# Seaport Therapeutics
Seaport Therapeutics is a Boston-based, clinical-stage biopharmaceutical company, launched in April 2024, that develops neuropsychiatric medicines using the Glyph prodrug technology platform, and it has been a public company since a 2026 initial public offering.[1](https://seaporttx.com/press-release/seaport-therapeutics-launches-with-100-million-oversubscribed-series-a-financing-round-to-advance-novel-neuropsychiatric-medicines/) • [2](https://www.fiercebiotech.com/biotech/ma-used-be-only-way-go-why-seaports-ceo-opted-upsized-255m-ipo) The company was created by the team behind KarXT (Cobenfy), the schizophrenia drug that [Bristol Myers Squibb](https://www.edgepedia.org/bristol-myers-squibb) acquired when it bought Karuna Therapeutics for $14 billion in March 2024.[3](https://seaporttx.com/our-pipeline/)
| Key fact | Detail |
|---|---|
| Founded | April 9, 2024, headquartered in Boston, MA[1](https://seaporttx.com/press-release/seaport-therapeutics-launches-with-100-million-oversubscribed-series-a-financing-round-to-advance-novel-neuropsychiatric-medicines/) |
| Founders | Daphne Zohar (Founder and CEO); Steven M. Paul, M.D. (Founder and Chair of the Board)[1](https://seaporttx.com/press-release/seaport-therapeutics-launches-with-100-million-oversubscribed-series-a-financing-round-to-advance-novel-neuropsychiatric-medicines/) |
| Sector | Biotechnology; neuropsychiatric medicines (depression, anxiety, and related disorders) |
| Private capital raised | $325 million since launch: $100M Series A (April 2024) and $225M Series B (October 2024)[4](https://www.sec.gov/Archives/edgar/data/1782999/000119312524240439/d891953dex991.htm) |
| IPO | 2026 upsized IPO, nearly 14.2 million shares at $18, $254.9 million gross proceeds[2](https://www.fiercebiotech.com/biotech/ma-used-be-only-way-go-why-seaports-ceo-opted-upsized-255m-ipo) |
| Lead investors | ARCH Venture Partners, General Atlantic, Sofinnova Investments, Third Rock Ventures, PureTech Health; later T. Rowe Price-advised funds, Foresite Capital, Invus, Goldman Sachs Alternatives, CPP Investments[1](https://seaporttx.com/press-release/seaport-therapeutics-launches-with-100-million-oversubscribed-series-a-financing-round-to-advance-novel-neuropsychiatric-medicines/) • [4](https://www.sec.gov/Archives/edgar/data/1782999/000119312524240439/d891953dex991.htm) |
| Lead programs | SPT-300 (GlyphAllo, Phase 2b for major depressive disorder); SPT-320 (GlyphAgo, Phase 1 for generalized anxiety disorder); SPT-348 (Glyph2BLSD, preclinical)[5](https://www.puretechhealth.com/program/seaport-therapeutics/) |
| Status (2026) | Public, operating, advancing Phase 2 programs[2](https://www.fiercebiotech.com/biotech/ma-used-be-only-way-go-why-seaports-ceo-opted-upsized-255m-ipo) |
## Founding and the Karuna lineage
Seaport launched on April 9, 2024 with a $100 million oversubscribed Series A co-led by [ARCH Venture Partners](https://www.edgepedia.org/arch-venture-partners) and Sofinnova Investments, along with [Third Rock Ventures](https://www.edgepedia.org/third-rock-ventures) and founding investor PureTech Health.[1](https://seaporttx.com/press-release/seaport-therapeutics-launches-with-100-million-oversubscribed-series-a-financing-round-to-advance-novel-neuropsychiatric-medicines/) Its leadership carries the Karuna lineage directly. Daphne Zohar, founding CEO of PureTech Health and co-founder of Karuna Therapeutics, is Seaport's Founder and CEO. [Steven M. Paul](https://www.edgepedia.org/steven-m-paul), M.D., former CEO and Chair of Karuna and former President of Lilly Research Laboratories, is Founder and Chair of Seaport's board.[1](https://seaporttx.com/press-release/seaport-therapeutics-launches-with-100-million-oversubscribed-series-a-financing-round-to-advance-novel-neuropsychiatric-medicines/) According to the company, its team created and advanced KarXT (xanomeline-trospium), the first-in-class medicine now marketed as Cobenfy, and members of the team co-founded Karuna, which Bristol Myers Squibb acquired in March 2024 for $14 billion.[1](https://seaporttx.com/press-release/seaport-therapeutics-launches-with-100-million-oversubscribed-series-a-financing-round-to-advance-novel-neuropsychiatric-medicines/) • [3](https://seaporttx.com/our-pipeline/)
