Carmot Therapeutics is a clinical-stage biotechnology company focused on discovery and development of disease-modifying therapies for metabolic diseases such as obesity and diabetes. The company uses a Chemotype Evolution drug discovery platform to identify novel incretin receptor signaling targets. Its pipeline includes three clinical candidates: CT-388 (once-weekly dual GLP-1/GIP receptor modulator), CT-868 (once-daily dual GLP-1/GIP receptor modulator) and CT-996 (oral small-molecule GLP-1 receptor agonist). The company aims to produce significant weight loss and improved glycemic control through its therapeutics. Carmot plans to use the new funding to strengthen its broad portfolio of clinical and preclinical assets that modulate gut hormones central to energy homeostasis. The company is led by CEO Heather Turner and is based in Berkeley, California. Carmot applies its proprietary Chemotype Evolution platform to discover peptide-based and small-molecule therapeutics targeting metabolic diseases and oncogenic pathways. Its metabolic pipeline includes CT-388, a once-weekly dual GLP-1/GIP modulator in Phase 2, CT-868, a fully biased GLP-1/GIP modulator in Phase 2, and CT-996, an oral small-molecule GLP-1 receptor agonist in Phase 1, alongside several preclinical programs. The company also pursues novel covalent inhibitors and oncology programs internally and with partners. Carmot highlights a collaboration with Amgen that supported development of sotorasib (LUMAKRAS). The company is headquartered in Berkeley, Calif., and is advancing its incretin-focused programs toward later-stage clinical readouts. The recent financing is intended to accelerate clinical development across its pipeline. Carmot Therapeutics is a Berkeley-based biotechnology company applying its Chemotype Evolution (CE) drug discovery platform to develop peptide-based and small-molecule therapies for metabolic diseases. Its lead programs are dual GLP-1/GIP receptor modulators, including CT-868 (lead) and CT-388. The company plans to initiate a 26-week dose-ranging Phase 2 study for CT-868 and Phase 1–2 studies for CT-388 early in 2021, involving more than 300 patients. Carmot reports that CT-868 showed a potentially favorable pharmacology in Phase 1 and preclinical data indicate both CT-868 and CT-388 are powerful insulin sensitizers. The CE platform has been used in partnerships, including a discovery collaboration with Amgen that contributed to AMG 510. The $47 million Series C financing will support the planned clinical programs and broader development efforts. Carmot positions its dual incretin modulators as potential best-in-class candidates for type 2 diabetes, obesity, and fatty liver disease. Carmot applies a proprietary Chemotype Evolution drug‑discovery approach to identify internally developed and partnered drug candidates across multiple therapeutic areas. Its lead program is a dual GLP‑1R/GIPR agonist for type 2 diabetes, which the company plans to advance through early clinical proof of concept. The company also advances preclinical leads in diabetes, obesity, and fatty liver disease and is expanding efforts targeting de‑ubiquitinating enzymes. Carmot has identified leads against class‑B GPCRs, protein‑protein interactions, and de‑ubiquitinating enzymes and is progressing a portfolio toward clinical development in metabolic disease and oncology. It maintains collaborations with Amgen and Genentech and recently relocated its headquarters to Berkeley, CA while keeping a research site in Mission Bay, San Francisco. The company indicated the new financing, together with non‑dilutive revenue, will fund near‑term development and program advancement. Carmot Therapeutics is a drug discovery company founded in 2008 by Drs. Stig K. Hansen and Daniel A. Erlanson and based in San Francisco. The company commercializes and further develops Chemotype Evolution, a patent‑pending, target-directed compound library platform built on a unique fragment-assembly approach invented at Sunesis Pharmaceuticals. Chemotype Evolution is being used to identify promising drug candidates for inflammatory, metabolic, and neurological diseases. Earlier in 2010 Carmot closed a Series A financing from The Column Group to advance its platform and received an exclusive license to Chemotype Evolution from Sunesis. In December 2010 the company received equipment financing from Leader Ventures to support its operations. Carmot's stated focus is advancing its platform and progressing identified drug candidates.

Total raised

$372M

Funding rounds

5

Latest round

Series E

Latest activity

May 2023