Nutshell Therapeutics (宇道生物) Raises $30M Series C+ Led by Decheng Capital

Nutshell Therapeutics Secures $30M Series C+

Nutshell Therapeutics, also known as Yudao Bio (宇道生物), has raised $30 million in Series C+ funding. The round was completed on September 15, 2026, and was led by Decheng Capital.

What Nutshell Therapeutics Does

Nutshell Therapeutics is a Shanghai-based AI-native biotech company focused on hard-to-drug protein targets. Its approach combines AI and physics-based computation to modulate protein conformations.

The company's AlloStar platform is backed by the AlloMatrix allosteric database. Together, these tools support generative small-molecule design across a pipeline of nearly 20 internal programs. These programs span several therapeutic areas:

• Oncology
• Central nervous system disorders
• Autoimmune diseases
• Metabolic diseases

The company's lead candidate, Dalretapopt, is a p53 Y220C reactivator. It is currently in international Phase I trials and is preparing to enter Phase II.

Funding Details

• Round type: Series C+
• Amount raised: $30 million
• Currency: USD
• Date: September 15, 2026
• Lead investor: Decheng Capital
• Participating investors:
  • Decheng Capital
  • Trustar Capital (信宸资本)
  • Fortune Venture Capital (达晨财智)
  • Zhongsheng Xichuang Dingqi Fund (中生锡创鼎祺基金)

Why This Matters for AI-Driven Drug Discovery

Nutshell Therapeutics sits at the intersection of two active areas in biotech: AI-native drug discovery and allosteric modulation of previously undruggable targets. The company's focus on protein conformations rather than traditional active-site binding reflects a broader industry push toward modalities that can address targets that have resisted conventional small-molecule approaches.

The AlloMatrix allosteric database and AlloStar platform represent a proprietary data and computation asset. In AI-driven drug discovery, access to specialized datasets and the ability to generate novel chemical matter against difficult targets are key differentiators. Nutshell's pipeline of nearly 20 internal programs suggests the platform is being applied across multiple therapeutic areas rather than a single indication.

The lead candidate Dalretapopt targets p53 Y220C, a mutation-specific reactivation approach in oncology. Its progression into international Phase I trials and preparation for Phase II indicates the program has moved beyond preclinical validation.

Acquisition and Strategic Context

For acquirers and strategic partners in biopharma, Nutshell Therapeutics offers several points of interest:

• A clinical-stage asset in Dalretapopt with a defined mechanism in p53 Y220C reactivation
• A proprietary AI and physics-based discovery platform with an associated allosteric database
• A broad internal pipeline spanning oncology, CNS, autoimmune, and metabolic diseases
• A Shanghai base with international trial activity

The Series C+ round, led by Decheng Capital with participation from Trustar Capital, Fortune Venture Capital, and Zhongsheng Xichuang Dingqi Fund, provides capital to advance clinical programs and continue platform development.

What to Watch

Key milestones include Dalretapopt's transition into Phase II, the advancement of additional internal programs toward clinical stages, and any further validation of the AlloStar platform through partnerships or out-licensing. The involvement of a lead investor with life sciences focus and a syndicate of regional funds suggests continued support for the company's clinical and platform trajectory.