OnCusp Therapeutics

What OnCusp Therapeutics does

OnCusp Therapeutics is a clinical-stage biopharmaceutical company founded in April 2021 that translates cutting-edge preclinical oncology assets into clinical proof-of-concept and then out-licenses them to multinational pharmaceutical companies for further development and commercialization. The company is incorporated in Delaware (OnCusp Therapeutics, Inc.), headquartered in Princeton, New Jersey with a Shanghai office supporting Asia-Pacific operations, and operates with 11–50 employees. Its patient focus is on solid tumors with high unmet need — led by platinum-resistant ovarian cancer, where median survival is only 9–12 months and the five-year survival rate for platinum-resistant disease is around 15%.

The company's pipeline is built around antibody-drug conjugate (ADC) technology. Its lead asset, CUSP06, is a Cadherin-6 (CDH6)-directed ADC composed of a proprietary high-affinity CDH6 antibody, a protease-cleavable linker matched to an exatecan (topoisomerase-1 inhibitor) payload at a drug-to-antibody ratio of approximately eight. The exatecan payload is a weak substrate for BCRP/P-gp efflux pumps, which preclinical data suggest enables an enhanced bystander effect and improved activity against drug-resistant tumors relative to competing ADCs. CUSP06 is currently in the Phase 1b portion of a clinical trial for platinum-resistant ovarian cancer and other CDH6-expressing solid tumors (renal, cholangiocarcinoma, uterine, thyroid, lung), received FDA IND clearance in August 2023, first-patient-dosed in March 2024, and FDA Fast Track Designation in February 2025; initial Phase 1a data presented at ASCO 2025 showed a 36% objective response rate and 92% clinical benefit rate in heavily pretreated HGSOC patients. A second program, CUSP02, is a bispecific antibody in early discovery.

OnCusp operates an asset-light, capital-efficient out-licensing model. The company in-licenses preclinical candidates (e.g., CUSP06 from Multitude Therapeutics in June 2022 for global ex-China rights), advances them through global clinical development in partnership with contract manufacturers such as WuXi XDC, and then licenses them to large pharmaceutical partners in exchange for upfront payments, development/regulatory/sales milestones, and tiered royalties. It is not yet generating product revenue. The company has raised $139 million to date — a $25 million seed in April 2021 led by Sequoia Capital China and Biotrack Capital, a $14 million seed-plus in August 2022, and a $100 million oversubscribed Series A in January 2024 co-led by Novo Holdings, OrbiMed, and F-Prime Capital.

Name

OnCusp Therapeutics

Legal name

OnCusp Therapeutics, Inc.

Website

https://oncusptx.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

OnCusp Therapeutics is a clinical-stage biopharmaceutical company that in-licenses preclinical oncology assets, advances them through global clinical proof-of-concept (led by CDH6-targeting ADC CUSP06), and out-licenses them to multinational pharmaceutical partners in exchange for milestones and royalties.

Ownership category

akta.pro rank

Product category

Oncology Therapeutics

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Antibody-Drug Conjugates (ADCs) & Antibody Conjugates (HLAAAAAE)

akta.pro secondary industries

Oncology Specialty Pharmaceuticals (HLAIACAA), Oncology & Hematology Pharmaceuticals (HLAIAAAC), Medical Oncology (HLAKAFAB)

Keywords

• Oncology drug development
• Antibody drug conjugates
• Clinical-stage biopharmaceutical
• Out-licensing partnerships
• Cancer therapeutics

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Out-licensing / Partnering Revenue: OnCusp's business model is to develop preclinical assets to clinical proof-of-concept (POC) and then out-license to multinational pharmaceutical companies for further development and commercialization. The company earns milestone payments and royalties through these licensing agreements.
2. Milestone Payments: The company receives development, regulatory, and sales milestone payments from licensing partners as drug candidates progress through clinical development and commercialization.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

OnCusp Therapeutics is a clinical-stage biopharmaceutical company that in-licenses promising preclinical oncology assets, advances them through clinical proof-of-concept, and then out-licenses them to multinational pharmaceutical companies for further development and commercialization. Its lead asset is CUSP06, a CDH6-directed antibody-drug conjugate (ADC) currently in Phase 1 clinical trials for platinum-resistant ovarian cancer and other solid tumors.

Product overview

OnCusp Therapeutics is a clinical-stage biopharmaceutical company with a focused portfolio of oncology therapeutics. The company operates a two-product pipeline centered around CUSP06 and CUSP02. CUSP06 is the lead asset, a CDH6-directed ADC in Phase 1 clinical trials for solid tumors. CUSP02 is an early-stage bispecific antibody program for hematological and solid tumors. The company develops preclinical candidates to clinical proof-of-concept and then out-licenses to global pharmaceutical partners.

