Neurocentrx

Actual: Oct 24, 2023

Positive Phase 1 top-line results announced — randomised, double-blind, placebo-controlled study at King's College London confirmed safety and tolerability of Keticap. PK profile comparable to IV ketamine and intranasal esketamine.

Why it matters: Phase 1 demonstrated that Keticap (oral IR ketamine with abuse-deterrent formulation) achieves plasma concentrations comparable to IV and intranasal routes. The abuse-deterrent design is the key differentiator — if effective, it could unlock primary care prescribing of ketamine for depression, which is currently limited by diversion concerns.

Watch next: Phase 2 efficacy data in bipolar depression

Actual: Jun 1, 2025

Phase 1 full results published in Journal of Psychopharmacology (vol 39(6), pp 545-558). Investigators: Allan Young and Mario Juruena at King's College London.

Why it matters: Peer-reviewed publication validates the Phase 1 data and provides the scientific foundation for Phase 2 grant applications. The Wellcome Trust funding followed this publication.

Actual: Jan 1, 2026

Phase 2 proof-of-concept in treatment-resistant bipolar depression initiated at King's College London, funded by Wellcome Trust

Why it matters: Bipolar depression is notoriously difficult to treat — current options (lithium, quetiapine, lurasidone) have limited efficacy and significant side effects. Ketamine has shown rapid antidepressant effects in bipolar depression, but abuse/diversion risk limits prescribing. An abuse-deterrent oral formulation could change the risk-benefit calculus.

Watch next: Phase 2 PoC efficacy results; Series A for MDD Phase 2/3

Actual: Sep 23, 2025

Closed seed extension round including >$5M (£3.7M) from Wellcome Trust

Why it matters: Wellcome Trust funding is highly competitive and validates the scientific rationale for abuse-deterrent oral ketamine. Provides non-dilutive capital for the Phase 2 bipolar depression study, reducing investor risk ahead of the Series A for the broader MDD programme.