Kailera Therapeutics is a clinical-stage biotech founded in May 2024, focused entirely on developing drugs to treat obesity. Kailera has no approved products and no revenue. Its lead candidate is ribupatide (KAI-9531), a once-weekly injectable GLP-1/GIP dual agonist in-licensed from Jiangsu Hengrui Pharmaceuticals, for which Kailera holds exclusive development and commercialization rights outside of Greater China. Ribupatide is designed to deliver greater weight loss than tirzepatide (currently the leading obesity drug), targeting patients with a BMI of 35+ for whom existing drugs still leave most patients clinically obese. Ribupatide is currently in three global Phase 3 trials, with topline results expected in 2028. Beyond ribupatide, Kailera is developing three additional candidates, all also in-licensed from Hengrui: an oral tablet version of ribupatide (KAI-9531-T), a once-daily oral small molecule GLP-1 agonist (KAI-7535) currently in Phase 2, and KAI-4729, a once-weekly injectable GLP-1/GIP/glucagon tri-agonist in early development. Kailera's path to commercialization depends entirely on successful Phase 3 outcomes, regulatory approvals, and either independent commercialization or partnership arrangements. The company has no manufacturing capabilities and relies on third-party manufacturers, including Hengrui for near-term clinical supply.