What changed, and when

ILiAD Biotechnologies closed an oversubscribed 115 million dollar Series B on 09 Feb 2026 to fund Phase 3 development of intranasal pertussis vaccine BPZE1, led by RA Capital Management, with participation from Janus Henderson Investors and BNP Paribas Asset Management. (Business Wire, Fierce Biotech, FirstWord Pharma)

60-second thesis frame

Fresh capital from tier-one healthcare investors validates a late-stage path for a first-in-class live-attenuated, intranasal pertussis vaccine that has already shown protection against colonisation in a controlled human infection model, a potential advantage over current acellular boosters that do not reliably block transmission. The Phase 2b CHAMPION-1 data were peer-reviewed in The Lancet Microbe, showing significant reductions in infection and bacterial load after challenge, with a favourable safety profile, which supports proceeding to pivotal work in 2026. (Lancet Microbe article, PubMed entry, NIHR summary)

The seven diligence questions

Clinical

• Will Phase 3 use a human challenge model as the primary efficacy basis, and will regulators treat prevention of colonisation as a registrational endpoint or demand field-effectiveness data in real-world transmission settings? (Business Wire LOI with hVIVO, AdisInsight listing)
• What durability and boosting strategy is supported by existing trials, and how does BPZE1 perform in adolescents and older adults compared with standard Tdap boosters? (ClinicalTrials.gov NCT05461131, Fierce Biotech coverage)

Payer or Access

• In the US, how would a BPZE1 adult or adolescent indication map to ACIP recommendations and Vaccines for Children or commercial coverage, given current Tdap guidance from CDC? (CDC adult schedule, ACIP schedule notes)
• In the UK and EU, would Innovation Passport or similar pathways translate into earlier commissioning if transmission-blocking is confirmed, particularly after 2024–2025 whooping cough surges flagged by UK Health Security Agency? (MHRA Innovation Passport PR, NIHR/UKHSA context)

Ops or Adoption

• Can intranasal delivery be integrated into pharmacy and primary care workflows at scale, and what are the storage, stability, and administration constraints versus Tdap? (Company overview and program page: ILiAD)

Competitive

• Which next-gen pertussis or combination platforms could neutralise the transmission advantage if they progress, and how defensible is BPZE1’s live-attenuated approach and IP around detoxified toxins? (Pharmaceutical Journal feature, JID baboon model)

Team or Cap table

• How do governance changes tied to the round, including RA Capital board representation, influence trial design, BD options, and exit scenarios post-Phase 3? (Business Wire, Fierce Biotech)

Red flags

• Regulators, including U.S. Food and Drug Administration or Medicines and Healthcare products Regulatory Agency, decide a CHIM alone is insufficient for approval, forcing a slower, larger field-efficacy program. (LOI for pivotal CHIM)
• Safety signal emerges in broader populations or in co-administration with routine vaccines, eroding the intranasal benefit. (Lancet Microbe data)
• Real-world effectiveness fails to show transmission reduction despite CHIM success, limiting payer enthusiasm for premium pricing or broad recommendations. (NIHR summary and surge context)

Next catalyst

Pivotal human challenge trial start in 2026 with initial data expected in 2027, plus operational updates from hVIVO on protocol and site activation. (Business Wire financing PR, hVIVO LOI)

FAQ

• What exactly changed by ILiAD’s “$115M Series B” news on 10 Feb 2026, and why does it matter for the pertussis market?
  The financing provides the necessary capital to move the lead candidate, BPZE1, into pivotal Phase 3 trials. This is significant because current pertussis vaccines are “leaky,” meaning they do not stop the spread of the bacteria; BPZE1 aims to provide the first vaccine that blocks nasal colonization and transmission (Business Wire, Fierce Biotech).
•  What is the regulatory path after the Series B, and what are the next formal steps in the US?
  ILiAD plans to initiate a pivotal human challenge study in 2026 following successful Type C meetings with the FDA. This clinical pathway uses a Controlled Human Infection Model (CHIM) to measure colonization, a move specifically discussed with the FDA to bypass the difficulty of conducting traditional field trials for pertussis (Regulations.gov / FDA, Business Wire).
• Which endpoints in the BPZE1 program drove the investment interest, and how meaningful was the effect size?
  In Phase 2b trials, BPZE1 met its primary endpoint by preventing colonization in 58–60% of participants in a challenge model, compared to 25–33% in the placebo group. A post-hoc analysis showed a 90% relative risk reduction in participants receiving a high challenge dose of virulent B. pertussis (The Lancet Microbe / PubMed, Regulations.gov / FDA).
• What safety issues matter for a live-attenuated vaccine like BPZE1?
  BPZE1 has been genetically modified to remove or inactivate three key toxins, resulting in a Biosafety Level 1 rating. Clinical studies involving over 350 subjects have shown a favorable safety profile with no vaccine-related serious adverse events or cases of whooping cough induced by the vaccine itself (GOV.UK, The Lancet Microbe / PubMed).
•  How will US payers treat access to an intranasal pertussis booster?
  While specific codes are not yet available, adoption will likely depend on inclusion in CDC/ACIP recommendation schedules. Payers traditionally favor combination vaccines (Tdap), so BPZE1’s value proposition rests on its unique ability to stop transmission, which could justify its use as a specialized booster for adolescents and adults (Fortune Business Insights, Regulations.gov / FDA).

Publisher / Disclosure

Publisher: LucidQuest Ventures Ltd. Produced: 11 Feb 2026, 00:00 London. Purpose: general and impersonal information. Not investment research or advice, no offer or solicitation, no suitability assessment. UK: directed at investment professionals under Article 19(5) and certain high-net-worth entities under Article 49(2)(a)–(d) of the Financial Promotion Order 2005. Others should not act on this. Sources and accuracy: public sources believed reliable, provided “as is,” may change without notice. No duty to update. Past performance is not reliable. Forward-looking statements carry risks. Methodology: questions-first framework using public sources. No conflicts. Authors do not hold positions unless stated. © 2026 LucidQuest Ventures Ltd.

Entities / Keywords

ILiAD Biotechnologies; BPZE1; intranasal pertussis vaccine; RA Capital Management; Janus Henderson Investors; BNP Paribas Asset Management; hVIVO; CHAMPION-1; controlled human infection model; FDA; MHRA; CDC; UK Health Security Agency; ACIP; JCVI; ClinicalTrials.gov NCT05461131; Innovation Passport; Fast Track; Tdap; whooping cough surge 2024–2025; transmission-blocking; mucosal immunity; B. pertussis colonisation; adult and adolescent protection; pharmacy vaccination; US; UK; EU.

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