The Glyph platform itself began at PureTech: per PureTech, all of Seaport's product candidates are based on Glyph, which was initially advanced at PureTech and is now exclusively licensed to Seaport, generating new composition-of-matter intellectual property.[5](https://www.puretechhealth.com/program/seaport-therapeutics/)
## The Glyph technology platform
Glyph is a prodrug platform that routes oral drugs through the intestinal lymphatic system, so they are absorbed like dietary fats rather than by the usual portal route to the liver.[4](https://www.sec.gov/Archives/edgar/data/1782999/000119312524240439/d891953dex991.htm) Seaport exclusively licensed the technology from [Monash University](https://www.edgepedia.org/monash-university), based on the research of the Porter Research Group.[4](https://www.sec.gov/Archives/edgar/data/1782999/000119312524240439/d891953dex991.htm) The design goal is to enhance the bioavailability of oral drugs by reducing their metabolism in the body before they reach their intended target.[2](https://www.fiercebiotech.com/biotech/ma-used-be-only-way-go-why-seaports-ceo-opted-upsized-255m-ipo)
The platform targets two well-documented absorption problems. Allopregnanolone, a naturally occurring molecule with clinically validated rapid antidepressant, anti-anxiety, and sleep-promoting effects, has very low oral bioavailability, which has constrained its clinical use.[3](https://seaporttx.com/our-pipeline/) [Agomelatine](https://www.edgepedia.org/agomelatine), an antidepressant sold in Europe as Valdoxan but not FDA-approved, loses over 90% of an oral dose to first-pass liver metabolism, and its use is limited by dose-dependent liver enzyme elevations; Seaport reports that unmodified agomelatine separated from placebo in all four of its randomized generalized anxiety disorder studies.[3](https://seaporttx.com/our-pipeline/)
## Funding history
Seaport's private financing totaled $325 million in two rounds.[4](https://www.sec.gov/Archives/edgar/data/1782999/000119312524240439/d891953dex991.htm) The $100 million Series A closed at launch in April 2024.[1](https://seaporttx.com/press-release/seaport-therapeutics-launches-with-100-million-oversubscribed-series-a-financing-round-to-advance-novel-neuropsychiatric-medicines/) On October 21, 2024, the company closed an oversubscribed $225 million Series B led by [General Atlantic](https://www.edgepedia.org/general-atlantic), with participation from [T. Rowe Price](https://www.edgepedia.org/t-rowe-price)-advised funds, Foresite Capital, Invus, Goldman Sachs Alternatives, and CPP Investments.[4](https://www.sec.gov/Archives/edgar/data/1782999/000119312524240439/d891953dex991.htm) Following that round, PureTech held 36.7% of Seaport on a diluted basis.[4](https://www.sec.gov/Archives/edgar/data/1782999/000119312524240439/d891953dex991.htm) Its IPO prospectus states the company had raised $325 million in net proceeds from leading life science investors, naming ARCH Venture Partners, General Atlantic, Sofinnova Investments, Third Rock Ventures, and founder PureTech as holders of more than 5%.[6](https://www.sec.gov/Archives/edgar/data/2042347/000119312526201758/d73463d424b4.htm)
In 2026, Seaport went public in an upsized IPO, selling nearly 14.2 million shares at $18 apiece for $254.9 million in gross proceeds, well above the 11.8 million shares expected days earlier; its CEO publicly explained the rationale for listing rather than seeking acquisition.[2](https://www.fiercebiotech.com/biotech/ma-used-be-only-way-go-why-seaports-ceo-opted-upsized-255m-ipo)
