Shanshan Xu, M.D., Ph.D. Founder & Chief Executive Officer

Shanshan Xu founded Bambusa Therapeutics, driven by her belief in the need for innovative approaches in immunology and inflammation. Before establishing Bambusa, she served as the Head of Global External Innovations at BioNTech, where she was instrumental in sourcing and executing 13 strategic partnerships and acquisitions. A significant achievement was identifying and acquiring Biotheus, which led to BioNTech's BNT327, now partnered with BMS in a deal valued up to $11.1 billion. She also identified the immunology and inflammation (I&I) molecules within Biotheus that became the foundational assets for Bambusa. Prior to her role at BioNTech in 2020, Dr. Xu worked as a Research Analyst on Wall Street.

Jonathan I. Lieber, M.B.A. Chief Financial Officer

Jonathan I. Lieber was appointed Chief Financial Officer of Bambusa Therapeutics on October 7, 2026. He joined Bambusa from Rallybio Corporation, a publicly traded biotechnology company, where he served as Chief Financial Officer since February 2023. Before Rallybio, Mr. Lieber was the Chief Financial Officer of Applied Genetic Technologies Corporation (AGTC), also a publicly traded clinical-stage biotechnology company. He also held the CFO position at other public and private biotechnology companies including Histogenics Corporation, Metamark Genetics, Repligen Corporation, Xcellerex, and Altus Pharmaceuticals. Earlier in his career, he worked in investment banking at Salomon Brothers/Salomon Smith Barney and Cowen and Company/SG Cowen.

Thang Ho, PhD Co-Founder & Chief Development Officer

Thang Ho is a Co-Founder and the Chief Development Officer of Bambusa Therapeutics. He oversees an integrated team responsible for preclinical research, translational medicine, toxicology, and clinical pharmacology. Previously, Dr. Ho served as the Clinical Pharmacology and Pharmacometrics Lead at BioNTech.

Crystal MacKay Chief Operating Officer

Crystal MacKay serves as the Chief Operating Officer of Bambusa Therapeutics.

Wenbing Hu, PhD Vice President, Head of CMC

Wenbing Hu is the Vice President, Head of CMC (Chemistry, Manufacturing, and Controls) at Bambusa Therapeutics.

Here are the key risks to Bambusa Therapeutics (BBTX):

1. Clinical Development and Regulatory Approval Risk: As a clinical-stage biotechnology company, Bambusa Therapeutics' success is fundamentally dependent on the successful development, regulatory approval, and commercialization of its product candidates. The company's lead candidates, BBT001 and BBT002, are in early clinical trials (Phase 1 and Phase 2a), and there is no guarantee that these or any other candidates will demonstrate sufficient safety and efficacy, or receive the necessary regulatory approvals to be brought to market.

2. Financing and Operating History Risk: Bambusa Therapeutics has a limited operating history, having been founded in 2024, and has consistently incurred significant losses and negative cash flows since its inception. The company has reported that its current cash resources are not expected to fund operations for at least 12 months without additional capital, indicating a substantial doubt about its ability to continue as a going concern. Securing additional financing, such as through its proposed IPO, is critical to fund ongoing clinical milestones and sustain operations.

3. Competition and Market Adoption Risk: The immunology and inflammation market is highly competitive, featuring numerous established biologics and large pharmaceutical companies with significant resources and market presence (e.g., Regeneron/Sanofi's Dupixent, Galderma's Nemluvio, GSK's Nucala). Even if Bambusa's product candidates achieve regulatory approval, the company will need to demonstrate superior efficacy, safety, or convenience to differentiate its products and gain market adoption against these well-entrenched competitors, which presents a significant commercial challenge.

Bambusa Therapeutics (BBTX) is a clinical-stage biopharmaceutical company focused on developing bispecific antibodies for immunological and inflammatory disorders across dermatology, respiratory, gastroenterology, and rheumatology.

The addressable markets for their main products are:

• BBT001: This bispecific antibody targets inflammatory skin diseases such as atopic dermatitis and chronic spontaneous urticaria. The addressable market for the Type 2 inflammatory dermatology market, including atopic dermatitis, chronic spontaneous urticaria, and prurigo nodularis, is estimated to be over $40 billion globally.
• BBT002: Designed for Type 2 inflammatory disorders, including asthma, chronic obstructive pulmonary disease (COPD), chronic rhinosinusitis with nasal polyps (CRSwNP), eosinophilic esophagitis (EoE), food allergy, and chronic spontaneous urticaria (CSU). The addressable market for Type 2 disorders is estimated to be over $80 billion globally.
• BBT003: In preclinical development for inflammatory bowel disease (IBD) and other gastroenterological conditions. The addressable market size for this product is not specified in the provided information.
• BBT004: In preclinical development for rheumatological conditions and autoantibody-driven autoimmune diseases. The addressable market size for this product is not specified in the provided information.

