Boundless Bio agreed to merge with Serapha Bio in an all-stock deal valued at $230 million, with the combined company expected to trade on Nasdaq under Serapha Bio’s name. The merger is designed to bring Boundless’ ecDNA-informed oncology pipeline into a new focus while providing Serapha with a public-market platform. The transaction includes financing secured by an investor syndicate co-led by RA Capital Management and RTW Investments, with about $138 million already funded in a Series A and the remainder expected to close alongside the merger. The cash runway is projected to fund operations into the second half of 2029. Concurrently, Boundless said it will halt further development of its cancer asset BBI-940, noting early clinical data did not support continuing. The combined company’s sole clinical focus becomes SERP-01, an in vivo base editing program targeting alpha-1-antitrypsin deficiency (AATD) built around correcting the SERPINA1 E342K mutation with a potential single-dose approach for liver and lung complications.