Kasvu Therapeutics raises €30M Series A to take first-in-class TrkB drug to clinical trials

Kasvu Therapeutics (Helsinki) has raised €30 million in a Series A led by Hadean Ventures, with Tesi (Finnish Industry Investment), Innovestor Life Science Fund, the Finnish Drug Discovery Center, Stephen Industries, Nordic Science Investments, and Helsinki University Funds participating. Founded in 2023 by Jami Mandelin (CEO) and Professor Eero Castrén of the University of Helsinki — alongside CMO Matti Karvonen and CBO Georgios Trichas — the company is advancing KTX-0141, a first-in-class TrkB positive allosteric modulator (PAM), toward Phase 1 clinical trials in major depressive disorder.

What KTX-0141 does

The drug's mechanism is targeted: it potentiates the TrkB receptor — the primary docking site for brain-derived neurotrophic factor (BDNF) — without directly activating 5-HT2A serotonin receptors. That distinction matters commercially because 5-HT2A activation drives the hallucinogenic and perceptual effects associated with psilocybin and LSD. KTX-0141 is designed to access the neuroplasticity cascade that BDNF-TrkB signalling triggers — strengthening synaptic connections, supporting circuit remodelling in depression-relevant brain regions — without requiring supervised clinical sessions or generating the regulatory scheduling burden that psychedelic-derived treatments carry.

Preclinical studies showed strong CNS penetration, selectivity for TrkB over other receptor families, and what the company describes as "robust neuroplasticity" effects. The IND/CTA package to support first-in-human dosing is underway, with Phase 1/1b start targeted for the second half of 2027.

The at-home market bet

Georgina Askeland, Principal at Hadean Ventures, framed the investment thesis around the access problem that clinic-administered treatments face: "The logical next step is bringing that biology to the millions of patients who cannot access a supervised, in-clinic experience. Kasvu goes directly to TrkB, the core node of neuroplasticity, with a selective small molecule designed for at-home use."

The implicit argument is that the commercial ceiling for KTX-0141, as a conventional oral antidepressant, is substantially higher than for REMS-gated alternatives. The WHO estimates that depression affects 280 million people globally; US antidepressant revenues exceed $15 billion annually. Neither figure is achievable for a drug that can only be dispensed through a certified clinic. Kasvu's hypothesis is that a selective TrkB PAM, if it clears Phase 1 safety, reaches the at-home prescription market that ketamine and psilocybin cannot.

The capital funds IND/CTA studies and the Phase 1 programme. The company has not disclosed a patient cohort size or a timeline beyond the H2 2027 clinical start.