Lucid Diligence Brief: SanegeneBio RNAi $110 million Series B

Professional audiences only. Not investment research or advice. UK readers: for persons under Article 19(5) or Article 49(2)(a)–(d) of the Financial Promotion Order 2005. Others should not act on this communication.

Dive deeper

Ask Google AI

Ask ChatGPT

Ask Perplexity

Ask Grok

Seven questions, 60-second thesis frame.

What changed, and when

SanegeneBio RNAi $110 million Series B round on 8 Dec 2025, adds a strategic investment from Eli Lilly and listing a mix of financial and strategic investors (Company announcement). Independent reports confirm the amount and investor mix, with the lead named only as a “well-known industrial investor” (DealStreetAsia coverage, Tech in Asia brief).

60-second thesis frame

Fresh capital follows SanegeneBio’s 11 Nov 2025 disclosure of a global research and licensing deal with Eli Lilly worth up to 1.2 billion dollars in milestones for tissue-selective RNAi in metabolic disease, including an equity component, which together validate the LEAD delivery platform and extend runway into later-stage trials (Company–Lilly collaboration release, PR Newswire posting, Fierce Biotech). Clinical signal quality is improving: SGB-9768 delivered up to 96% C3 reduction with near-complete alternative-pathway inhibition and clean safety in Phase 1 data presented at ASN Kidney Week 2025, with a Phase 2 CMKD study listed on ClinicalTrials.gov (SGB-9768 ASN data, NCT06786338). SGB-3908 showed >95% AGT suppression and preliminary ambulatory BP lowering at AHA 2025, supporting a twice-yearly profile (SGB-3908 AHA data, AHA abstract, NCT06501586). Key competitive risk sits with zilebesiran advancing to a global Phase 3 CV outcomes trial under Roche–Alnylam, plus other complement-pathway entrants like Arrowhead’s ARO-C3 and class-wide infection management seen with proximal complement inhibitors such as iptacopan (Roche media, Phase 3 plan, Reuters Phase 2 report, Arrowhead ARO-C3 topline, FDA Fabhalta label).

The seven diligence questions

Clinical

• For SGB-9768, do the Phase 1 C3 knockdown and AP inhibition translate into proteinuria and eGFR gains over 6–12 months in IgAN and C3G, and at what dosing cadence (ASN Kidney Week data, NCT06786338)?
• For SGB-3908, will ambulatory BP reductions replicate versus placebo in patients with durability to 6 months under a biannual regimen, and across backgrounds common in US/EU practice (AHA 2025 data, AHA abstract)?

Payer or Access

• If approved, will hepatic-targeted siRNAs be reimbursed under the medical benefit and carry site-of-care dynamics similar to inclisiran’s J-code J1306, including prior auth and place-of-service variability (Leqvio billing and coding, UHC policy)?
• In complement kidney disease, how will vaccination, REMS-like controls, and infection vigilance shape utilization criteria, given precedents in the iptacopan label (FDA Fabhalta label)?

Ops or Adoption

• Can SanegeneBio scale GalNAc-siRNA drug substance and fill-finish to global Phase 3 timelines while supporting Lilly-collaboration programs without CMC bottlenecks (Company overview)?

Competitive

• Against zilebesiran, what is the differentiation on BP effect size, dosing interval, and safety in diverse populations, and does extrahepatic delivery from LEAD create a clinically material edge (Roche media, Phase 3 plan, Fierce Biotech on Lilly deal)?

Team or Cap table

• What governance and rights accompany the Series B and Lilly equity, and who is the unnamed “industrial” lead, given disclosure limits in the PR and press summaries (Company announcement, DealStreetAsia coverage)?

Red flags

• Failure to reproduce BP-lowering magnitude in a randomized SGB-3908 patient study would erode the adherence-driven advantage versus entrenched orals and zilebesiran’s momentum (AHA 2025 data, Roche media).
• Class-related infections in complement pathway inhibition could increase regulatory controls and payer friction, impacting SGB-9768’s real-world risk-benefit (FDA Fabhalta label).
• If Lilly narrows or exits the 2025 collaboration, external validation and potential co-funding for metabolic programs would weaken (Fierce Biotech).

Next catalyst

Public postings for next-step SGB-3908 protocols and first-patient-dosed updates, plus SGB-9768 Phase 2 progress in CMKD, timing not yet disclosed (SGB-3908 AHA update, NCT06501586, NCT06786338).

FAQ

• What exactly changed by SanegeneBio’s news on its raise of over 110 Million in Series B Financing on 8 Dec 2025, and why does it matter?
  The company added >$110M to extend runway and named new and existing investors plus Lilly as a strategic participant, positioning multiple RNAi programs for late-stage moves (Company announcement, DealStreetAsia coverage).
• What is the regulatory path after SanegeneBio’s Series B, and what are the next formal steps in the US, UK, and EU?
  SGB-9768 is in Phase 2 for complement-mediated kidney diseases with listings on ClinicalTrials.gov, while SGB-3908 completed Phase 1 and is preparing next steps; no MAAs or BLAs are filed yet (NCT06786338, SGB-3908 AHA data).
• Which endpoints drove momentum cited in the SanegeneBio’s financing news?
  SGB-9768 showed dose-dependent C3 reduction up to 96% with near-complete AP inhibition and favorable safety in HVs, while SGB-3908 achieved >95% AGT suppression and early ambulatory BP reductions through 3–6 months (SGB-9768 ASN data, SGB-3908 AHA data, AHA abstract).
• What safety issues matter post-SanegeneBio’s financing news, and do they change real-world use?
  Complement-pathway agents can require vaccination and infection risk management, as seen in the iptacopan label, while Sanegene’s early trials report favorable tolerability; labeling precedents will shape workflows if programs reach approval (FDA Fabhalta label, SGB-9768 ASN data).
• How will US payers likely treat access if SanegeneBio’s assets are approved, including codes?
  No product-specific codes exist for SanegeneBio investigational assets today, but inclisiran J1306 provides a siRNA precedent under the medical benefit with payer policies often requiring prior auth (Leqvio billing and coding, UHC policy).

Publisher / Disclosure

Publisher: LucidQuest Ventures Ltd. Produced: 09 Dec 2025, 11:30 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. © 2025 LucidQuest Ventures Ltd.

Entities / Keywords

SanegeneBio; Eli Lilly; Innovent Biologics; LEAD platform; RNAi; siRNA; GalNAc; SGB-9768; SGB-3908; complement C3; IgA nephropathy; C3 glomerulopathy; IC-MPGN; hypertension; ClinicalTrials.gov NCT06786338; ClinicalTrials.gov NCT06501586; FDA Orphan Drug Designation; ASN Kidney Week 2025; AHA 2025; Roche; Alnylam; zilebesiran; ZENITH CVOT; Arrowhead; ARO-C3; iptacopan; Fabhalta; J-code J1306; payer access; China CDE; Boston; Shanghai; Suzhou; Series B; Sino Biopharm; Legend Capital; Vivo Capital; Invus; SymBiosis; Guofa Capital; TruMed; Lake Bleu Capital; Qiming.

Find more Lucid Diligence Briefs here.

Reach out to info@lqventures.com for a customized / deeper-level analysis.