Caliway Biopharmaceuticals (Caliway) is a clinical-stage biopharmaceutical company driven to breakthrough drug discovery of medical aesthetics and inflammatory of small-molecule therapeutics. In the company pipeline, the leading candidate, CBL-514, is a first-in-class new drug that can trigger adipocyte apoptosis at the injection site and effectively reduce subcutaneous fat without causing tissue necrosis or prominent side effects. Independently developed by Caliway, CBL-514 is under multiple studies for multiple indications, including local fat reduction, cellulite, and Dercum’s disease treatment. The Phase IIb study of CBL-514 for non-invasive fat reduction demonstrated that over 80% of subjects reduced subcutaneous fat by 1 grade (among five grades of severity) in the treated area with a favorable safety and tolerability profile. Caliway’s other candidate products’ indications include central obesity, hyperpigmentation, and skin aging.