Kasvu Therapeutics Raises €30 Million Series A Financing Round led by Hadean Ventures to Advance its Novel TrkB Potentiator into Clinical Development Targeting Neuropsychiatric Disorders

• Differentiated approach directly and selectively enhances TrkB activity, a central regulator of neuroplasticity
• New funds will advance lead programme KTX-0141 through IND/CTA-enabling studies and Phase 1/1b clinical development targeting major depressive disorder
• Financing round was led by Hadean Ventures with participation from leading investors in Finnish science and innovation
  
  

Helsinki, Finland – 24 September 2026 – Kasvu Therapeutics (“Kasvu”), a company developing a new generation of neuroplastogens for neuropsychiatric and neurodegenerative disorders, today announced its €30 million Series A financing. The round was led by Hadean Ventures with significant participation from Tesi (Finnish Industry Investment) and existing investor Innovestor Life Science Fund. Other new participants included the Finnish Drug Discovery Center and Stephen Industries, as well as existing seed investors Nordic Science Investments and Helsinki University Funds.

Kasvu is developing a new class of small-molecule potentiators (positive allosteric modulators - PAMs) of TrkB (Tropomyosin Receptor Kinase B) designed to directly enhance the neuroplasticity pathways associated with the rapid and long-lasting antidepressant effects of psychedelics, but without engaging 5-HT2A, the serotonin receptor responsible for their hallucinogenic effects.

Rather than indiscriminately activating TrkB, Kasvu’s lead candidate KTX-0141 is designed to selectively amplify the brain’s endogenous BDNF (Brain Derived Neurotrophic Factor) signalling while preserving physiological control of the pathway. In preclinical studies, KTX-0141 has demonstrated enhanced TrkB signalling and robust structural and functional neuroplasticity, together with favourable drug-like properties and a highly encouraging preclinical safety profile. No hallucinogenic activity has been observed in the industry-standard preclinical model.

The new funds will support Kasvu’s ongoing IND/CTA-enabling activities to advance KTX-0141, through Phase 1/1b clinical development targeting major depressive disorder (MDD). Clinical development is expected to begin in the second half of 2027 and will include an initial efficacy assessment in patients with MDD including a control arm, which will inform the further clinical development path.

“We wish to thank both our existing and new investors for their confidence in Kasvu, our team and our mission. Their support marks a significant milestone for our company and reflects a shared belief in the potential of our science,” said Jami Mandelin, Chief Executive Officer and co-founder of Kasvu Therapeutics. “In just three years, we have advanced from a bold scientific hypothesis to a highly selective, first-in-class TrkB potentiator backed by compelling preclinical evidence. We believe direct and selective potentiation of TrkB offers a promising new approach to address the root-cause biology of depression, anxiety, and other mental health disorders by enhancing neuroplasticity without the hallucinogenic effects. KTX-0141 has the potential to be a rapid-acting and long-lasting treatment with convenient at-home use helping people living with these conditions to regain healthier, fuller lives.”

Georgina Askeland, incoming Board member and Principal at Hadean Ventures, added: “The past few years have fundamentally changed what the field believes is possible in depression. Clinical data with psychedelics and other rapid acting approaches has shown that engaging neuroplasticity can deliver rapid and durable benefit where decades of monoamine-based drugs have fallen short, and pharma has taken note. 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. Kasvu is exceptionally well placed to define this new class.”

Kasvu’s approach stems from decades of landmark research into BDNF/TrkB biology by Professor Eero Castrén at the University of Helsinki demonstrating that psychedelics including LSD and psilocybin bind directly to TrkB, a key regulator of neuroplasticity. These findings revealed a previously unrecognised mechanism through which psychedelics enhance neuroplasticity and provided the scientific foundation for targeting TrkB directly and independently of 5-HT2A¹ to reproduce the therapeutic effect of psychedelics without the hallucinations.

