Isomorphic Labs is moving from computational design to clinical development. The company uses the IsoDDE platform to design molecules. In a February 2026 technical report, the company reported that IsoDDE doubles the accuracy of AlphaFold 3 on difficult protein-ligand systems. It also predicts antibody-antigen interactions 2.3 times better than AlphaFold 3. I find these internal benchmarks impressive, but the company has not provided independently replicated data to confirm these specific performance numbers. The platform can identify novel ligandable pockets from an amino acid sequence alone. AlphaFold 3 predicts the structure and interactions of all life’s molecules, including proteins, DNA, RNA, and ligands. It provides at least a 50% improvement for the interactions of proteins with other molecule types compared with existing methods. For some important categories, the model doubles prediction accuracy. This next generation of AlphaFold shows improved performance in predicting protein-ligand structures, which is vital for designing new therapeutic molecules and understanding flexible interactions. The model was instrumental in predicting structures of clinically relevant molecules, such as PORCN, KRAS, and PI5P4Kg. Scientists can access the majority of these capabilities through the AlphaFold Server. AlphaFold 2 made a fundamental breakthrough in protein structure prediction in 2020, and millions of researchers have used it to make discoveries in areas like malaria vaccines and cancer treatments.
Financial strength and partnerships
Financial strength dictates the speed of the company. Isomorphic Labs closed a $2.1 billion Series B in May 2026, which remains the largest financing in this field. This round was led by Thrive Capital, with participation from Alphabet, GV, MGX, Temasek, CapitalG, and the UK Sovereign AI Fund. Total outside capital for the company sits at $2.7 billion. You should know that these funds support the expansion of the company’s international operations and its internal pipeline. The company launched in November 2021 as a spin-out from DeepMind. It ran without outside investors until March 2025, when it raised $600 million led by Thrive Capital. The company works with three major pharmaceutical partners.
| Partner | Upfront Payment | Max Milestones | Modalities |
|---|---|---|---|
| Eli Lilly | $45 million | $1.7 billion | Small molecules |
| Novartis | $37.5 million | $1.2 billion | Small molecules |
| Johnson & Johnson | Undisclosed | Undisclosed | Small molecules, biologics, peptides, molecular glues |
The Novartis collaboration centers on small molecule discovery against three targets, where Isomorphic receives $37.5 million upfront plus research cost funding and eligibility for $1.2 billion in milestone payments without royalties. The Eli Lilly agreement focuses on small molecule discovery. The Novartis collaboration expanded in February 2025 to add three research programs. The company uses the money to scale its operations globally.
Clinical programs and complexity
The company targets oncology and immune-mediated disorders. These areas are heavy on structurally complex protein targets. Several candidates are in IND-enabling studies. The company expects to file its first Investigating New Drug application and start first-in-human testing by the end of 2026. Will these AI-designed molecules behave in people like they do in simulations? The Eli Lilly and Novartis deals focus on small molecules, but the Johnson & Johnson agreement covers a wider range of modalities. The Johnson & Johnson work, contracted through Janssen Biotech, spans small molecules, biologics, peptides, and molecular glues. Janssen Biotech handles the experimental validation and takes programs forward. This covers a wider modality set than the two earlier agreements. Isomorphic Labs is headquartered in London and runs a research office in Lausanne, Switzerland. Demis Hassabis, who co-founded DeepMind and shared the 2024 Nobel Prize in Chemistry, is the founder and CEO. The company operates on two tracks: research collaborations with pharmaceutical giants and a wholly owned pipeline. The company grew rapidly and signed major research deals with Eli Lilly and Novartis after raising $600 million from investors earlier this year. The company provides research cost funding for select programs in its Novartis agreement. The company has not named any individual candidates publicly.
