HMNC Brain Health
HMNC Brain Health is a Munich-based clinical-stage biopharmaceutical company developing precision psychiatry therapeutics for depression, advancing three programs (Ketabon, Nelivabon, Cortibon) supported by its AI-driven Anticify™ companion-diagnostic platform.
- Company typePrivate
- Founded2010
- HeadquartersMünchen, Germany
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What HMNC Brain Health does
HMNC Brain Health is a clinical-stage biopharmaceutical company founded in 2010 and headquartered in Munich, Germany, that develops precision psychiatry treatments for depression and stress-related disorders. The company runs three core clinical programs: Ketabon (oral prolonged-release ketamine, KET01, for treatment-resistant depression), Nelivabon (BH-200/nelivaptan, a V1b receptor antagonist for stress-related depression, in-licensed from Sanofi), and Cortibon (a CRHR1 antagonist for stress-axis-driven depression, in-licensed from Eisai, paired with a companion diagnostic). Underlying these programs is the proprietary Anticify™ platform, which uses biomarker and AI-driven patient stratification to identify responders and pair therapeutics with companion diagnostics.
The business model is pre-commercial. HMNC is currently funded by equity capital and structures late-stage development and commercialization through licensing and partnership arrangements: an exclusive EU license to MEDICE for KET01 (signed in parallel with the June 2026 Series B), an option to Spruce Biosciences on Cortibon, and a Ketabon joint venture with Develco Pharma. Patents (EP 2 841 068 B1 covering CRHR1 antagonists, expiring 2033; JP 6309511 B2 covering V1b antagonists; pending US and Japan applications) provide composition-of-matter exclusivity. Revenue mechanics are expected to consist of licensing milestones, option exercise fees, and royalties rather than direct product sales in the near term, with the company's first major commercial inflection contingent on KET01 or Cortibon advancing to approval.
HMNC Brain Health firmographics
Firmographics- Name
- HMNC Brain Health
- Legal name
- HMNC Holding GmbH
- Website
- https://hmnc-brainhealth.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- HMNC Brain Health is a Munich-based clinical-stage biopharmaceutical company developing precision psychiatry therapeutics for depression, advancing three programs (Ketabon, Nelivabon, Cortibon) supported by its AI-driven Anticify™ companion-diagnostic platform.
- Ownership category
- akta.pro rank
HMNC Brain Health industry classification
Industry- Product category
- Precision Psychiatry Pharmaceuticals
- NAICS
- Medical and Diagnostic Laboratories (62151)
- SIC
- Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122)
- akta.pro primary industry
- Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)
- akta.pro secondary industry
- Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)
Keywords
Where HMNC Brain Health is headquartered
LocationHeadquarters
- HQ city
- München
- HQ country
- Germany
- HQ region
- Europe
Offices2 records
Markets served
HMNC Brain Health business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- European KET01 Licensing — Royalties & Milestones: Future revenue from exclusive European commercialization rights granted to MEDICE for KET01; expected to include upfront payments, development and commercial milestones, plus tiered royalties on net sales.
- Cortibon Option & Co-Development Payments (Spruce Biosciences): Potential option exercise fees, development milestones, and royalties tied to Spruce Biosciences' TAMARIND Phase 2 trial of CRHR1 antagonist with HMNC's Cortibon companion diagnostic.
- Pre-Revenue / Clinical-Stage Capital Raises: Currently pre-revenue: capital is raised via equity financing rounds (Series A, Series B first close of $50M in June 2026 led by MEDICE, with The Maschmeyer Group and others participating) rather than product sales.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
HMNC Brain Health product offering
Product offeringCore offering
HMNC Brain Health is a clinical-stage biopharmaceutical company developing personalized drug-diagnostic combinations for Major Depressive Disorder and treatment-resistant depression. Its pipeline pairs novel therapeutic mechanisms — oral prolonged-release ketamine (KET01/Ketabon), a vasopressin V1b receptor antagonist (BH-200/Nelivabon), and a CRHR1 antagonist (Cortibon) — with proprietary biomarker-based companion diagnostics built on the Anticify™ platform to stratify patients by biological subtype.
Product overview
HMNC Brain Health is a Munich-based clinical-stage biopharma company pioneering precision psychiatry. Founded in 2010, the company develops personalized therapies for depression and treatment-resistant depression (TRD), with a pipeline including ketamine-based formulations and companion diagnostics.
Differentiator
Problem solved
Functional benefit
Brands
- Ketabon: Oral prolonged-release ketamine (KET01) program for treatment-resistant depression; operated as a joint venture (Ketabon GmbH) between HMNC Brain Health and Swiss-based Develco Pharma.
- Nelivabon
- Cortibon
- Anticify™
Products and services
- KET01 / Ketabon (oral prolonged-release ketamine) First-in-class oral prolonged-release ketamine formulation for treatment-resistant depression, designed to enable at-home administration and avoid the monitored clinical setting required by IV/intranasal ketamine while maintaining antidepressant efficacy. Developed in partnership with Develco Pharma through the Ketabon GmbH joint venture, with exclusive European commercialization rights licensed to MEDICE (June 2026).