Differentiator

Problem solved

Functional benefit

Products and services

• CUSP06 CUSP06 is a Cadherin-6 (CDH6)-directed antibody-drug conjugate composed of a proprietary antibody with high CDH6 binding affinity, a protease-cleavable linker, and an exatecan payload (topoisomerase-1 inhibitor). It has a drug-to-antibody ratio of approximately 8 and is currently in Phase 1b clinical trials for platinum-resistant ovarian cancer and other solid tumors.
• CUSP02 CUSP02 is a novel bispecific antibody designed to have anti-tumor, immune-targeting, and anti-angiogenic properties for both hematological and solid tumors. It is currently in early discovery stage.

Quantifiable outcome

• 36% objective response rate (ORR) in heavily pretreated platinum-resistant HGSOC patients without CDH6 biomarker selection
• +2 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

Four partnerships are on record, tiered core, supporting and historical.

• Multitude TherapeuticscoreStrategic or Co-development Partner · 8 June 2022OnCusp obtained exclusive global rights (outside of China) from Multitude Therapeutics to lead development and commercialization of CUSP06 (formerly AMT-707), a differentiated CDH6-targeting ADC. Multitude will receive upfront payment as well as development, regulatory and sales milestone payments, and tiered royalties.
• WuXi XDCsupportingImplementation/ SI/ Consulting PartnerWuXi XDC serves as the CMC (Contract Manufacturing and Development) partner for CUSP06, providing end-to-end bioconjugates services including manufacturing and process development.
• PfizerhistoricalStrategic or Co-development PartnerPrior to founding OnCusp, co-founder Dr. Andy Fu (then at CStone Pharmaceuticals) led a strategic partnership with Pfizer that brought $350 million in cash for CStone in 2020.
• EQRxhistoricalStrategic or Co-development PartnerPrior to founding OnCusp, co-founder Dr. Andy Fu (then at CStone Pharmaceuticals) led a strategic partnership with EQRx that contributed to the $350 million total deal value in 2020.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Bolt Biotherapeutics: Clinical-stage oncology company developing immune-stimulating antibody-drug conjugates (ISACs). Comparable to OnCusp in clinical-stage ADC oncology positioning and platform-based development approach.
• Pyxis Oncology: Clinical-stage oncology biotech developing antibody-drug conjugates and immunotherapies for solid tumors. Directly comparable to OnCusp as a similarly-stage ADC-focused oncology biotech.
• ADC Therapeutics: Commercial and clinical-stage ADC company developing antibody-drug conjugates for hematological and solid tumors. Comparable to OnCusp in ADC modality and oncology focus, though at a more advanced and commercially-active stage.
• Mersana Therapeutics: Clinical-stage ADC oncology biotech developing first-in-class and best-in-class ADCs across multiple solid tumor targets. Most comparable to OnCusp as a similarly-sized, clinical-stage ADC company pursuing platform-based out-licensing or commercialization strategies.

Broad incumbents

• Pfizer: Global pharmaceutical company with major ADC franchise (via Seagen acquisition) and a key potential out-licensing partner for OnCusp. Comparable as a major oncology ADC player and prior CStone partner of OnCusp co-founder Andy Fu.
• ImmunoGen (AbbVie): ADC-focused oncology company (now AbbVie) commercializing Elahere in ovarian cancer, directly overlapping with CUSP06's platinum-resistant ovarian cancer indication. A potential strategic out-licensing partner or competitive benchmark.
• Daiichi Sankyo: Global pharmaceutical company and ADC market leader (Enhertu, Datroway with AstraZeneca). Comparable to OnCusp in ADC modality and oncology focus, with multiple programs targeting similar tumor types; also OnCusp CDO Dr. Slosberg's prior employer.

Emerging players

• ProfoundBio: Clinical-stage ADC oncology company developing next-generation ADCs targeting solid tumors, with both US and China operations. Highly comparable to OnCusp given similar US-China structure, ADC modality, and clinical stage.
• Tubulis: Emerging ADC developer focused on differentiated linker and payload chemistry for solid tumor ADCs. Comparable to OnCusp in ADC technology focus and platform-based development.

Others

• Multitude Therapeutics: Original developer and licensor of CUSP06 (AMT-707) to OnCusp. Comparable as a Chinese ADC biotech and OnCusp's upstream technology partner, with shared expertise in CDH6-targeted ADCs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/oncusp-therapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds3 records

Investors13 records

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M&A

Investments

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

Frequently asked questions about OnCusp Therapeutics