By: Robert Mittendorff MD, Jason Grosz, Jack Grimes and Ava Soltani

 

B Capital is proud to partner with Solve Therapeutics, a clinical-stage biotechnology company developing next-generation antibody-drug conjugates (ADCs) for patients with solid tumors. The investment was led by General Partner Robert Mittendorff, MD, MBA, who will join Solve’s board, and investment team members Jason Grosz, Jack Grimes and Ava Soltani. Solve is advancing two programs in Phase 1 trials, SLV-154 and SLV-324, both of which leverage the company’s proprietary CloakLink™ technology.

 

Continued Evolution of ADCs

ADCs, which deliver cytotoxic payloads directly to tumor cells while reducing damage to healthy tissues, are a transformative therapeutic class and one of the most active areas of innovation in oncology. Their rapid adoption reflects advances in antibody engineering, linker chemistry, and cytotoxic payload design. Despite recent ADC successes, meaningful challenges remain, particularly around reducing toxicity and achieving greater efficacy in solid tumors. We believe the next generation of ADCs will be shaped by improvements across three core dimensions that
Solve aims to address:

• Linkers that enhance stability and reduce hydrophobicity: A key goal in ADC design is to ensure that the drug remains stable in circulation and releases its payload only after reaching the tumor. Hydrophilic linker systems, such as Solve’s CloakLink™ platform, aim to reduce hydrophobicity and improve plasma stability, potentially broadening the therapeutic index of ADCs across solid tumor settings.
• Payloads optimized for potency and tolerability: ADC payloads must be powerful enough to kill tumor cells while maintaining a manageable safety profile. Selecting best-in-class payloads with optimal potency, a broad bystander effect*, and low affinity to drug efflux pumps will be critical to improving efficacy and slowing resistance.
• Target and patient selection grounded in precision oncology: Expanding the ADC target universe to capture a broader range of solid tumors and identifying patients most likely to benefit from treatment remain essential to maximizing ADC efficacy. Solve’s novel targets and use of novel diagnostic approaches represent important progress toward enabling more precise patient stratification and better clinical outcomes.

We believe Solve is pioneering the next generation of ADCs through the thoughtful optimization of each of these key dimensions and are excited to see the performance of their best-in-class ADCs in the clinic.

 

A Proven Team with Deep Operational and Oncology Expertise

Beyond its platform and pipeline, Solve is led by a seasoned leadership team with deep oncology, clinical development, and operational experience. Solve’s management has extensive experience working together at oncology biotech companies and a history of successful biotech exits, including VelosBio (acquired by Merck for $2.75B) and Acerta Pharma (acquired by AstraZeneca for $7B). The depth of operational, scientific, and transaction experience within this leadership group positions Solve strongly as it advances its clinical programs.

• Dave Johnson (CEO): Dave is a biotech executive with more than 30 years of experience in oncology. He previously served as CEO of Acerta Pharma, an oncology focused pharma company, where he led the company through a critical phase of corporate growth from approximately 40 to 150+ employees. During his tenure, he guided the company from signal seeking first-in-human trials to more than 20 active clinical studies, leading to its $7B acquisition by AstraZeneca. Dave later founded VelosBio, raising approximately $200M from a top-tier syndicate and advancing the company’s lead ADC into the clinic before its $2.75B acquisition by Merck.
• Clayton Knox, MD (President): Before joining Solve, Clayton served as President and Chief Business/Operating Officer at VelosBio, where he co-led business operations and corporate strategy, helping guide the company through its $2.75B acquisition by Merck. He previously held senior roles at Acerta Pharma, contributing to its transaction with AstraZeneca and at Mavupharma, where he led the company through IND preparation and its acquisition by AbbVie.
• Langdon Miller, MD (Chief Medical Officer): Langdon has more than 30 years of experience in oncology drug development and clinical research. He served as Executive Vice President of Development and CMO at VelosBio, overseeing clinical programs leading up to the company’s acquisition by Merck. His previous roles include senior leadership positions at Calistoga Pharmaceuticals and Gilead, as well as earlier roles at PTC Therapeutics, Pharmacia & Upjohn and the National Cancer Institute.

At B Capital, we believe the next era of oncology will be shaped by therapeutics that combine strong biological rationale, optimized engineering, and precision patient selection. We are proud to support Solve Therapeutics as it advances its mission to deliver safer, more effective targeted therapies for patients with life-threatening cancers, and look forward to partnering with the team as its programs progress through the clinic.

 

*Bystander Effect: Ability of the ADC payload to diffuse to and kill neighboring cells in the tumor microenvironment after being delivered to an antigen positive tumor cell

 

 

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All information is as of 11.19.2025 and subject to change. The investment discussed herein is a portfolio company of B Capital; however, such investment does not represent all B Capital investments. Certain statements reflected herein reflect the subjective opinions and views of B Capital personnel. Such statements cannot be independently verified and are subject to change. Reference to third-party firms or businesses does not imply affiliation with or endorsement by such firms or businesses. It should not be assumed that any investments or companies identified and discussed herein were or will be profitable. Past performance is not indicative of future results. The information herein does not constitute or form part of an offer to issue or sell, or a solicitation of an offer to subscribe or buy, any securities or other financial instruments, nor does it constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. Much of the relevant information is derived directly from various sources which B Capital believes to be reliable, but without independent verification. This information is provided for reference only and the companies described herein may not be representative of all relevant companies or B Capital investments. You should not rely upon this information to form the definitive basis for any decision, contract, commitment or action.