Serapha Bio launched with $230 million in total funding commitments, combining $138 million in Series A funding led by RA Capital and RTW Investments with an additional $92 million tied to a reverse merger with Boundless Bio. The company’s lead in vivo base-editing program, SERP-01, is licensed from YolTech Therapeutics. SERP-01 is aimed at alpha-1 antitrypsin deficiency (AATD), targeting the SERPINA1 E342K (PiZZ) mutation. Serapha plans development for a one-and-done approach after early clinical data from YolTech’s investigator-initiated trial in Shanghai. The deal structure highlights how biotech startups are using reverse mergers plus cross-border licensing to accelerate early-stage momentum in rare disease. (Article references: STAT+ launch and reverse merger reporting.)