AlzeCure Pharma

What AlzeCure Pharma does

AlzeCure Pharma AB (publ) is a Swedish clinical-stage biotechnology company developing first-in-class small molecule therapeutics for central nervous system disorders, primarily Alzheimer's disease and chronic pain. Founded in 2012 and headquartered in Huddinge, Sweden, the company is publicly listed on Nasdaq First North Premier Growth Market under the ticker ALZCUR and operates with a lean team of fewer than 10 employees. The company traces its scientific origins to AstraZeneca research and organizes its pipeline around three proprietary platforms: NeuroRestore (Trk receptor positive allosteric modulators enhancing BDNF/NGF neurotrophin signaling), Alzstatin (gamma-secretase modulators reducing harmful amyloid-beta production), and Painless (TRPV1 antagonists and TrkA-NAMs for non-opioid pain). Lead clinical assets include NeuroRestore ACD856 (Trk-PAM; Phase Ib positive, Phase IIa preparation in Alzheimer's/depression), Alzstatin ACD680 (gamma-secretase modulator out-licensed to Eli Lilly in June 2026), ACD440 (topical TRPV1 antagonist with FDA and EMA Orphan Drug Designation for erythromelalgia), and TrkA-NAM ACD137 (for severe pain conditions such as osteoarthritis).

The company pursues a capital-efficient, out-licensing-centric business model. It does not commercialize or distribute products directly; instead it advances candidates through preclinical and clinical milestones and monetizes them via licensing, milestone, and royalty agreements with larger pharmaceutical partners. The June 2026 Eli Lilly transaction — $10M upfront plus development/commercial milestones exceeding $1B and tiered royalties — exemplifies this model, which had previously been supported by equity raises (a SEK 58.5M oversubscribed rights issue in July 2025, plus additional rounds) and non-dilutive funding such as a EUR 2.5M European Innovation Council grant awarded in February 2025 to support the ACD856 Phase IIa study. AlzeCure reported zero net sales and a SEK 47.7M net loss for FY2025, with a SEK 50.3M year-end cash position, consistent with its pre-commercial stage and reliance on licensing receipts, grants, and equity capital rather than product revenue.

Name

AlzeCure Pharma

Legal name

AlzeCure Pharma AB

Website

https://alzecurepharma.se

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

AlzeCure Pharma is a Swedish clinical-stage biotech developing first-in-class small molecule drugs for CNS diseases, including Alzheimer's and chronic pain, across three proprietary platforms (NeuroRestore, Alzstatin, Painless) and monetizing assets via out-licensing to larger pharmaceutical partners.

Ownership category

akta.pro rank

Product category

CNS Pharmaceuticals

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)

akta.pro secondary industry

Pain Management & Anesthesiology Pharmaceuticals (HLAIAAAN)

Keywords

• Alzheimer's disease therapeutics
• CNS drug discovery
• Small molecule pharmaceuticals
• Neuropathic pain treatments
• Clinical-stage biotech

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Licensing and milestone payments: AlzeCure generates revenue through out-licensing agreements with pharmaceutical partners. The company receives upfront payments, development and commercial milestone payments, and tiered royalties on future product sales. The June 2026 Eli Lilly deal provided $10 million upfront with potential milestones exceeding $1 billion plus royalties.
2. EU grants and non-dilutive funding: The company receives grant funding from European Innovation Council for clinical development programs. Received EUR 2.5 million grant for Phase IIa clinical trial of ACD856.
3. Equity financing: Pre-commercial biotech company raising capital through equity offerings. Successfully completed rights issue raising SEK 58.5 million in 2025, oversubscribed at 212%. Currently has no product revenue.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

AlzeCure Pharma is a Swedish clinical-stage biopharmaceutical company developing disease-modifying small molecule drug candidates for Alzheimer's disease and other central nervous system (CNS) disorders, including a separate research platform focused on neuropathic pain. Its pipeline comprises novel compounds targeting amyloid pathology, neurotrophic signalling, and pain pathways, advancing through preclinical and clinical stages with the goal of out-licensing or partnering with larger pharmaceutical companies for late-stage development and commercialization.

