KymaThera is targeting PI3Kα-mutant cancers and vascular malformations, areas where the company says treatment options remain limited, with K-1728 designed to spare wild-type PI3Kα and address toxicity and incomplete mutation coverage. The $80 million Series B is intended to take the internally discovered, wholly owned program into the clinic, with Phase 1 dosing expected in the fourth quarter of 2026 and funding expected through initial clinical proof-of-concept.