2026 Investor Forum Recap

Date: January 29, 2026 @ 12:00 am –
Location: Morrison Foerster office, 425 Market St. San Francisco, CA 94105

Organizer: CABS BCD & Morrison Foerster | Sponsor: WuXi Biologics

Overview

On January 14, 2026, the Business and Career Development (BCD) of Chinese American Biopharmaceutical Society (CABS) and Morrison Foerster hosted a one-day investor forum at the Morrison Foerster office in San Francisco, California. The event attracted nearly 300 attendees, including more than 70 investors. It was moderated by Wenjia Gu (CABS BCD co-chair) and Sihong Zhou (CABS President).

This forum is a high-level biotech conference featuring venture capital insights, panel discussions, and startup pitches. Jonathan Norris of HSBC provides a detailed overview of the healthcare investment landscape, highlighting a shift from the record-breaking highs of 2021 toward more cautious mega rounds and "insider" funding in recent years. Panel discussions explore the complexities of cross-border deals, particularly the balancing act between leveraging Chinese innovation and navigating tightening U.S. regulatory and geopolitical restrictions. Eight emerging companies present "roadshow" pitches on novel technologies, including AI-enabled clinical software, advanced cancer organoid platforms, in vivo CAR-T therapies, and specialized treatments for chronic conditions like Alzheimer's disease and fibrosis. Collectively, the event illustrates an industry transition where capital efficiency and advanced computational tools are essential for survival in a cautious funding environment.

Welcome & CABS Introduction

Sihong Zhou (President, CABS) delivered the opening remarks for the CABS 2026 investment forum. She introduced the CABS as a large, volunteer-driven nonprofit organization dedicated to professional growth and collaboration within the life sciences. She highlighted the organization’s impressive reach and its role as a dynamic platform for networking, science entrepreneurship, and career advancement for thousands of global members. By outlining upcoming workshops and the flagship 2026 BioPacific Annual Conference, Sihong emphasized the value of community involvement and corporate sponsorship in fostering innovation.

Keynote

Jonathan Norris (Managing Director, HSBC Innovation Banking) – HSBC Venture Healthcare Report

In this keynote address, Jonathan Norris provided a comprehensive data-driven analysis of the venture healthcare ecosystem, tracing its evolution from the 2021 market peak through a period of valuation correction and retrenchment. He highlighted the emergence of mega rounds ($100M+) as a primary strategy for risk mitigation, where investors consolidate capital into fewer, later-stage deals to ensure companies have sufficient funding to reach critical clinical milestones. While biopharma remains the dominant force in healthcare ventures at around 50% of the capital, there is a resurgence in platform technologies and a significant influx of capital into AI-enabled drug discovery. Regionally, Boston, the Bay Area, and San Diego remain dominant despite some geographic diversification. Norris also described the relationship between the U.S. and China as “frenemies”, where China serves as a vital source of innovation and accelerated clinical data, but also emerges as a competitor. He observed that M&A activity surged in 2025, and although upfront M&A values are rising, the increased capital invested via mega rounds has compressed exit multiples, reducing returns for traditional venture investors. IPO activity remains limited but has shown signs of improving, with stronger public market performance in the second half of 2025 despite valuation step-downs at listing. Ultimately, Norris expressed cautious optimism for 2026, noting that while high capital requirements are depressing exit multiples, strong M&A activity and a recovering public market suggest a stabilizing environment for innovation.

The full HSBC Venture Healthcare Report can be accessed through this link:

https://www.hsbcinnovationbanking.com/-/media/hinv/pdf/2025-annual-venture-healthcare-report.pdf

Panel 1: Navigating Global Biotech Capital: Opportunities and Challenges in Cross-Border Investment

Panel 1 was moderated by Janet Xiao, Partner of Morrison Foerster LLP. The panel was opened with a live poll highlighting strong deal momentum: nine cross-border biotech transactions were announced during the week, following outbound China biotech deal values reaching an estimated $100–160 billion in 2025. Panelists explored the growing scale and complexity of China–US healthcare dealmaking, pointing to China’s speed, engineering efficiency, and rapid clinical execution as major drivers of outbound innovation. The discussion emphasized key success factors for cross-border deals, including strong and defensible intellectual property, clear clinical differentiation, and trust and transparency between partners. The NewCo model was discussed as an effective structure for managing development, governance, and geopolitical risk when advancing China-originated assets globally, although it comes with challenges. While acknowledging strong investor interest and deal activity, panelists also highlighted potential deal breakers such as IP concerns and increasing national security scrutiny, including export controls and investment restrictions. Despite ongoing decoupling pressures, the panel concluded that sustaining cross-border collaboration remains critical to advancing innovation and delivering life-saving therapies to patients worldwide.