## Pipeline and clinical progress
**SPT-300 (GlyphAllo)** is an oral Glyphed prodrug of allopregnanolone. At the time of the Series B it was being advanced into a Phase 2b study for major depressive disorder with or without anxious distress that the company described as having the potential to be registration-enabling.[4](https://www.sec.gov/Archives/edgar/data/1782999/000119312524240439/d891953dex991.htm)
**SPT-320 (GlyphAgo)** is an oral Glyphed prodrug of agomelatine for generalized anxiety disorder. Per PureTech, it demonstrated positive topline data from its ongoing Phase 1 proof-of-concept trial in healthy adults.[5](https://www.puretechhealth.com/program/seaport-therapeutics/) Approximately $97 million of the IPO proceeds is earmarked to complete Phase 2 studies of SPT-320.[2](https://www.fiercebiotech.com/biotech/ma-used-be-only-way-go-why-seaports-ceo-opted-upsized-255m-ipo)
**SPT-348 (Glyph2BLSD)** is an oral Glyphed prodrug of 2-bromo-LSD, a non-hallucinogenic LSD analog that has been dosed in humans, shows activity in cluster headache, and does not cause hallucinogenic effects, according to the company; per PureTech it is in preclinical development for depressive disorders including treatment-resistant depression, PTSD, and headache disorders.[3](https://seaporttx.com/our-pipeline/) • [5](https://www.puretechhealth.com/program/seaport-therapeutics/)
In March 2026, Seaport and the Monash Institute of Pharmaceutical Sciences were awarded up to $15 million from ARPA-H (the Advanced Research Projects Agency for Health) to advance GlyphCele, which the companies describe as the first oral therapeutic designed to restore gut lymphatic function.[7](https://www.businesswire.com/news/home/20260303881583/en/Seaport-Therapeutics-and-Monash-Institute-of-Pharmaceutical-Sciences-Awarded-up-to-%2415-Million-from-ARPAH-to-Advance-Seaports-GlyphCele-the-First-Oral-Therapeutic-Designed-to-Restore-Gut-Lymphatic-Function)
## Recent developments
The company's entire history postdates 2023. April 2024 brought the launch and Series A; October 2024 the $225 million Series B, at which the company said SPT-300 was being advanced into Phase 2b and SPT-320 was entering Phase 1; and 2026 the ARPA-H award and the upsized $254.9 million IPO.[1](https://seaporttx.com/press-release/seaport-therapeutics-launches-with-100-million-oversubscribed-series-a-financing-round-to-advance-novel-neuropsychiatric-medicines/) • [4](https://www.sec.gov/Archives/edgar/data/1782999/000119312524240439/d891953dex991.htm) • [7](https://www.businesswire.com/news/home/20260303881583/en/Seaport-Therapeutics-and-Monash-Institute-of-Pharmaceutical-Sciences-Awarded-up-to-%2415-Million-from-ARPAH-to-Advance-Seaports-GlyphCele-the-First-Oral-Therapeutic-Designed-to-Restore-Gut-Lymphatic-Function) • [2](https://www.fiercebiotech.com/biotech/ma-used-be-only-way-go-why-seaports-ceo-opted-upsized-255m-ipo)
## References
1. Seaport Therapeutics Launches with $100 Million Oversubscribed Series A Financing Round (company press release, April 9, 2024) — https://seaporttx.com/press-release/seaport-therapeutics-launches-with-100-million-oversubscribed-series-a-financing-round-to-advance-novel-neuropsychiatric-medicines/
2. Fierce Biotech: Why Seaport's CEO opted for an upsized $255M IPO — https://www.fiercebiotech.com/biotech/ma-used-be-only-way-go-why-seaports-ceo-opted-upsized-255m-ipo
3. Our Pipeline, Seaport Therapeutics (company site) — https://seaporttx.com/our-pipeline/
4. PureTech Health EX-99.1: Seaport Therapeutics $225 million Series B announcement (SEC EDGAR, October 21, 2024) — https://www.sec.gov/Archives/edgar/data/1782999/000119312524240439/d891953dex991.htm
5. PureTech Health program page: Seaport Therapeutics — https://www.puretechhealth.com/program/seaport-therapeutics/
6. Seaport Therapeutics 424B4 prospectus (SEC EDGAR, CIK 2042347) — https://www.sec.gov/Archives/edgar/data/2042347/000119312526201758/d73463d424b4.htm
7. Business Wire: Seaport and Monash Awarded up to $15 Million from ARPA-H for GlyphCele (March 2026) — https://www.businesswire.com/news/home/20260303881583/en/Seaport-Therapeutics-and-Monash-Institute-of-Pharmaceutical-Sciences-Awarded-up-to-%2415-Million-from-ARPAH-to-Advance-Seaports-GlyphCele-the-First-Oral-Therapeutic-Designed-to-Restore-Gut-Lymphatic-Function
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