Kumquat Biosciences

What Kumquat Biosciences does

Kumquat Biosciences is a clinical-stage, privately held biotechnology company headquartered in San Diego, California, founded in 2019 by a team of oncology drug discovery pioneers who previously developed the first treatment to successfully demonstrate targeting a KRAS oncoprotein once considered undruggable. The company applies its KRAS pathway expertise and small molecule immuno-oncology platform to develop single and combination therapies addressing undruggable targets, with the goal of delivering durable therapeutic benefits to cancer patients. The lead asset is KQB548 (BAY 3771249), an investigational KRAS G12D inhibitor currently in a Phase I first-in-human dose-escalation study (NCT07207707) for KRAS G12D-mutated pancreatic, colorectal, and lung cancers—mutations found in approximately 37% of pancreatic ductal adenocarcinoma, 13% of colorectal cancer, and 4% of non-small cell lung cancer cases.

Kumquat operates through a partnership-driven business model rather than independent commercialization. The company licenses its drug candidates to large pharmaceutical partners for global development and commercialization while retaining certain regional rights (Greater China under the Lilly deal) and co-development/co-commercialization options in the US for select programs. Revenue is generated through upfront payments, equity investments, near-term collaboration payments, milestone payments tied to preclinical, development and commercial events, and tiered royalties. Active partnerships include Lilly (July 2021: $70M upfront plus potential $2B+ in milestones), Takeda (April 2024: up to $130M near-term plus potential $1.2B+ in milestones), and Bayer (August 2025: global exclusive license for the KRAS G12D inhibitor).

The company has raised over $100 million from a syndicate of healthcare-specialist investors including OrbiMed, Sequoia Capital China (HongShan), EcoR1, Lilly Asia Ventures, and Roche Venture Fund, with the latter represented on the board by Simon Greenwood, Ph.D. Leadership comprises co-founders Yi Liu, Ph.D. (CEO) and Pingda Ren, Ph.D. (President & COO), alongside General Counsel/Chief Business Officer Karen Wong, Ph.D., J.D., SVP of Clinical Development and Corporate Alliance Management Nicolas Acquavella, and VP of Finance Carin Sandvik. The company maintains 11-50 employees as a clinical-stage biotech operating at its San Diego headquarters.

Name

Kumquat Biosciences

Legal name

Kumquat Biosciences Inc.

Website

https://kumquatbiosciences.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Kumquat Biosciences is a clinical-stage biotech developing small molecule therapies for KRAS-mutated cancers and immuno-oncology indications. Founded in 2019 in San Diego, the company partners with Big Pharma—Lilly, Takeda, and Bayer—to advance its lead KRAS G12D inhibitor KQB548 through clinical development for cancer patients.

Ownership category

akta.pro rank

Product category

Clinical-Stage Oncology Drug Discovery

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Scientific Research and Development Services (5417)

SIC

Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Small-Molecule CMC Documentation & Regulatory Support (DMF/CMC) (HLAGAHAM)

akta.pro secondary industry

Regulatory Strategy & Global Submissions (IND/CTA/NDA/BLA/MAA) (HLAGAKAA)

Keywords

• Oncology drug discovery
• Small molecule therapeutics
• Immuno-oncology platform
• KRAS inhibitor development
• Clinical-stage biotechnology

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Licensing and Milestone Payments: Kumquat receives upfront payments, equity investments, and is eligible for potential milestone payments based on achievement of preclinical, development and commercial milestones, as well as royalties on sales of commercialized products from collaborations.
2. Collaboration Funding: Multi-year collaborations with pharmaceutical partners where Kumquat receives research funding and development support in exchange for licensing rights to drug candidates.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels2 records

Core offering

Kumquat Biosciences is a clinical-stage biotech company that discovers and develops small molecule oncology therapeutics, with a primary focus on the KRAS pathway and immuno-oncology. Its lead program, KQB548 (BAY 3771249), is an investigational KRAS G12D inhibitor currently in a first-in-human Phase I dose-escalation study (NCT07207707) for KRAS G12D-mutated pancreatic, colorectal, and lung cancers. The company monetizes its pipeline through exclusive licensing and collaboration agreements with major pharmaceutical partners (Lilly, Takeda, Bayer), receiving upfront payments, milestone payments, and royalties.

Product overview

Kumquat Biosciences is a clinical-stage biotech company focused on developing breakthrough cancer therapeutics. The company's portfolio centers on its immuno-oncology platform for small molecule drug discovery and its lead program KQB548 (BAY 3771249), a KRAS G12D inhibitor currently in Phase I clinical trials for KRAS-mutated tumors. The company has established strategic collaborations with Lilly (immuno-oncology, 2021), Takeda (immuno-oncology, 2024), and Bayer (KRAS G12D inhibitor, 2025) to advance its pipeline of targeted and immuno-oncology therapies.

Differentiator

Problem solved

Functional benefit

Products and services

• KQB548 (BAY 3771249) KRAS G12D Inhibitor Investigational small molecule KRAS G12D inhibitor designed to treat KRAS G12D-mutated tumors including pancreatic ductal adenocarcinoma, colorectal cancer, and non-small cell lung cancer. Currently in a Phase I first-in-human dose-escalation study (NCT07207707) as monotherapy. Licensed globally to Bayer for development and commercialization (Kumquat leads Phase I).
• Immuno-Oncology Small Molecule Drug Discovery Platform Proprietary small molecule drug discovery platform used by Kumquat to identify clinical candidates that stimulate tumor-specific immune responses by targeting specific tumor antigens in complex with immune machinery. Underpins the company's immuno-oncology pipeline and its licensing collaborations with Lilly and Takeda.

Quantifiable outcome

• KRAS G12D inhibitor entered Phase I clinical trial (NCT07207707) for patients with KRAS G12D mutated tumors including pancreatic, colorectal and lung cancer
• +1 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered flagship.

• BayerflagshipStrategic or Co-development Partner · 12 August 2025Exclusive global license and collaboration to develop and commercialize Kumquat's KRAS G12D inhibitor. Kumquat responsible for Phase I trial initiation and completion. KQB548 (BAY 3771249) entered Phase I clinical trial in October 2025 for KRAS G12D-mutated tumors including pancreatic, colorectal, and lung cancer. Lead program from the Bayer-Kumquat precision oncology collaboration.
• TakedaflagshipStrategic or Co-development Partner · 16 April 2024Strategic and exclusive global license collaboration to develop and commercialize a novel immuno-oncology small molecule inhibitor as mono- and/or combination-therapy. Takeda receives exclusive global royalty-bearing license. Subject to Kumquat's option, Takeda will assume and fund all development and commercialization activities beyond Phase 1 trial led by Kumquat. Up to $130 million in near-term payments and potentially more than $1.2 billion in future milestones plus tiered royalties.
• Lilly (Loxo Oncology at Lilly)flagshipStrategic or Co-development Partner · 29 July 2021Exclusive multi-year collaboration focused on discovery, development and commercialization of novel small molecules that stimulate tumor-specific immune responses. Kumquat utilizes its small molecule IO platform to discover clinical candidates. Lilly has option to select certain candidates for worldwide development (excluding Greater China). Kumquat retains Greater China rights and has option to co-develop and co-commercialize certain candidates in the US. $70 million upfront and equity investment, with potential milestone payments over $2 billion plus royalties.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Market position

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/kumquat-biosciences

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kumquat Biosciences