Celea Therapeutics, backed by PureTech, raised $180 million to advance deupirfenidone, a next-generation idiopathic pulmonary fibrosis therapy positioned as a retooled version of pirfenidone. The funding round includes RA Capital Management and Leaps by Bayer, and uses proceeds to begin late-stage testing in the third quarter of 2026. Celea’s approach targets a disease with limited approved options, where existing therapies can slow decline but come with tolerability issues. The company previously reported Phase 2 data showing deupirfenidone slowed lung function decline versus placebo over six months. The financing follows a broader wave of pulmonary fibrosis innovation and intensifies competition among companies attempting to differentiate on efficacy, administration and tolerability in fibrotic lung disease.