The company was founded in 2022 by company CEO  Pankaj Bhargava and the team at MPM BioImpact.

In June 2024, āshibio exited stealth mode with $40 million in Seed and Series A financing. The company plans to initiate a Phase II/III  trial of its lead asset, andecaliximab, in the second half of 2024 in patients with fibrodysplasia  ossificans progressiva (FOP), a rare genetic disorder characterized by progressive heterotopic  ossification (HO), a pathological condition characterized by abnormal bone formation in muscle  and soft tissues.