Caldera Therapeutics launched with $112.5 million in combined Series A and A‑1 financing to advance CLD‑423, a dual‑target bispecific licensed from China’s Qyuns Therapeutics for inflammatory bowel disease. The company administered first doses in a Phase 1 study of healthy volunteers as part of its early clinical program. The financing included Atlas Venture, LAV, venBio, Omega Funds and others; the asset targets TL1A and IL‑23p19, a two‑target strategy positioned to improve efficacy over single‑target IBD approaches. CEO Praveen Tipirneni noted the program aims to address efficacy ceilings seen with single‑target biologics. Caldera’s launch typifies a growing pathway where Western startups license China‑origin assets, then deploy US and global capital to run expedited early clinical development and commercialization strategies.