Mythic Therapeutics
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Mythic Therapeutics was a Waltham, Massachusetts-based oncology biotech founded in 2018, co-founded by chief scientific officer Brian Fiske. Its FateControl platform aimed to make 'safer and smarter' antibody-drug conjugates (ADCs) by improving ADC internalization in tumor cells while reducing payload release in healthy tissue. Mythic launched in December 2021 with $103 million in Series B funding (backers included Viking Global, Venrock Healthcare Capital Partners, Foresite Capital and Perceptive Advisors), and its lead candidate MYTX-011 (a cMET-targeted ADC for non-small cell lung cancer) earned FDA fast track status in 2023 and posted promising Phase 1 data at ASCO. After layoffs in fall 2025, Mythic terminated its only clinical trial, put all assets up for sale and wound down — having failed to raise the capital needed to continue.
02 / Mythic Therapeutics FAILURE REASONS
Failure reasons
Mythic died of capital starvation, not a failed drug. The $103 million Series B (late 2021) was expected to last only until the end of 2024, so 2025 was run on a shoestring — and despite promising Phase 1 data for MYTX-011 (differentiated safety profile, ORR up to 50% in segments), none of the financing options pursued during 2025 came to fruition, CEO George Eliades confirmed. One drag: MYTX-011's target, cMet, was not considered sufficiently interesting by investors after notable cMet duds. With layoffs in the fall, the phase 1 Kismet-01 trial was terminated for 'business decision', and the company began auctioning its R&D equipment and seeking offers for its IP and the FateControl platform.
03 / EVENT HISTORY
Events in the structured record
- Company founded
Mythic Therapeutics is founded to develop safer, smarter antibody-drug conjugates.
- Series B
In December 2021 Mythic launches with $103 million in Series B funding to develop its FateControl ADC platform.
- Fast track and data
MYTX-011 earns FDA fast track status; early Phase 1 data in NSCLC are presented at ASCO.
- Wind down
After fall layoffs, Mythic terminates its only clinical trial and winds down, selling its IP, platform and R&D equipment after failing to raise capital.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Mythic raised a $103 million Series B in late 2021; the money was expected to last only until the end of 2024. No audited loss figure with disclosed subject, period and basis was extracted — the $103M (or $180M total) is capital raised, not loss.