Obsidian Therapeutics completes merger with Galera, closes $350 million private placement

Obsidian Therapeutics, Inc. announced on August 3, 2026 that it had completed its previously announced transaction with Galera Therapeutics, Inc. The combined company plans to focus on advancing its pipeline of engineered TIL cell therapies for solid tumors.¹ Shares of the combined entity, which will operate under the Obsidian Therapeutics name, were set to begin trading on Nasdaq under the ticker "OBX" starting August 4, 2026.¹

Before the merger closed, Obsidian finished a private placement that raised $350 million in gross proceeds from a group of new investors that included Balyasny Asset Management, Caligan Partners LP, Eventide Asset Management, Nantahala Capital, Octagon Capital, Redmile, Spruce Street Capital and Trails Edge Capital Partners, alongside existing Obsidian backers such as Atlas Venture, Deep Track Capital, Foresite Capital and others.¹

Combined with the placement proceeds, the company's cash position is expected to support operations into the second half of 2028, covering key milestones including Phase 1 data from its non-small cell lung cancer trial expected in the first half of 2027 and topline results from its melanoma registration-enabling trial expected by year-end 2027.¹

The lead program, OBX-115, is an engineered tumor-infiltrating lymphocyte cell therapy that incorporates a drug-regulatable form of membrane-bound IL15, intended to support a more patient-friendly treatment approach.¹ It has received Fast Track and Regenerative Medicine Advanced Therapy designations from the FDA for treating unresectable or metastatic melanoma resistant to checkpoint inhibitor therapy.¹ The therapy is currently being tested in a Phase 2 melanoma trial and a Phase 1 NSCLC trial (NCT06060613).¹

Following the closing, former Galera shareholders hold about 1.2% of the combined company, former Obsidian shareholders hold about 51.6%, and investors from the concurrent financing hold about 47.2%.¹