Carmot Therapeutics

General Information

(Note: Carmot Therapeutics withdrew its IPO plans in an SEC letter dated Dec. 11, 2023. Roche announced earlier in December that it would acquire the Berkeley, California-based biotech for about $2.7 billion.)

We are a Phase 2 clinical biotechnology company developing drugs to treat obesity and diabetes. (Incorporated in Delaware)

We are a clinical-stage biotechnology company dedicated to developing life-changing therapeutics for people living with metabolic diseases including obesity and diabetes. Obesity and diabetes are the two most prevalent diseases in the world, affecting more than 750 million people, and are associated with severe health complications, including cardiovascular disease (CVD), chronic kidney disease (CKD), as well as an increased risk of death, among others. Despite recent approvals of drugs (such as Ozempic/Wegovy, marketed by Novo Nordisk, and Mounjaro, marketed by Eli Lilly) targeting select metabolic hormones, or incretins, for the treatment of these diseases, we believe a number of limitations remain including tolerability, prolonged titration schemes, and administration and supply challenges. We are developing our broad, wholly-owned pipeline of novel incretin agonists, using our Chemotype Evolution platform, with the potential to address these shortcomings and produce significant weight loss and glycemic control. Our patient-focused portfolio has the potential to provide differentiated solutions for every patient’s individual metabolic health journey.

Our clinical pipeline targets two main incretins, glucagon-like peptide-1 (GLP-1), and glucose-dependent insulinotropic polypeptide (GIP), both of which play significant roles in energy homeostasis. Our three clinical-stage product candidates are:

  • CT-996, a once-daily oral, small molecule GLP-1 receptor agonist for the treatment of obesity and T2D; and

  • CT-868, a once-daily subcutaneous injectable, dual GLP-1/GIP receptor agonist for the treatment of type 1 diabetes (T1D) patients with overweight or obesity.

In June 2023, we announced proof-of-concept data from our ongoing Phase 1/2 multiple ascending dose (MAD) clinical trial for CT-388 that we are developing for patients with obesity and T2D. We observed statistically significant (p < 0.001) weight loss after four weeks of treatment across all cohorts and an average weight loss of 8.4%, or approximately 17 pounds, in the highest dose cohort. CT-388 also demonstrated favorable tolerability results with the most common treatment emergent adverse events (TEAEs) being mild to moderate in severity and gastrointestinal (GI) related, which are consistent with the adverse events (AEs) in the incretin therapeutic class. We are exploring additional durations of treatment, doses and titration schemes in this clinical trial and expect to release Phase 1/2 topline dosing and titration data for cohorts 9, 11 and 12 in the first half of 2024. We plan to release Phase 1/2 topline data for cohorts 10, 13 and 14 along with the Phase 2 topline data in 2025.

We are developing CT-996, an oral small molecule, in an ongoing Phase 1 first-in-human clinical trial in participants with overweight or obesity and in cohorts of participants with overweight or obesity and T2D.


*Note: Net loss and license revenue are for the 12 months that ended Sept. 30, 2023.

(On Dec. 4, 2023, Roche announced that it was buying Carmot Therapeutics for $2.7 billion.)

(Carmot Therapeutics Inc. filed its S-1 on Nov. 17, 2023, without disclosing terms for its IPO. The company submitted confidential IPO documents to the SEC on Sept. 28, 2023.)

Employees: 59
Founded: 2008
Contact Information
Address 740 Heinz Avenue Berkeley, CA 94710
Phone Number (888) 402-4674
Web Address
View Prospectus: Carmot Therapeutics
Financial Information
Market Cap
Revenues $2.23 mil (last 12 months)
Net Income $-51.69 mil (last 12 months)
IPO Profile
Symbol CRMO
Exchange NASDAQ
Shares (millions): 0.0
Price range $0.00 - $0.00
Est. $ Volume $100.0 mil
Manager / Joint Managers J.P. Morgan /BofA Securities /Piper Sandler /Guggenheim Securities
Expected To Trade:
Status: Withdrawn
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
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