- Nelivabon (BH-200 / nelivaptan) BH-200 (nelivaptan) is a potent, selective vasopressin V1b receptor antagonist being developed under the Nelivabon program for treatment-resistant depression, paired with a companion diagnostic to identify HPA-axis dysfunction patients likely to respond. The asset was in-licensed from Sanofi and is being advanced through the Phase 2b OLIVE trial (338 planned patients), the largest biomarker-stratified clinical trial in psychiatry to date.
- Cortibon (CRHR1 antagonist + genetic companion diagnostic) Cortibon combines the CRHR1 antagonist E2009 (tildacerfont, in-licensed from Eisai) with a proprietary genetic patient-selection biomarker for CRHR1 antagonist responder identification, intended to enable precision psychiatry in MDD patients. Spruce Biosciences funds and runs the TAMARIND Phase 2 trial (88 planned patients) and holds an option to license the asset for worldwide development and commercialization.
- Anticify™ Companion Diagnostics Platform Anticify™ is HMNC's proprietary AI-powered companion diagnostics platform enabling patient stratification and precision psychiatry approaches across the pipeline. It integrates multi-omic biomarker discovery, genetic selection tools (V1b polygenic score, CRHR1 responder biomarkers), and clinical trial design to identify biological subtypes of depression and match patients to mechanism-specific therapies.
Quantifiable outcome
- Planned OLIVE Phase 2 enrollment: 338 patients
- +4 more outcomes
Companies that use HMNC Brain Health
Customer profileSegments3 records
Ideal customer profiles3 records
HMNC Brain Health technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
HMNC Brain Health partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered flagship, core and minor.
- MEDICE Arzneimittel Pütter GmbH & Co. KGflagshipMEDICE entered a strategic licensing agreement granting exclusive European commercialization rights for HMNC's lead candidate KET01 (oral prolonged-release ketamine for treatment-resistant depression). MEDICE also led the Series B financing first close of $50M announced June 2026, with The Maschmeyer Group and other existing investors participating.
- Psychiatric University Hospital Zurich (University of Zurich)coreAcademic partner for an investigator-initiated trial expanding the clinical evidence base for KET01 oral prolonged-release ketamine.
- Spruce BiosciencesflagshipSpruce Biosciences funds and conducts the TAMARIND Phase 2 trial of the CRHR1 antagonist with HMNC's Cortibon companion diagnostic and holds an option to license Cortibon for further development and commercialization.
- Austrian Institute of Technology (AIT)coreConsortium partner in the Austrian PI-SENS grant-funded project supporting HMNC's companion diagnostics and precision psychiatry research.
- Danube Private University (DPU)minorConsortium partner in the Austrian PI-SENS grant-funded project supporting HMNC's companion diagnostics and precision psychiatry research.
- Max Planck Society / Max-Planck-Institute of PsychiatrycoreFoundational research and patent-licensing partner. HMNC in-licensed V1b receptor antagonist IP (including JP 6309511 B2) from the Max Planck Society, and collaborates on biomarker development including the V1b polygenic score for companion diagnostics.
- University Medical Center Hamburg-Eppendorf (UKE)coreResearch collaboration on biomarker discovery and translational psychiatry supporting HMNC's precision psychiatry and V1b antagonist program (Prof. Bertram Müller-Myhsok involvement).
- SCOPE InternationalcoreContract research organization supporting HMNC's KET01 Phase 2 trial (KET01-02) across Germany, Poland, and Czech Republic.
- Develco Pharma-Schweiz AGcoreJoint venture partner for the Ketabon sublingual ketamine program for treatment-resistant depression. Develco contributes formulation expertise and co-develops Ketabon with HMNC.
- SanoficoreSanofi is the originator of BH-200 / nelivaptan, the V1b receptor antagonist in-licensed and advanced by HMNC into the OLIVE Phase 2 trial.
- ICON plccoreContract research organization (CRO) supporting HMNC's Nelivabon (BH-200) Phase 2 OLIVE trial with clinical operations and site management services.
- KCSA Strategic CommunicationscoreExternal public-relations and investor-relations agency supporting HMNC's US media visibility, H.C. Wainwright and KCSA Psychedelics Virtual Investor Conference participation, and earnings/milestone communications.
Scale indicators12 records
Recent moves7 records
Expansion highlights5 records
HMNC Brain Health competitors and assessment
Company assessmentDirect peers
- GH Research: Clinical-stage company developing mebufotenin and other psychedelic compounds for TRD. Competes for the same TRD patient population and novel-mechanism regulatory pathway; comparable pre-revenue clinical-stage scale.
- MindMed: Clinical-stage neuropsychiatry company developing psychedelic-inspired therapies for anxiety, depression, and ADHD. Comparable clinical-stage peer addressing MDD with novel CNS mechanisms, though with different asset classes than HMNC's ketamine/peptide approach.
