TheraCryf is a clinical stage biotech focused on developing novel therapeutics with a focus on brain disorders in two major areas of unmet need, addiction and brain cancer. The company is aiming to progress first and best-in-class assets through value inflection points, before pursuing out licensing or co-development partnerships with biopharma. Lead asset Ox-1 targets Binge Eating Disorder (BED) which is the most common eating disorder in the US, impacting c. 3.5% of women and 2% of men. Importantly, Takeda’s Vyvanse is the only drug approved for BED and recorded sales of $2.8bn in 2023. The lead asset is expected to move to clinical readiness by Q4 2026, a major value inflection point. Crucially, the company is funded through to the end of CY26. We initiate with a BUY, TP of 3.2p.
