U.S.-based biotech firm Allay Therapeutics has secured $57.5 million in a Series D financing round, the company revealed on Thursday. The fundraise was co-led by Lightstone Ventures, a leading biotechnology venture capital investor, and ClavystBio, a Temasek-backed life sciences builder.
Returning investors included New Enterprise Associates, Arboretum Ventures, Vertex Growth, Vertex Ventures Healthcare, and Brandon Capital, while new investors such as IPD Capital, Singapore’s SGInnovate, and EDBI (operating under Singapore’s SG Growth Capital) also joined the round.
In parallel, pharmaceutical manufacturer Maruishi Pharmaceutical expanded its licensing partnership with Allay, extending coverage from Japan to now include South Korea and Taiwan, and took part in this funding round.
HSBC Innovation Banking also provided an additional boost through venture debt finance.
Founded in 2017 and incubated by Lightstone Ventures and The Foundry, Allay Therapeutics is focused on developing long-lasting, non-opioid pain relief treatments. Its technology aims to significantly improve post-surgical recovery, lessening patients’ dependence on opioids.
With footholds in both the United States and Singapore, Allay intends to deploy the fresh capital towards a key registration trial in the U.S., involving 200 patients undergoing total knee replacement surgery. The study began in February and is expected to yield results in the third quarter of 2025.
