Leal Therapeutics, Inc., a US-based clinical-stage biopharmaceutical company developing neuro-metabolic therapeutics, announced on Monday a second close of USD30m of its Series A financing.

The round includes new investor Eli Lilly and Company (Lilly), in addition to existing investors OrbiMed, Newpath Partners, Euclidean Capital, SV Health Investors' Dementia Discovery Fund (DDF), Chugai Venture Fund, Alexandria Venture Investments, and PhiFund.

According to Leal, proceeds from the second closing of Series A financing will be used to advance LTX-001 through an initial readout of its Phase 1b/2a clinical trial in schizophrenia patients, as well as progress LTX-002 through additional dosing cohorts in an ongoing Phase 1/2 clinical trial in amyotrophic lateral sclerosis (ALS).

The company says that LTX-001 is a first-in-class brain-penetrant oral GLS1 inhibitor that has completed single ascending dose (SAD) and multiple ascending dose (MAD) Phase 1 trials and demonstrated a favourable safety and tolerability profile and dose dependent CNS target engagement. Leal has also announced the initiation of the Phase 1b/2a trial (NCT07734493) in adults with schizophrenia, with initial data expected by year-end.

LTX-002 is an intrathecally delivered antisense oligonucleotide designed to restore healthy sphingolipid levels in the central nervous system (CNS) by targeting SPTLC1. LTX-002 is being investigated in NeurALS, a Phase 1/2 trial (NCT07660614) in adults with ALS.