The latest from small and Emerging Pharma companies featuring Caldera, Lyra Therapeutics, Orca Bio and Travere Therapeutics.

For news on the large and mid-sized bio/pharmaceutical companies, see Global Briefs.

* Caldera Launches as New Company
* Lyra Therapeutics Stops Development of Key Asset; Lays Off Workforce
* Orca Bio Completes Financing Round
* Travere Therapeutics Receives Extended Review for Kidney Drug

---

Caldera Launches as New Company
Caldera Therapeutics, a Cambridge, Massachusetts-based clinical-stage bio/pharmaceutical company, has launched with $112.5 million total capital raised and announced that the first subjects have been dosed in a Phase I trial of its lead program, CLD-423, a bispecific antibody treating for inflammatory bowel disease. Caldera raised a $75-million Series A round from Atlas Venture, LAV and venBio, and most recently a $37.5-million Series A-1 round led by Omega Funds, with participation from new investors Wellington Management and Janus Henderson Investors.

Source: Caldera Therapeutics

---

Lyra Therapeutics Stops Development of Key Asset; Lays Off Workforce
Lyra Therapeutics, a Watertown, Massachusetts-based bio/pharmaceutical company, has announced that its Board of Directors has decided to suspend further development of LYR-210, the company’s lead product candidate for the treatment of chronic rhinosinusitis. The company also announced a workforce reduction impacting its remaining 28 employees, and other cost-saving actions to preserve capital.

Source: Lyra Therapeutics

---

Orca Bio Completes Financing Round
Orca Bio, a Menlo Park, California-based late-stage bio/pharmaceutical company, completed a Series F financing round in December 2025 led by Lightspeed Venture Partners. The company has added $250 million in new equity capital from its two most recent financing rounds, along with a 2025 amendment to its Silicon Valley Bank credit facility providing up to $100 million in additional liquidity.

Source: Orca Bio

---

Travere Therapeutics Receives Extended Review for Kidney Drug
Travere Therapeutics, a San Diego, California-based bio/pharmaceutical company, has announced that the US Food and Drug Administration (FDA) has extended the review timeline of its supplemental new drug application for Filspari (sparsentan) in focal segmental glomerulosclerosis (FSGS), a kidney disorder. The new Prescription Drug User Fee Act (PDUFA) target action date is April 13, 2026.

Source: Travere Therapeutics