Qyuns Therapeutics Co., Ltd. (“QYUNS-B”; together with subsidiaries, the Group) has released a voluntary announcement detailing material milestones at its partner, Caldera Therapeutics, Inc. (“Caldera”), the global licensee for QX030N/CLD-423.
Transaction Highlights • Merger Structure: On 29 July 2026 Caldera agreed to merge with Synlogic, Inc. (OTC: SYBX) in an all-stock deal that will form a new holding company named Caldera Therapeutics, Inc. The combined entity intends to list on the Nasdaq Capital Market under the ticker “CALD”. • Financing: Concurrent with the merger, Caldera has obtained binding commitments for an upsized private placement of approximately USD278.00 million. The syndicate includes Bain Capital Life Sciences, TCGX, Atlas Venture, venBio Partners, Omega Funds, Blackstone Multi-Asset Investing, LAV, Wellington Management, Janus Henderson Investors, Sirenia Capital Management LP and Vivo Capital, alongside other institutional investors. QYUNS-B is not participating in the financing and has provided no guarantees. • Post-Merger Ownership: At closing, expected by early 2027, pre-merger Caldera shareholders will hold about 62.8% of the combined company, private-placement investors 34.9%, and pre-merger Synlogic shareholders 2.3%, subject to Synlogic’s net cash adjustments. • Governance: Caldera’s current CEO, Dr. Praveen Tipirneni, will lead the merged company; Caldera’s existing board will serve as the board of the combined entity.
QYUNS-B Equity Position Under a 23 April 2025 share purchase agreement, QYUNS-B initially acquired 24.88% of Caldera. Following Caldera’s Series A-1 round, the Group’s stake stands at approximately 11.48% as of 30 June 2026.
Lead Asset Progress – QX030N/CLD-423 • Modality: Bispecific antibody simultaneously inhibiting TL1A and IL-23p19 pathways for inflammatory bowel disease (IBD) and other immune-mediated indications. • Clinical Status: Phase I healthy-volunteer trial in Australia commenced January 2026; dosing has completed. Unblinded data from the first four single ascending dose (SAD) cohorts show: – Favourable tolerability with no dose-limiting toxicities. – Approximately dose-proportional exposure and serum half-life >40 days. – ~80% subcutaneous bioavailability, supporting potential 8–12-week maintenance dosing. – Rapid, sustained TL1A target engagement and low late-onset ADA incidence. • Upcoming Milestones: Additional data from all five SAD cohorts and multiple-dose cohorts are expected later in 2026. Phase II trials in ulcerative colitis and Crohn’s disease are intended to be financed by the new capital.
Strategic Implications for QYUNS-B The proposed merger and substantial capital infusion strengthen Caldera’s ability to advance QX030N/CLD-423 through mid-stage clinical development and broaden its immune-mediated disease pipeline. As an 11.48% shareholder and global licensor, QYUNS-B stands to benefit from potential value creation and downstream milestones linked to the candidate’s progress.
Shareholder Advisory QYUNS-B advises investors to exercise caution when dealing in its shares as the merger and financing remain subject to customary approvals and closing conditions, with completion targeted for early 2027.
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