Boundless Bio's oncology platform collapsed after BBI-940 failed; the shell now bets entirely on Serapha's SERP-01 base-editing therapy for a rare lung disease, funded to Phase 3 initiation

Boundless Bio is a clinical-stage gene-therapy company developing SERP-01, a base-editing therapy for alpha-1 antitrypsin deficiency, a rare inherited lung disease, which is not yet approved.

Boundless Bio was built around ecDNA oncology but abandoned that thesis entirely after BBI-940 produced early clinical data insufficient to continue. What remains is a reverse-merger vehicle, renamed Serapha Bio, whose entire value rests on SERP-01, an unproven in vivo base-editing therapy for alpha-1 antitrypsin deficiency, a rare inherited lung and liver disease with no curative treatment. The thesis resolves on whether SERP-01 produces durable protein correction in Phase 2, but faces structurally formidable competition from fazirsiran (RNA interference, approved) and PM647 from Prime Medicine in the same genetic target.