NEA and SR One lead oversubscribed round to advance AI-designed AML treatment into clinical trials.
CHARM Therapeutics has raised $80 million in an oversubscribed Series B round to advance its AI-designed menin inhibitor into clinical development for acute myeloid leukemia (AML). The financing was co-led by New Enterprise Associates (NEA) and SR One, with participation from OrbiMed, F-Prime, Khosla Ventures, and NVIDIA.
Founded in London, CHARM is developing next-generation menin inhibitors to overcome limitations seen with first-generation therapies, which face resistance mutations, safety concerns, and poor pharmaceutical properties. The company’s lead candidate, discovered through its DragonFold AI protein-ligand platform, demonstrated strong tumor regression in preclinical models while retaining potency against known resistance mutations.
CHARM said the molecule is expected to work at low human doses without prolonging QTc intervals or interfering with enzymes linked to drug interactions. Clinical development is expected to begin in the first quarter of 2026.
Gary Glick, CHARM’s executive chair, said: “Current menin inhibitors show promise in AML treatment but are fundamentally limited by the rapid emergence of resistance mutations that cause treatment failure. Our next-generation inhibitors, discovered using our proprietary DragonFold AI platform, are specifically designed to overcome these resistance mutations and deliver the durable responses that patients need.”
To support its transition into the clinic, CHARM has expanded its board. Former Syndax CEO Briggs Morrison, M.D., and oncology leader Kim Blackwell, M.D., have joined as non-executive directors. NEA partner Matthew McAviney, M.D., and SR One senior associate Mahesh Kudari, M.D., will also join the board as part of the financing.
NEA’s McAviney said CHARM is “well positioned to drive meaningful impact for patients facing treatment-resistant cancers” while SR One’s Kudari cited the DragonFold platform as a differentiator in accelerating next-generation menin inhibitors.