Product overview

AlzeCure Pharma is a Swedish biotech company developing a portfolio of small molecule drug candidates for central nervous system diseases, primarily Alzheimer's disease and pain. The company operates three research platforms: NeuroRestore (symptomatic treatment for cognitive dysfunction), Alzstatin (disease-modifying/preventive treatment for Alzheimer's), and Painless (non-opioid pain treatments). The lead product NeuroRestore ACD856 is a Trk-PAM in Phase II preparation for Alzheimer's and depression. Alzstatin ACD680, a gamma-secretase modulator, was out-licensed to Eli Lilly in 2026 in a deal potentially exceeding $1 billion. The Painless platform includes ACD440 (TRPV1 antagonist for neuropathic pain with FDA/EMA orphan drug status) and TrkA-NAM ACD137 (for osteoarthritis pain).

Differentiator

Problem solved

Functional benefit

Brands

• NeuroRestore: Symptom-relieving drug candidates for cognitive impairment conditions including Alzheimer's disease, traumatic brain injury, sleep apnea, and Parkinson's disease
• Alzstatin
• Painless
• ACD856
• ACD680 (Alzstatin)
• ACD440

Products and services

• ACD856
• NeuroRestore ACD856 program
• Alzstatin ACD679 platform
• Painless ACD440 program
• Research platform — Neuropathic pain / TRPV1 antagonists

Quantifiable outcome

• Positive Phase Ib results for ACD856: well tolerated with no substance-related safety findings, demonstrated expected increases in concentration in blood and cerebrospinal fluid
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Eli LillyflagshipOEM/ Whitelabel/ Licensing Partner · 9 June 2026AlzeCure entered a collaboration and out-licensing agreement with Eli Lilly granting global rights to ACD680 (Alzstatin). AlzeCure receives $10 million upfront payment plus development and commercial milestones exceeding $1 billion, along with tiered mid-single digit royalties on future sales. The deal represents a major validation of AlzeCure's Alzheimer's research and provides substantial financial resources for continued development of remaining pipeline assets.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Axsome Therapeutics: CNS-focused biotech with commercial depression product (Auvelity) — comparable CNS commercial-stage development pathway for ACD856's depression indication.
• Sage Therapeutics: Clinical-stage CNS biotech with first-in-class mechanism focus on depression and neurological disorders — directly comparable therapeutic and development-stage overlap with ACD856's depression indication.
• Intra-Cellular Therapies: CNS-focused biotech with commercial psychiatry/neurology franchise (Caplyta) — comparable CNS development and commercialization pathway for AlzeCure's depression programs.
• Cassava Sciences: U.S. clinical-stage biotech developing novel treatments for Alzheimer's disease, with similar small-cap market profile and CNS-focused pipeline to AlzeCure.
• BioArctic: Swedish clinical-stage biotech developing disease-modifying treatments for Alzheimer's disease (e.g., lecanemab with Eisai) and other CNS disorders. Closest geographic and therapeutic peer to AlzeCure.
• AC Immune: Swiss clinical-stage biotech focused on Alzheimer's disease therapeutics and diagnostics using small molecules and biologics, with multiple partnered programs — directly comparable platform model to AlzeCure.
• Prothena Corporation: Clinical-stage biotech developing protein-targeted therapeutics for neurodegenerative diseases including Alzheimer's — directly comparable CNS pipeline with partnered programs.

Broad incumbents

• Alkermes: Established CNS-focused biopharma with multiple approved CNS products across psychiatry and neurology — broader incumbent comparable to AlzeCure's CNS commercial pathway.
• AbbVie: Global biopharma with Alzheimer's pipeline (e.g., atrasentan partnership) and major neurology/pain franchises — incumbent comparable for partnership validation and CNS competitive context.

Others

• Eli Lilly: Global biopharma that licensed ACD680 from AlzeCure and has its own large Alzheimer's pipeline — partner and competitive context for AlzeCure's CNS programs.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/alzecure

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AlzeCure Pharma