Kalohexis is working on peptide therapies, including one for obesity that could offer an alternative approach to the GLP-1s that currently dominate the weight loss space.
Kalohexis, a recently spunout obesity-focused drugmaker, has filed for an initial public offering.
The Illinois startup has submitted its confidential registration statement with the SEC, according to a news release on Tuesday, keeping much of its offering’s details under wraps. Kalohexis hasn’t yet determined how many shares it will put up for sale, the proceeds it expects to raise or when the fundraise will close.
With the prospectus inaccessible, it remains unclear what exactly Kalohexis plans to do with its IPO haul.
Kalohexis entered the biopharma arena in March, spinning out of the privately held Endevica Bio. The spinoff was created specifically to advance a pipeline of therapeutic peptides for metabolic disorders, specifically targeting the melanocortin 3 and melanocortin 4 receptors (MC3R/MC4R). These two proteins are involved in various metabolic cascades, including energy balance and appetite control.
Kalohexis’ most mature asset is mifomelatide, which is in Phase 2 development for cachexia—or the severe weight-loss and muscle wasting—in patients with cancer. The biotech is also working on an oral drug called EBMC-710GO, which is in early-stage development for obesity.
This latter asset, if it succeeds in clinical development, could serve as Kalohexis’ entry ticket into the lucrative weight-loss market. There are 100 million adults with obesity in the U.S., according to the company’s website, who cumulatively rack up $173 billion in medical costs. IQVIA in April estimated that the obesity therapeutics market could hit $200 billion by next year.
The space is currently dominated by GLP-1 medicines, including Novo Nordisk’s semaglutide—sold as Ozempic, Wegovy and Rybelsus—and Eli Lilly’s tirzepatide, which is the basis for the Mounjaro and Zepbound brands. The two oral options on the market—Novo’s Wegovy pill and Lilly’s Foundayo—are also GLP-1s. Kalohexis seeks to offer an alternative approach with EBMC-710GO that, aside from simply reducing appetite, also “drives healthier weight loss that preserves lean mass,” the company said on its site.
EBMC-710GO can be used as a monotherapy or in combination with current standard weight loss regimens, Kalohexis adds, noting that the drug could also have therapeutic potential for rare forms of obesity, such as genetic and hypothalamic obesity. The company dosed the first patient in a Phase 1 trial in May but has yet to disclose when it expects data.
Biotech IPOs have rebounded this year, with more than 15 companies already filing to go public, up from eight last year. These include two record-setting raises: $625 million for Kailera Therapeutics and $670 million for Parabilis Medicines, with public debuts less than two months apart. Most recently, Scribe Therapeutics filed for an IPO last week, looking to generate support for its CRISPR-based therapies for cardiometabolic conditions.
