Syremis Therapeutics Launches with $165M Series A to Advance Novel Mental Health Therapies
Key Insights
Syremis Therapeutics (search) launched with $165 million Series A financing co-led by Dexcel Pharma (search) and Third Rock Ventures (search) to develop innovative treatments for mental health disorders.
The company's lead program ST-905 (search) is a dual M1/M4 muscarinic agonist currently in Phase 1 trials for schizophrenia and other neuropsychiatric conditions.
ST-901 (search), a novel NMDA antagonist in IND-enabling studies, targets major depressive disorder and bipolar depression with plans to enter Phase 1 development next year.
Syremis Therapeutics (search), a clinical-stage biopharmaceutical company, announced its launch with a $165 million Series A financing to develop novel medicines for mental health disorders. The financing round was co-led by Dexcel Pharma (search) and Third Rock Ventures (search), with participation from Bain Capital Life Sciences (search), GV (Google Ventures), QVT, and Pictet.
The funding will support advancement of Syremis' pipeline through clinical proof of concept, addressing significant unmet needs in mental health treatment. Schizophrenia and other psychotic disorders remain among the most debilitating and underserved conditions worldwide, with more than 20 million people affected and facing considerable disability, elevated relapse rates, and reduced life expectancy.
Lead Program Targets Schizophrenia
Syremis' lead program, ST-905 (search), is a dual M1/M4 muscarinic agonist under development for schizophrenia and other neuropsychiatric conditions, currently in Phase 1 clinical trials. The molecule's differentiated potency and favorable pharmaceutical properties position it as a potential best-in-class therapy across multiple neuropsychiatric indications and symptom domains, with opportunities for once-daily oral dosing and a long-acting injectable formulation.
"Schizophrenia and Alzheimer's disease psychosis remain two of the most challenging of all neuropsychiatric disorders, and the need for new and effective therapies could not be greater," said Steve Paul, MD, Syremis' co-founder and member of the Board of Directors, and former CEO and Chair of Karuna Therapeutics (search). "With its balanced M1/M4 profile and promising pharmaceutical properties, Syremis has the potential to build on important clinical progress and ultimately transform the treatment landscape for patients and their families."
Second Program Addresses Depression
The company is also advancing ST-901 (search), a novel NMDA antagonist currently in IND-enabling studies. ST-901 will be developed for major depressive disorder and bipolar depression, two conditions with significant unmet need and high societal impact. The program is expected to enter Phase 1 development next year.
Both ST-905 (search) and ST-901 (search) were initially discovered and developed at Clexio Biosciences (search) and subsequently spun-out to Syremis Therapeutics (search). The company's neuropsychiatric pipeline is rooted in emerging and clinically validated mechanisms of action, including muscarinic M1/M4 agonism and next-generation NMDA antagonism.
Experienced Leadership Team
Syremis is led by a seasoned team with deep expertise in drug development and neuroscience. The leadership team includes Elisabeth Kogan as Co-Founder and CEO, Elena Kagan as Co-Founder and Chief Development Officer, and Menashe Levy as Co-Founder and Chief Technology Officer.
"Syremis was founded with a shared vision to advance mental health care through innovation grounded in emerging scientific and clinical insights," said Elisabeth Kogan, Co-Founder and CEO of Syremis Therapeutics (search). "We are excited to announce the Series A financing to rapidly advance our pipeline into clinical proof of concept."
The Board of Directors includes notable industry veterans such as Ilan Oren, Board Chair and Co-CEO of Dexcel Pharma (search), Reid Huber, Partner at Third Rock Ventures (search), and Ray Sanchez, Senior Advisor at Bain Capital Life Sciences (search) and former CMO of Cerevel.
Investor Confidence
"We are proud to support Syremis in its mission to bring forward novel, clinically grounded approaches for serious mental illness," said Ilan Oren, Co-CEO of Dexcel Pharma (search). "The combination of a seasoned leadership team, compelling science, and strategic focus positions the company to deliver meaningful impact for millions of patients worldwide."
Reid Huber, Partner at Third Rock Ventures (search), added: "Syremis embodies the values we prioritize in our company-building efforts. With a highly capable team and compelling scientific foundation, the company is well-equipped to drive its programs forward with urgency and conviction."
Leerink Partners acted as exclusive financial advisor for Syremis Therapeutics (search)' Series A financing. The company operates from locations in Tel Aviv and Boston.