Carmot Therapeutics, a Phase 2 biotech developing therapies for diabetes and obesity, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Carmot Therapeutics is developing a pipeline of novel incretin agonists using its Chemotype Evolution platform for metabolic diseases including obesity and diabetes. It currently has three clinical-stage candidates: CT-388, a once-weekly subcutaneous injectable, dual GLP-1/GIP receptor agonist for the treatment of obesity and type 2 diabetes (T2D); CT-996, a once-daily oral, small molecule GLP-1 receptor agonist for the treatment of obesity and T2D; and CT-868, a once-daily subcutaneous injectable, dual GLP-1/GIP receptor agonist for the treatment of type 1 diabetes (T1D) patients with overweight or obesity. Its most advanced candidates are CT-388 and CT-868, which are currently in Phase 1/2 and Phase 2 trials, respectively.
The Berkeley, CA-based company was founded in 2008 and booked $2 million in license revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol CRMO. J.P. Morgan, BofA Securities, Piper Sandler, and Guggenheim Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
