Boundless Bio agreed to merge with Serapha Bio in an all-stock transaction valued at $230 million, with the combined company expected to trade on Nasdaq under a Serapha Bio ticker. The deal is designed to provide a public-market platform for continued development, while Boundless will discontinue its oncology asset BBI-940. The merger shifts the combined company’s sole clinical focus to SERP-01, an in vivo base editing program targeting alpha-1-antitrypsin deficiency. SERP-01 is built around correcting the SERPINA1 E342K mutation with a single-dose approach intended to address both liver and lung complications. For investors and operators, the immediate signal is prioritization: the company is concentrating resources on a single lead program rather than maintaining a broader oncology portfolio after the early clinical data for BBI-940 did not support continued advancement.