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Caldera Therapeutics

A clinical-stage biotechnology company based in Cambridge, Massachusetts. The company is developing biologics for inflammatory bowel disease and related immunologic and inflammatory conditions.

Founding and History

Caldera was founded in 2025. In January 2026, the company launched publicly, reporting $112.5 million in total capital raised across a $75 million Series A (April 2025) and a $37.5 million Series A-1. At launch, Caldera also reported first subjects dosed in a Phase I healthy-volunteer study of its lead program.

Therapy Areas and Focus

Caldera focuses on inflammatory bowel disease, with an initial emphasis on ulcerative colitis and Crohn’s disease biology. The company’s thesis is that single-target IBD biologics have reached an efficacy ceiling, and that dual-pathway approaches may improve outcomes for a broader set of patients.

Technology Platforms and Modalities

Caldera is developing bispecific antibodies for immune-mediated disease. Its lead molecule, CLD-423, is a bispecific designed to inhibit IL-23p19 and TL1A, two pathways with established clinical relevance in IBD.

Key Personnel

Praveen Tipirneni, Chief Executive Officer
Liangsu Wang, Chief Scientific Officer
Zhong Liu, Chief Technology Officer
Aaron Pelta, Chief Business Officer
Colm White, Chief Program Officer
Ajay Duggal, Interim Chief Medical Officer

Strategic Partnerships

Caldera in-licensed exclusive global development and commercialization rights to CLD-423 from Qyuns Therapeutics. The company’s investor group includes Atlas Venture, LAV, venBio, Omega Funds, Wellington Management, and Janus Henderson Investors.

FAQ Section

Caldera is building an IBD-focused biologics company centered on bispecific antibody engineering, with an initial strategy of combining two clinically validated inflammatory pathways in a single molecule.

Caldera’s lead focus is inflammatory bowel disease, with broader stated interest in other immunologic and inflammatory diseases where IL-23 and TL1A biology is relevant.

CLD-423 is the lead program. It is a bispecific antibody targeting IL-23p19 and TL1A and is in Phase I clinical evaluation in healthy volunteers.

In January 2026, Caldera launched publicly with $112.5 million in total capital raised and reported first subjects dosed in its Phase I trial of CLD-423.

As of its January 2026 launch disclosures, Caldera’s public updates have focused on trial initiation and dosing in Phase I rather than reporting efficacy readouts in patients.

Near-term milestones center on completion of Phase I work in healthy volunteers and preparation for clinical evaluation in patients with IBD.

Caldera is led by a team with prior experience advancing and scaling IBD and immunology programs, with executive coverage across research, development, CMC, business development, and clinical execution.

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