One-carbon Therapeutics has secured SEK 153 million (€13.9 million) in an oversubscribed private placement aimed at expanding its Odin clinical study and reinforcing the company’s financial position as it advances its first-in-class oncology candidate TH9619.

The funding round included participation from existing and new investors, alongside Swedish family offices. It follows the company’s recent milestone of dosing the first subject in the Phase 1/2 Odin study, marking One-carbon Therapeutics’ move from preclinical research into clinical development.

Ana Slipicevic, chief executive officer, said: “We are very encouraged by the strong confidence and enthusiasm shown by our existing and new investors, who recognise the potential of our lead asset. Their support is crucial for securing rapid execution and delivery of the potential new therapy to patients in need.”

The company said the proceeds will be used to increase the pace of recruitment and activate additional sites across Europe for the Odin study. The trial is evaluating TH9619 as a monotherapy for people with advanced refractory solid tumours, including colorectal cancer, non-small cell lung cancer, head and neck squamous cell carcinoma, gastric cancer and gastroesophageal junction cancer.

Sites are currently open in the UK, France and Spain, with further European expansion planned in the coming months. The study is designed as a multicentre, open-label, first-in-human investigation including dose escalation and dose expansion phases. Primary objectives focus on safety, pharmacokinetics and pharmacodynamics, while secondary measures include early signs of anti-tumour activity.

One-carbon Therapeutics extended its thanks to its clinical and academic collaborators, advisers and partners. The company said their ongoing support has played a key role in moving TH9619 from laboratory research into first-in-human testing and in shaping its data-driven development approach.

TH9619 is described as a small-molecule dual inhibitor of MTHFD1 and MTHFD2, enzymes that are overexpressed in some cancers and form part of the one-carbon metabolic pathway. According to the company, inhibition of MTHFD1 traps folate, leading to thymidine depletion, while blocking nuclear MTHFD2 disrupts DNA damage response pathways. Together, these mechanisms are intended to selectively kill tumour cells while sparing healthy tissue.