Kailera Therapeutics filed for an IPO as it seeks additional funding to advance a late-stage obesity pipeline, including ribupatide, a weekly GLP-1/GIP agonist. The company plans to list on Nasdaq under the ticker “KLRA,” aiming to tap investor demand after a year marked by large obesity fundraising activity. Kailera and partner Hengrui Pharma reported 48-week phase 3 results in China showing ribupatide achieved average weight loss of about 18%. The filing also indicates further data plans, including an increased-dose study next year and a global phase 3 program in 2028, alongside earlier-stage oral obesity candidates and a tri-agonist shot expected to enter human studies later this year. With more than $652 million in cash and a shareholder base led by Bain Capital, the IPO would provide capital for late-stage execution in a crowded market dominated by Eli Lilly and Novo Nordisk, where differentiation and clinical outcomes remain critical.