Headquarters: Shanghai, China
- Website: www.cascadepharm.com/
- Total disclosed funding: $161M
- Latest round: Series D (Jun 10, 2026)
- Investors on record: 17

## About

Based in Shanghai, China, and founded in 2017, Cascade Pharmaceuticals, Inc., trading as Cascade, is a biomedical enterprise committed to innovative drugs targeting nuclear receptors and G protein-coupled receptors (GPCRs). In December 2021, CS0159 completed the first subject administration in the US. In September 2022, it completed clinical phase I administration in the US. The R&D team has accumulated more than 20 years of innovative drug research and development. The founder and CEO, Eric Xu, graduated from Duke University and served as a senior investigator at Glaxo Wellcome and GSK. In June 2026, the firm raised CNY 318 million in series D funding co-led by Tppoly Capital and Shanghai STVC Group.

The company focuses on innovative drugs targeting nuclear receptors and G protein-coupled receptors (GPCRs). It has established a Class 1 new drug pipeline and a dozen of drug candidates, of which the core product of a non-cholic acid drug molecule CS0159 targeting FXR has completed US clinical Phase 1, and Phase 2 will be initiated. It also developed the drug molecular design and synthesis platform, molecular cell analysis platform for in vitro efficacy and target verification, in vivo small animal efficacy evaluation platform.

The company's revenue is generated by selling innovative drugs such as novel nucleic acid drugs and drugs targeting new mechanisms.

The company plans to use the latest series D funding to accelerate the clinical advancement of its core products, support international registration and declarations, explore combination therapies, and develop long-acting preparations.

## Funding rounds

- Series D, Jun 10, 2026, $47M — Shanghai STVC Group, Tppoly Capital, Yuekai Capital, Zhaode Investment
- Series C, Feb 10, 2026, $72M — Gaorong Ventures, Guoxin Innovation Equity Investment, Tsing Song Capital, Kangjun Capital, Zhongping Capital, China Life Capital, Shanghai State-owned Capital Investment Leading Fund
- Series B, Nov 28, 2025, $42M — Fuho Capital, Shanghai Lingang Economic Development, Riverhead Capital, Pudong Capital, Zhangjiang Science & Technology Venture Capital, Shanghai State-owned Capital Investment Leading Fund, WoMeiDa Capital

## Investors

- Fuho Capital (https://capitalatlas.ai/funds/fuho-capital) — Series B
- Shanghai Lingang Economic Development (https://capitalatlas.ai/funds/shanghai-lingang-economic-development) — Series B
- Riverhead Capital (https://capitalatlas.ai/funds/riverhead-capital) — Series B
- Pudong Capital (https://capitalatlas.ai/funds/pudong-capital) — Series B
- Zhangjiang Science & Technology Venture Capital (https://capitalatlas.ai/funds/zhangjiang-science-technology-venture-capital) — Series B
- Shanghai State-owned Capital Investment Leading Fund (https://capitalatlas.ai/funds/shanghai-state-owned-capital-investment-leading-fund) — Series B, Series C
- WoMeiDa Capital — Series B
- Gaorong Ventures (https://capitalatlas.ai/funds/gaorong-ventures) — Series C
- Guoxin Innovation Equity Investment (https://capitalatlas.ai/funds/guoxin-innovation-equity-investment) — Series C
- Tsing Song Capital (https://capitalatlas.ai/funds/tsing-song-capital) — Series C
- Kangjun Capital (https://capitalatlas.ai/funds/kangjun-capital) — Series C
- Zhongping Capital (https://capitalatlas.ai/funds/zhongping-capital) — Series C
- China Life Capital — Series C
- Shanghai STVC Group (https://capitalatlas.ai/funds/shanghai-stvc-group) — Series D
- Tppoly Capital (https://capitalatlas.ai/funds/tppoly-capital) — Series D
- Yuekai Capital (https://capitalatlas.ai/funds/yuekai-capital) — Series D
- Zhaode Investment — Series D