- COMPASS Pathways: Clinical-stage psychedelic psychiatry company developing psilocybin therapy for treatment-resistant depression. Directly comparable to HMNC's KET01 ketamine program and shares the same TRD patient population and novel-mechanism regulatory pathway.
- Neumora Therapeutics: Clinical-stage precision neuroscience company developing biomarker-guided CNS therapies for depression and other brain disorders. Closely comparable precision-neuroscience model with both a companion-diagnostic platform and a CNS pipeline — a more advanced stage peer than HMNC.
- Alto Neuroscience: Precision psychiatry company pairing CNS drug candidates with biomarker-based patient stratification algorithms for depression. Closest analog to HMNC's Anticify™ platform + drug pipeline model, with overlapping leadership from former CNS pharma executives.
Broad incumbents
- Sage Therapeutics: CNS-focused biopharma that developed zuranolone (Zurzuvae) approved for postpartum depression and is advancing other MDD programs. Comparable as an established CNS innovator with an approved depression asset and pipeline breadth exceeding HMNC's.
- Karuna Therapeutics (now Bristol Myers Squibb): Karuna developed xanomeline/trospium (Cobenfy) approved for schizophrenia and was acquired by BMS in 2024 for ~$14B. Comparable CNS innovator with a recently approved first-in-class mechanism, representing the upper-bound exit scenario for HMNC's CNS pipeline.
- Axsome Therapeutics: Commercial-stage CNS biopharma with Auvelity (dextromethorphan/bupropion) approved for major depressive disorder. Competes with HMNC in MDD with an approved product generating revenue, providing a benchmark for the commercial-stage economics HMNC is targeting.
- Johnson & Johnson (Janssen) — Spravato: Markets Spravato (esketamine nasal spray) for treatment-resistant depression in a REMS-monitored clinical setting. Direct competitor to HMNC's KET01 in the ketamine-for-TRD space; KET01's at-home oral positioning differentiates against Spravato's monitored delivery.
- Boehringer Ingelheim — iclepertin (BI 425809): Large pharma with iclepertin in Phase 3 for cognitive impairment associated with schizophrenia. Comparable as a major pharma advancing CNS pipeline assets with companion-diagnostic considerations; represents the scale competitor HMNC will face in CNS development and commercialization.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
HMNC Brain Health social profiles
Digital presenceHMNC Brain Health financial estimates
Financial estimateRevenue estimate
Valuation estimate
HMNC Brain Health leadership team
Management profileNumber of profiles
Profiles13 records
HMNC Brain Health subsidiaries and ownership
Company hierarchySubsidiaries1 record
HMNC Brain Health funding detail
Funding detailFunding overview
Funding rounds4 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HMNC Brain Health M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HMNC Brain Health
What does HMNC Brain Health do?
HMNC Brain Health is a clinical-stage biopharmaceutical company developing personalized drug-diagnostic combinations for Major Depressive Disorder and treatment-resistant depression. Its pipeline pairs novel therapeutic mechanisms — oral prolonged-release ketamine (KET01/Ketabon), a vasopressin V1b receptor antagonist (BH-200/Nelivabon), and a CRHR1 antagonist (Cortibon) — with proprietary biomarker-based companion diagnostics built on the Anticify™ platform to stratify patients by biological subtype.
Is HMNC Brain Health a public or private company?
HMNC Brain Health is a private company. It is classified as venture growth investor backed and is currently operating.
When was HMNC Brain Health founded?
HMNC Brain Health was founded in 2010. It employs 11 to 50 people.
Where is HMNC Brain Health based?
HMNC Brain Health is headquartered in München, Germany, in the Europe region.
How does HMNC Brain Health make money?
Three revenue lines are on record. European KET01 Licensing — Royalties & Milestones are the primary driver. The others are cortibon Option & Co-Development Payments (Spruce Biosciences) and pre-Revenue / Clinical-Stage Capital Raises.
Who are HMNC Brain Health's main competitors?
Direct peers on record are GH Research, MindMed, COMPASS Pathways, Neumora Therapeutics and Alto Neuroscience. Broad incumbents are Sage Therapeutics, Karuna Therapeutics (now Bristol Myers Squibb), Axsome Therapeutics, Johnson & Johnson (Janssen) — Spravato and Boehringer Ingelheim — iclepertin (BI 425809).
Does HMNC Brain Health have an API?
No public API is recorded for HMNC Brain Health.
What industry is HMNC Brain Health in?
HMNC Brain Health's product category is Precision Psychiatry Pharmaceuticals. Its primary akta.pro industry code is HLAIACAC, Neurology & CNS Specialty Pharmaceuticals, with a secondary code of HLAIAAAF, Neurology & Psychiatry (CNS) Pharmaceuticals. Its NAICS code is 62151 and its SIC code is 5122.