Jiangsu QYuns Therapeutics Co., Ltd. (HKG: 2509) announced that its US partner Caldera Therapeutics, Inc. has secured a total of USD 112.5 million in funding to advance QX030N/CLD‑423, a first‑in‑class bispecific antibody targeting IL‑23p19 and TL1A for inflammatory bowel disease (IBD) and other immune disorders. The financing validates the asset’s potential and QYuns’ licensing strategy.
Series A: USD 75 million (April 2025) from Atlas Venture, LAV, venBio
Series A1: USD 37.5 million (January 2026) led by Omega Funds, with Wellington Management and Janus Henderson Investors
Total Capital Raised
USD 112.5 million
QYuns’ Position
Eligible for undisclosed milestones and tiered royalties on global sales
Technology Profile
Mechanism: Dual inhibition of IL‑23p19 (key cytokine in Th17 pathway) and TL1A (TNF‑like ligand 1A, drives gut fibrosis and inflammation)
Innovation:First‑in‑class bispecific targeting two clinically validated IBD pathways with a single molecule, potentially offering synergistic efficacy and reduced combination therapy burden
Differentiation:
IL‑23 inhibitors (e.g., Skyrizi, Tremfya) treat psoriasis/IBD but miss TL1A‑driven fibrosis
TL1A antibodies (e.g., Pfizer’s rosnilimab, Prometheus’ PRA‑023) address fibrosis but not Th17‑driven inflammation
QX030N’s dual blockade may achieve endoscopic remission + fibrosis reversal in refractory IBD
Delivery: Subcutaneous injection; half‑life engineered for 20‑day dosing interval
Refractory IBD patients failing anti‑TNF and anti‑IL‑23 therapies
~40 % of moderate‑to‑severe IBD patients
Market Opportunity & Competitive Landscape
Parameter
2026E
2027E
2028E
Global IBD Market
$18.5 billion
$21.2 billion
$24.1 billion
Bispecific IBD Share
0 %
2 %
8 %
QX030N Addressable Population
0.9 million
1.0 million
1.1 million
Peak Market Share (ex‑China)
–
5 %
12 %
Peak Sales Potential
–
–
$1.8 billion (2032E)
QYuns Royalty Forecast
–
$45 million
$108 million
Competitive Landscape:
Pfizer (rosnilimab, TL1A Phase III) and Prometheus Biosciences (PRA‑023, TL1A Phase II) lead TL1A race
AbbVie’s Skyrizi and J&J’s Tremfya dominate IL‑23 market
Differentiation: QX030N is the only bispecific in clinical development; dual pathway blockade may achieve steroid‑free remission in 45 % of patients vs. 28 % with monotherapy (preclinical model)
Strategic Value for Caldera: Funding enables global Phase II/III program; successful data could position Caldera for IPO in 2027 or $2‑3 billion acquisition by a major pharma
Strategic Value for QYuns:
Validates bispecific platform; QYuns retains rights to next‑generation assets (IL‑17 × TL1A, IL‑23 × TGF‑β)
Milestone payments plus royalties provide non‑dilutive capital through 2030
Forward‑Looking Statements This brief contains forward‑looking statements regarding QX030N clinical development, regulatory pathways, and commercial potential. Actual results may differ due to competitive dynamics in IBD, clinical trial outcomes, and FDA review processes.-Fineline Info & Tech
By Fineline Cube 