Apple Tree Partners Initiates Voluntary U.S. Chapter 11 Cases in Delaware to Restructure Operations

NEW YORK, Dec. 10, 2025 /PRNewswire/ -- Apple Tree Partners ("ATP"), a leading life sciences venture capital firm, has announced that on December 9, 2025, certain ATP affiliates filed voluntary petitions for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware (the "Court") in order to implement a restructuring plan to ensure its portfolio companies have the funding and resources required to continue their critical missions to research and develop novel breakthrough treatments for cancer, neurological disorders, infectious diseases, and other serious diseases. Since its inception more than 25 years ago, ATP has delivered an industry-leading DPI of 1x on $2.5 billion. The firm's debut fund, ATP I, stands as the second-highest returning fund globally for its vintage (1999). Its most recent fund, ATP Life Science Ventures, has best-in-class performance over 12 years with a net TVPI of 2.7x and a net DPI of 1.0x.

ATP and its affiliates will continue to operate during the reorganization.

"We undertake this restructuring to serve the best interests of our limited partners, our portfolio companies, their employees and founders, the health care professionals and institutions who partner with us in researching and developing new medical treatments, and ultimately, the patients who stand to benefit from everyone's invention, dedication, risk, and effort," said Seth Harrison, M.D., founder and Managing Partner, ATP. "We have no doubt that the fundamentals underpinning our investments are strong, and that our portfolio companies have shown and continue to show great promise to deliver significant returns on investment and meaningful new treatments and cures."

ATP has retained B. Riley as financial and restructuring advisor to the firm, with Perry Mandarino, Senior Managing Director of B. Riley, as Chief Restructuring Officer. Quinn Emanuel Urquhart & Sullivan, LLP and Potter, Anderson & Corroon LLP have been appointed general bankruptcy co-counsels.

About Apple Tree Partners

Apple Tree Partners (ATP) is a leader in life sciences venture capital. ATP creates companies starting at various stages, from pre-IP ideas to asset spinouts, investing in them from seed stage through IPO and beyond. The core of ATP's strategy is providing flexible capital and access to a world-class team of venture partners and EIRs, to build sustainable, research-driven enterprises that deliver therapeutics to improve human lives. For more information, visit www.appletreepartners.com.

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SOURCE Apple Tree Partners