Serapha Bio launched after completing a reverse merger and raising $230 million in funding commitments, anchored by RA Capital and RTW Investments. The new company is building an in vivo base editing program, SERP-01, targeting the SERPINA1 E342K (PiZZ) mutation for alpha-1 antitrypsin deficiency. The licensing deal traces back to YolTech Therapeutics in China, where Serapha says patients have been enrolled in an investigator-initiated trial. Serapha also retains China rights and is eligible for milestones that could exceed $2 billion tied to development success. The investment structure combines an initial Series A component with additional funds associated with the reverse merger, reflecting how teams are reusing existing public or semi-public biotech shells to shorten time-to-capital. For the gene-editing landscape, the launch signals continued appetite for single-therapy ambition in large, underserved genetic diseases—particularly where early clinical data can support investor confidence.