Arctic Therapeutics (ATx), a clinical-stage biopharmaceutical company with operations in Philadelphia and Reykjavik, Iceland, announced on October 21, 2026 the close of an oversubscribed US$21.5 million financing round, increased after strong investor demand. Founded in 2015 as a spinout of the Center for Applied Genomics at Children’s Hospital of Philadelphia, ATx translates human genetic discoveries into new treatments for diseases with significant unmet need.
The round was led by investment firm Pekron, Investcorp-backed Sanos Group, Icelandic investment company Kaldbakur, and Landvættir, an Icelandic venture capital fund managed by AxUM Securities.
“The support from both new and existing investors allows us to build on the substantial progress made across Arctic Therapeutics over the past two years,” said Ivar Hakonarson, co-founder and CEO. “Our Series A enabled us to move our lead programs forward and achieve the clinical milestones we set out to reach. This new financing gives us the opportunity to unlock additional value within the broader pipeline by advancing AT-002 and AT-003 towards the clinic, while advancing partnering and out-licensing activities for AT-001 and AT-004.”
Expanding Beyond the Lead Programs
The proceeds will primarily advance two pipeline programs toward clinical development:
- AT-002: a peptide mimetic of the kinase inhibitory region domain of SOCS1, a potent inhibitor of the JAK-STAT signaling pathway. It is initially being developed for autoimmune uveitis, with potential applications in lupus, psoriasis, and juvenile dermatomyositis.
- AT-003: a small-molecule mitophagy and autophagy modulator designed to counteract aberrant activity of CLEC16A, a gene strongly associated with 16 autoimmune diseases, including lupus, rheumatoid arthritis, multiple sclerosis, and type 1 diabetes, as well as Parkinson’s disease.
“AT-002 and AT-003 reflect the same genomics-driven approach on which Arctic Therapeutics was founded, identifying disease biology through human genetics and translating those discoveries into therapeutic interventions,” said ATx founder Dr. Hakon Hakonarson. “Both programs target biological pathways implicated across multiple serious diseases both common and rare. Bringing them closer to clinical development significantly expands the potential reach of our pipeline beyond our current clinical-stage programs.”
Building on Phase II Milestones
The new round follows ATx’s oversubscribed Series A of approximately US$31 million, which funded its two lead programs. Both have since reached key Phase II clinical milestones, according to the company:
- AT-001: an oral investigational treatment designed to prevent and disrupt the aggregation of amyloid, tau, and related toxic proteins. ATx has completed the 12-month core treatment period of its pivotal Phase IIb/III study in Hereditary Cystatin C Amyloid Angiopathy, a rare familial form of dementia, with an approved extension evaluating longer-term treatment. AT-001 is also in a fully recruited Phase IIa biomarker study in patients with mild cognitive impairment and mild Alzheimer’s disease.
- AT-004: an acetylcholinesterase inhibitor targeting the skin’s non-neuronal cholinergic anti-inflammatory pathway. A completed Phase IIa proof-of-concept study in acne vulgaris showed favorable safety and tolerability and generated encouraging efficacy signals, the company said. Potential future applications include atopic dermatitis, rosacea, psoriasis, and wound healing.
Launching Synaptiq Therapeutics
Earlier this year, ATx participated in acquiring NB-001, a clinical-stage program from U.S.-based Nobias Therapeutics. Now called SYN-001, the asset is the foundation of Synaptiq Therapeutics, launched in July 2026 by a consortium including ATx, Sanos Group, an AxUM Securities-managed fund, and Nobias investors including Medical Excellence Capital. SYN-001 is being developed for neuropsychiatric symptoms associated with 22q11.2 deletion syndrome. It has received FDA Rare Pediatric Disease Designation and Orphan Drug Designation, and it is being prepared for a Phase IIb trial in North America and Europe following positive Phase II results, according to the company. ATx provides Synaptiq with clinical development infrastructure, scientific expertise, and operational support.
About Arctic Therapeutics
Arctic Therapeutics is a clinical-stage biopharmaceutical company established in 2015 as a spinout of the Center for Applied Genomics at Children’s Hospital of Philadelphia. It is advancing clinical and preclinical programs across neurology, autoimmune diseases, and inflammatory skin conditions, with operations in Iceland and the United States.