For Bambusa Therapeutics (BBTX), a clinical-stage biopharmaceutical company focused on next-generation bispecific antibodies for immunology and inflammation, the expected drivers of future revenue growth over the next 2-3 years are primarily tied to the advancement and potential commercialization of its pipeline assets and strategic collaborations.

1. Advancement and Potential Commercialization of Lead Product Candidates (BBT001 and BBT002): Bambusa Therapeutics' most significant near-term revenue drivers are the progress and eventual market entry of its lead product candidates. BBT001, targeting the Type 2 inflammatory dermatology market including atopic dermatitis, chronic spontaneous urticaria, and prurigo nodularis, is undergoing subcutaneous evaluation and preparation for Phase 2b development, with detailed proof-of-concept results for atopic dermatitis presented in October 2026. BBT002, aimed at Type 2 inflammatory respiratory conditions like asthma, COPD, and chronic rhinosinusitis with nasal polyps, anticipates initial data from a Phase Ib clinical trial in COPD in the second half of 2026, with a global Phase 2 asthma study initiated and further Phase 2 plans for another respiratory indication in 2027. By 2028, the company expects both BBT001 and BBT002 to be advancing through pivotal studies in large indications, laying the groundwork for future product revenue.
2. Expansion of Pipeline with Newer Programs (BBT003 and BBT004): The company is actively expanding its pipeline with BBT003, focused on Inflammatory Bowel Disease (IBD), and BBT004, targeting rheumatology. Following a Series A-2 financing in November 2025, proceeds are being used to accelerate these programs through IND-enabling studies and into early clinical development. Proof-of-concept data for BBT003 and BBT004 are anticipated by 2028, which could broaden Bambusa's therapeutic reach and establish additional future revenue streams.
3. Positive Clinical Trial Readouts: Critical to the progression of all its product candidates, Bambusa Therapeutics has highlighted a "catalyst-rich year" in 2026, expecting over 10 clinical readouts across various immunology and inflammation indications, including five proof-of-concept studies. Positive outcomes from these trials are essential for demonstrating the efficacy and safety of its bispecific antibodies, which will be vital for attracting further investment, securing regulatory approvals, and ultimately driving commercial success.
4. Strategic Partnerships: Bambusa Therapeutics is actively seeking and engaging with strategic partners. The company's participation in events like the J.P. Morgan Healthcare Conference, where its leadership was available for one-on-one meetings with investors and potential partners, underscores this focus. Successful pharmaceutical partnerships could provide crucial clinical development resources, market access, and commercial infrastructure that a smaller biotechnology company might otherwise struggle to build independently. Such collaborations could lead to upfront payments, milestone achievements, and royalties from future product sales, contributing significantly to revenue growth.

Share Issuance

• Bambusa Therapeutics raised $15 million in a seed funding round in September 2024.
• The company completed an oversubscribed Series A financing of approximately $90 million in February 2025.
• An oversubscribed Series A-2 financing round closed on November 17, 2025, raising approximately $40 million.
• Bambusa Therapeutics filed for an Initial Public Offering (IPO) in October 2026, aiming to raise up to $100 million.

Inbound Investments

• In September 2024, Bambusa Therapeutics secured $15 million in seed funding, co-led by BVF Partners L.P. and Dawn Biopharma.
• The company received approximately $90 million in Series A financing in February 2025, with RA Capital Management leading the round and participation from institutional investors including Janus Henderson Investors, Redmile Group, and Invus.
• A Series A-2 financing round, closed on November 17, 2025, saw strong participation from existing investors such as Athos KG, RA Capital Management, and Redmile Group, contributing to the approximately $40 million raised.

Capital Expenditures

• Bambusa Therapeutics plans to utilize proceeds from its anticipated IPO in October 2026 to fund capital expenditures.
• The primary focus of these expected capital expenditures includes supporting the continued development of its lead programs (BBT001 and BBT002), advancing preclinical candidates (BBT003 and BBT004), and for general corporate purposes.