Alphamab Exercises Warrant to Invest $62.5 Million in Pathos at BMS-Led Series E Valuation

Alphamab Oncology exercised a warrant to invest $62.5 million (about 417 million yuan) for roughly 2% of Pathos AI's Series E preferred shares, at a post-money valuation of about $3 billion in a round led by Bristol Myers Squibb. The outlay equals 29.2% of Alphamab's cash reserves at mid-year, and half of the $125 million upfront payment from the August JSKN016 license.