Caldera Therapeutics, a clinical-stage biotechnology company developing a first-in-class bispecific antibody for inflammatory bowel disease (IBD) and other immunologic and inflammatory diseases, launched with $112.5 million in total capital raised and said it has dosed the first subjects in a Phase 1 trial of its lead program, CLD-423.
The company’s initial $75 million Series A was raised in April 2025 from founding investors Atlas Venture, LAV, and venBio. Caldera said it recently added $37.5 million in Series A-1 financing led by Omega Funds, with participation from new investors Wellington Management and Janus Henderson Investors, bringing total funding to $112.5 million.
Caldera said proceeds will support ongoing clinical development of CLD-423, which targets two clinically validated inflammatory pathways, IL-23p19 and TL1A, in a single bispecific antibody. The company said the current Phase 1 study is a healthy volunteer trial, with the aim of advancing CLD-423 to enable evaluation in patients with IBD.
Founded in 2025, Caldera said it in-licensed exclusive global development and commercialization rights to CLD-423 from Qyuns Therapeutics Co., Ltd., following an evaluation of the evolving IBD bispecific landscape. The company is led by Chief Executive Officer Praveen Tipirneni, a physician and former CEO of Morphic Therapeutic, and is backed by its Series A and A-1 investor syndicate.
KEY QUOTES:
“By elegantly combining two powerful autoimmune targets in a single molecule, CLD-423 represents the next frontier in IBD treatment. Bispecifics have the potential to redefine the efficacy bar in IBD, and CLD-423 is rationally designed to achieve a best-in-disease profile with optimized efficacy, safety, pharmacokinetics and developability. CLD-423 is advancing through Phase 1 with the goal of enabling clinical evaluation in patients with IBD.”
Praveen Tipirneni, MD, CEO, Caldera Therapeutics
“We see CLD-423 as a program that has the potential to change the IBD treatment paradigm. Caldera’s scientific strategy, execution focus and leadership team truly distinguish the company and position CLD-423 as a new standard of care. We are excited to lead this financing and partner with Praveen and a top-tier syndicate to unlock meaningful clinical and commercial value.”
Michelle Doig, Partner, Omega Funds
