Failed 2025

    Mythic Therapeutics

    A single-asset biotech's Series C is the last cheque. If Phase 1/2 data isn't remarkable, don't expect a Series D at any price.

    TL;DR — Failure Post-Mortem

    Mythic Therapeutics was a Biotech / ADC Oncology startup founded in 2018 in USA. It raised $180M before collapsing in 2025 — 7 years of runway burned. IdeaProof's AI Failure Score: 72/100, driven by bridge round failed; single adc clinical trial terminated for funding reasons. The shutdown affected employees, investors, and the broader Biotech / ADC Oncology ecosystem. This case study breaks down the timeline, root causes, competitors that won, and replicable lessons for founders validating similar ideas today.

    Why did Mythic Therapeutics fail?

    Mythic Therapeutics failed in 2025 after 7 years of operation, losing $180M in raised capital. The root cause was bridge round failed; single adc clinical trial terminated for funding reasons. Key lesson: A single-asset biotech's Series C is the last cheque. If Phase 1/2 data isn't remarkable, don't expect a Series D at any price.

    Verifiable facts
    Sourced
    Founded → Closed

    2018 → 2025

    Funding Raised

    $180M

    Industry

    Biotech / ADC Oncology

    Country

    USA

    IdeaProof AI Failure Score

    72/100
    Market Fit Risk
    70
    Burn Rate Risk
    95
    Founder Risk
    45

    What Happened: The Timeline

    🚀

    2018

    Mythic Therapeutics founded in USA. Positioned in biotech / adc oncology.

    💰

    2018-2020

    Raises $180M from Venrock, Viking Global, Rock Springs, Cowen Healthcare Investments.

    ⚠️

    2024

    Warning signs emerge: bridge round failed.

    💀

    2025

    Shutdown announced. Root cause: bridge round failed; single adc clinical trial terminated for funding reasons.

    Root Causes

    Bridge round failed
    ADC investor appetite cooled
    Single-asset dependency
    Phase 1/2 data not differentiated

    Mythic Therapeutics was a Boston-area antibody-drug conjugate (ADC) startup that raised roughly $180M from Venrock, Viking Global, Rock Springs and Cowen Healthcare. On December 16 2025 Endpoints News reported the company had shut down and ended its sole clinical trial, MYTX-011 for c-Met-expressing solid tumors, after failing to raise a bridge round. Investor appetite had cooled sharply on ADCs after Merck's MK-6070 and several rivals underperformed in 2024-2025. Mythic joins a wave of 2018-2020 biotech seed and Series A companies collapsing as public-market comparables re-rated 60-80% off peak.

    Key Lessons Learned

    1. Bridge round failed

    Bridge round failed — a recurring pattern across biotech / adc oncology failures. Validate this risk before you scale.

    2. ADC investor appetite cooled

    ADC investor appetite cooled — a recurring pattern across biotech / adc oncology failures. Validate this risk before you scale.

    3. Single-asset dependency

    Single-asset dependency — a recurring pattern across biotech / adc oncology failures. Validate this risk before you scale.

    Frequently Asked Questions

    Sources & Confidence

    Every data point is tagged with its source type and our confidence in it. How we grade sources.

    Additional references
    Endpoints News

    Could This Failure Have Been Prevented?

    IdeaProof's AI validates market demand, competitive positioning, and business model viability in minutes — catching the exact issues that sank Mythic Therapeutics.