Karuna Therapeutics Raises Its IPO Estimate to $85 Million

June 17, 2019

Karuna Therapeutics updated its IPO filing to include a new maximum of $85 million+. The company will offer 4,375,000 shares. The company plans to trade on NASDAQ under the symbol, “KRTX.”

Karuna is developing treatments for schizophrenia, Alzheimer's, and pain. Their lead candidate KarXT has a novel MOA that the company believes will provide advantages over current treatments for schizophrenia and some other types of psychosis. KarXT combines and muscarinic receptor agonist that preferentially targets M1 and M4 in the CNS and a muscarinic receptor agonist that does not measurably cross the blood-brain barrier and is confined to acting in the peripheral nervous system.

KarXT is in Ph II trials in schizophrenia and Ph I in Alzheimer's psychosis and pain. Ph Ib trials for these indications are slated to begin in 2H2019.

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