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