Lucid Diligence Brief: SanegeneBio RNAi $110 million Series B

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Dive deeper

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.

 

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