Roadshow Session 1

Hong Ye (Founder & CEO, RenuMemo Therapeutics) – Multi-pathway Intervention for Meaningful Change in Alzheimer’s Disease

Dr. Hong presented RM02, a small-molecule combination therapy for Alzheimer’s designed to target multiple pathways simultaneously, including neuro-inflammation and amyloid plaque reduction. They are currently seeking $4 million in seed funding to reach Phase 1 readiness.

hong.ye@renumemo.com

Shian-Jiun Shih (Co-Founder & CEO, Cellentia, Inc) – Leveraging Metastatic Cancer Organoids to Find Cures for Cancers

Dr. Shih showcased a platform using circulating tumor cell (CTC)-derived organoids to screen drugs against metastatic, drug-resistant cancers. The company is seeking $2 million to initiate their drug discovery journey, specifically targeting triple-negative breast cancer.

sjs@cellentiabio.com

Gurpreet Singh (Ph.D., Respiree, Inc) – Improving Lives Through Respiratory Innovation

Respiree provides AI-enabled clinical software and wearable devices designed to predict clinical deterioration with 20 times the precision of standard early warning scores. While they closed a series A in 2025, they were nearly closing a final allocation of funds during the forum week.

gurpreet@respiree.com

Guangrong Lu (Founder, President & CEO, Lucier Pharma) – Novel Science-based High Potential Drug Candidates for Diseases due to Microvascular Dysfunction

Dr. Lu focuses on microvascular dysfunction using novel science to develop two drug candidates for conditions like coronary microvascular function (CMD). They are seeking $1 to $2 million and are actively meeting for valuation and further fundraising.

Guangrong.Lu@lucier-pharma.com

John Rafferty, Partner at Morrison & Foerster LLP, and Jennifer Hu, BD advisor, served as judges for Roadshow Session 1.

Sponsor Presentation

Yinpeng Zhan (BD Senior Manager, Wuxi Biologics) – Uniting Drug Development Expertise with Bispecific Antibody Production Services

Our sponsor WuXi Biologics introduced their high-throughput antibody production services. Their "Quick and Clean" service is designed for high-throughput screening, utilizing a streamlined three-step purification process to deliver high-purity samples with minimal toxins in under a month. For more complex projects, their "Premium Bispecific" service supports diverse antibody formats and employs advanced intact mass spectrometry to ensure the final product is free from unwanted byproducts.

Panel 2: Investor – Entrepreneur Dialogue: Building the Next Generation of Global Biotech Leaders

Panel 2 brought together a diverse group of leaders spanning CROs, biotech founders, venture investors, AI pioneers, and academic educators to explore how science, capital, and talent are shaping the future of global biotechnology. Moderated by Wentao Zhang, Co-CEO of Frontage Laboratories, the discussion highlighted key themes including what is “hot” in today’s funding environment, the centrality of patient impact over hype, and the growing influence of AI across the entire drug development lifecycle, from target identification and molecule design to clinical trial optimization and real-world data analysis. Panelists emphasized that successful innovation depends on strong differentiation, the right target–modality pairing, high-quality data, and capital-efficient execution, especially in a challenging funding climate. Longevity, neurodegeneration, RNA therapeutics, cell therapy, and senior health emerged as long-term opportunity areas, while AI was widely viewed as a transformative but still maturing tool rather than a silver bullet. The conversation also addressed global dynamics, noting China’s strengths in speed, clinical execution, and scale, alongside the US’s continued advantages in foundational innovation and talent, while cautioning that sustained leadership will require continued investment in science, data quality, and open global collaboration. Overall, the panel underscored that the next generation of global biotech will be built at the intersection of disciplined science, thoughtful use of AI, cross-border execution, and an unwavering focus on delivering meaningful therapies to patients.

Roadshow Session 2

Yuchen Zhou (Founder & CEO, Applied Cells, Inc) – Making CAR-T at <$10,000

Applied Cells have developed a rapid, low-cost CAR-T manufacturing process that reduces production costs to approximately $10,000 by using a "closed-loop" system that eliminates the need for a lengthy expansion phase. The company is actively looking for investors to co-create "CAR-T 2.0".

yuchen.zhou@appliedcells.com

Neil Desai (CEO & Founder, Aanastra, Inc) – Precision in vivo mRNA therapeutics for cancer and autoimmune disease

Aanastra features a peptide-based delivery system for RNA that targets specific cell types to enable in vivo CAR-T therapy and treat p-53 mutations in cancer. They are seeking $8 to $10 million in seed financing, intended to lead into a $30 million series A.

ndesai@aanastra.com

Jessica He (BD Manager, Inhal Pharma) – The First-In-Class Inhalable GLP-1/GIP/GCGR Triple Agonist

Inhal Pharma is developing CT170, a first-in-class inhaled GLP-1 therapy for obesity and diabetes designed to improve patient adherence by replacing weekly injections. They are seeking $30 million for a seed round to complete non-clinical studies and a Phase 1 clinical trial.

jessica@inhalpharma.com

Deebie Symmes (CBO/COO, Aluda Pharmaceuticals) – Defeat Severe Stage Disease Across the Inflammation – Fibrosis Spectrum

Aluda targets vimentin, a structural protein acting as a "gas pedal" for disease progression, to treat severe inflammation and fibrosis. They are currently in the process of raising $15 million to cover manufacturing and Phase 1/2 clinical build-up.

Deebie@aludapharm.com

John Rafferty, Partner at Morrison & Foerster LLP, and Ronjon Nag, of the R42 Group and Adjunct Professor at Stanford University, served as judges for Roadshow Session 2.

Closing Remarks

Sihong Zhou concluded the forum by thanking the speakers, sponsors, volunteers, and participants for their contributions. The event was successfully hosted by the BCD, E-Club, and PRC Committee at CABS.

Recap authors: Lingling Peng, Wenjia Gu, and Ellen Wan