Building on this discovery, Kasvu’s founders developed a proprietary in silico 3D model of TrkB that identified the transmembrane binding pocket targeted by LSD and psilocybin. Kasvu has used this structural insight to discover and optimise novel, small-molecule PAMs, structurally distinct from psychedelics, that target the same TrkB binding site specifically and potently.

Kasvu’s scientific founders are supported by an experienced international drug discovery and development team and industry-leading CNS advisors with experience in advancing medicines from discovery through clinical development to approval. Kasvu has also received strategic funding from Business Finland, a key public funder of Finnish innovation, which has served as an important catalyst for the international growth of the company.

1. Moliner R, et al. Psychedelics promote plasticity by directly binding to BDNF receptor TrkB. Nat Neurosci. 26, 1032–1041 (2023). https://doi.org/10.1038/s41593-023-01316-5

ENDS

For further information:

MEDiSTRAVA (for Media)
Sandi Greenwood, Mark Swallow, Frazer Hall
KasvuTx@medistrava.com

Meru Advisors (for Investors)
Lee Stern
lstern@meruadvisors.com

About Kasvu Therapeutics

Kasvu Therapeutics is developing a new generation of small-molecule TrkB positive allosteric modulators (PAMs) for treating neuropsychiatric and neurodegenerative disorders. Founded in 2023 from cutting-edge research at the University of Helsinki, Kasvu is leveraging pioneering discoveries in BDNF/TrkB biology to develop potent and highly-selective neuroplastogens designed to deliver the neuroplasticity benefits associated with psychedelics without activating the 5-HT2A receptor responsible for their hallucinogenic effects.

Kasvu’s lead programme KTX-0141 has demonstrated robust neuroplasticity, strong CNS penetration and drug-like properties in preclinical studies, without evidence of hallucinogenic activity in preclinical models. The programme is advancing through IND/CTA-enabling studies, with clinical development planned to begin in the second half of 2027 in major depressive disorder. The Company’s proprietary TrkB discovery platform also has potential applications across a broad range of neuropsychiatric and neurodegenerative diseases.

www.kasvutx.com

About Major Depressive Disorder (MDD) and Therapeutic Neuroplastogen Approaches

MDD remains a major area of unmet medical need, affecting an estimated 322 million people worldwide². In the US alone, approximately 31 million adults live with MDD and around 19 million receive treatment each year³. Despite the availability of multiple antidepressant therapies, approximately 31% of treated patients do not achieve an adequate response to first- and second-line treatments and are considered to have treatment-resistant depression (TRD)⁴. For these patients, alternative treatment options can be associated with challenging side effects and can be resource-intensive and burdensome for patients and healthcare providers.

Psychedelics are rapid-acting neuroplasticity therapies that have demonstrated significant potential in depression, but broader access is constrained by hallucinogenic effects driven by activity at the 5-HT2A (serotonin) receptor and the associated need for supervised, in-clinic administration and patient monitoring. By directly modulating TrkB without engaging 5-HT2A, Kasvu aims to develop a neuroplastogen combining the potential for rapid and long-lasting efficacy with a safety and treatment profile that could ultimately support convenient at-home administration and broaden patient access.

2. Cao, Z., et al. Global economic burden of depression in 154 countries from 2025 to 2050. Nat. Med. (2026) https://doi.org/10.1038/s41591-026-04548-7
3. https://www.rti.org/publication/mental-substance-use-disorders-prevalence-study-findings-report
4. Zhdanava, M. et al. The Prevalence and National Burden of Treatment-Resistant Depression and Major Depressive Disorder in the United States. J Clin. Psychiatry (2021) Mar 16;82(2):20m13699. doi: 10.4088/JCP.20m13699

About Hadean Ventures

Hadean Ventures is a European life science fund manager that invests in life science companies across Europe with a particular focus on the Nordic region. Hadean Ventures is managing funds backed by leading European and US-based, private and institutional investors. Hadean Ventures has offices in Oslo and Stockholm and collaborates with world-class academic institutions and start-up hubs across the region.

https://www.hadeanventures.com

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• Kasvu Therapeutics