Caldera Therapeutics formally launched with combined Series A and A‑1 financings totaling $112.5 million to develop an IBD candidate licensed from China’s Qyuns Therapeutics. The Cambridge, Mass. startup reported dosing the first healthy volunteers in a Phase 1 study of CLD‑423, a dual‑target molecule against TL1A and IL‑23p19, and plans to use proceeds to advance the program into patient studies. Caldera’s strategy reflects a growing pattern of Western firms licensing faster‑moving China‑originated assets and deploying U.S. capital for global development and commercialization.