Cara Therapeutics

What Cara Therapeutics does

Cara Therapeutics was a Stamford, Connecticut-based clinical-stage biopharmaceutical company founded in 2004 that developed and commercialized therapeutics for pruritus (chronic itching) and inflammation. Its core asset was Difelikefalin (Korsuva), a first-in-class peripheral kappa opioid receptor agonist approved for the treatment of moderate-to-severe chronic kidney disease-associated pruritus (CKD-aP) in adults on hemodialysis and in development for atopic dermatitis, a large dermatology indication. The company generated revenue primarily through partnered sales and royalty streams rather than direct commercialization, with Vifor/Fresenius as the principal commercial partner for the dialysis indication in the United States.

The business model was a traditional specialty-pharma royalty-and-milestone model: small molecule drug development financed by repeated equity and non-dilutive royalty rounds, partnered distribution for approved indications, and reinvestment of cash flow into label-expansion clinical trials. The customer base was narrow and clinical — dialysis providers and dermatology patients — with revenue concentrated through a single commercial channel. Cara accumulated over $500 million in cumulative funding since inception across more than ten rounds between 2005 and 2023, including a $40 million non-dilutive royalty financing from HealthCare Royalty Partners in November 2023.

On December 18, 2024, Cara announced an all-stock merger with Houston-based Tvardi Therapeutics, a clinical-stage developer of STAT3 inhibitors for fibrosis-driven diseases including idiopathic pulmonary fibrosis (IPF) and hepatocellular carcinoma (HCC). The merger closed on April 15, 2025, with the combined company operating as Tvardi Therapeutics Inc. (Nasdaq: TVRD) under CEO Imran Alibhai. The combined entity has pivoted strategic focus to STAT3 inhibition, integrating Cara's Difelikefalin franchise into a broader pipeline spanning fibrosis, oncology, and pruritus, with concurrent cash financing intended to fund operations into mid-2026. The Cara Therapeutics corporate web domain is now parked, and the operating entity no longer trades under the CARA symbol.

Name

Cara Therapeutics

Legal name

Cara Therapeutics Inc.

Website

https://caratherapeutics.com

Company type

Private

Founded year

2004

Operating status

Acquired

Headcount range

51–100 employees

Short description

Cara Therapeutics was a clinical-stage biopharmaceutical company developing Difelikefalin, a kappa opioid receptor agonist for chronic pruritus in dialysis and atopic dermatitis patients. In April 2025 it merged with Tvardi Therapeutics to form a Nasdaq-listed entity (TVRD) focused on STAT3 inhibitors for fibrosis.

Ownership category

akta.pro rank

Product category

Specialty Biopharmaceuticals

NAICS

Pharmaceutical and Medicine Manufacturing (3254)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Acne & Rosacea Specialty Care (HLAKACAH)

akta.pro secondary industries

Treatment Skincare (Serums, Actives, Acne & Anti-aging) (CRABAAAB), Dermocosmetics & Medical-Grade Skincare (CRABAAAF)

Keywords

• Biopharmaceutical therapeutics
• Chronic pruritus treatment
• Kappa opioid agonists
• Fibrosis disease therapies
• Clinical stage biotechnology

Headquarters

HQ city

Shelton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Core offering

Cara Therapeutics developed Difelikefalin, a proprietary peripherally acting kappa opioid receptor agonist, for the treatment of pruritus (chronic itching) associated with atopic dermatitis and chronic kidney disease-associated pruritus. The company's pipeline targeted high-unmet-need indications in pain and inflammation, and following its April 2025 merger with Tvardi Therapeutics, the combined entity expanded into STAT3 inhibitors for fibrosis-driven diseases.

Product overview

Cara Therapeutics was a Stamford-based biopharmaceutical company that developed Difelikefalin, a therapeutic for pruritus (chronic itching). Following the April 2025 merger with Houston-based Tvardi Therapeutics, the combined entity operates under Tvardi Therapeutics Inc. (NASDAQ: TVRD), pivoting to STAT3 inhibitors for fibrosis-driven diseases including idiopathic pulmonary fibrosis (IPF) and hepatocellular carcinoma (HCC). Cara's original pruritus therapeutic franchise, anchored by Difelikefalin, has been integrated into the merged company's broader oncology and fibrosis pipeline.

Differentiator

Problem solved

Functional benefit

Brands

• Difelikefalin: A therapeutic product developed by Cara Therapeutics, referenced in the Atopic Dermatitis Competitive Landscape Report 2026.

Products and services

• Difelikefalin (Korsuva) Difelikefalin is a first-in-class peripherally acting kappa opioid receptor agonist developed by Cara Therapeutics for the treatment of pruritus (chronic itching) associated with atopic dermatitis and chronic kidney disease. It targets high-unmet-need patient populations and was Cara's core clinical-stage therapeutic asset before being integrated into the post-merger Tvardi pipeline.

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Tvardi TherapeuticscoreStrategic or Co-development Partner · 15 April 2025Tvardi Therapeutics completed a merger with Cara Therapeutics in April 2025, creating a Nasdaq-listed company focusing on treatments for fibrosis-driven diseases. The combined company trades under the symbol TVRD and focuses on STAT3 inhibitors.

Scale indicators2 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Pliant Therapeutics: Clinical-stage biopharmaceutical company developing therapies for fibrotic diseases including IPF. Directly comparable to the combined entity's STAT3 inhibitor approach in fibrosis, with similar small-cap biotech profile and Nasdaq listing.
• FibroGen: Biopharmaceutical company developing therapeutics for fibrotic diseases and cancer. Comparable to the combined entity in fibrosis pipeline focus, with pamrevlumab in IPF development and similar small-cap biotech structure.
• Trevi Therapeutics: Clinical-stage biopharmaceutical company developing nalbuphine ER for chronic pruritus conditions including prurigo nodularis. Directly comparable to Cara's original Difelikefalin franchise in the chronic pruritus space.
• Vifor Pharma: Pharmaceutical company that partnered with Cara Therapeutics on the commercialization of Korsuva (Difelikefalin) for chronic kidney disease-associated pruritus in the US. Directly involved in Difelikefalin commercial pathway.

Broad incumbents

• United Therapeutics: Established biopharmaceutical company with Tyvaso (inhaled treprostinil) approved for PAH and PH-ILD, providing broader pulmonary fibrosis exposure. Comparable as an established player in fibrosis-related indications.
• Boehringer Ingelheim: Major pharmaceutical company with Ofev (nintedanib) approved for IPF and other fibrotic lung diseases. The dominant player in the IPF space that the combined entity's STAT3 inhibitor platform would need to compete against.
• Roche: Global pharmaceutical company with Esbriet (pirfenidone) approved for IPF. Represents the other entrenched competitor in the IPF market alongside Boehringer Ingelheim, setting the bar for new fibrosis entrants.
• AbbVie: Major pharmaceutical company that acquired Menlo Therapeutics and its pruritus drug serlopitant. Comparable to Cara's pruritus franchise through overlapping therapeutic focus in chronic pruritus treatments.

Emerging players

• Galapagos NV: Biotechnology company with fibrosis pipeline including IPF programs. Comparable as a mid-stage company developing fibrosis therapies with similar clinical-stage risk profile to the combined entity.
• BridgeBio Pharma: Clinical-stage biopharmaceutical company with multiple programs including in fibrotic diseases. Comparable as a small-cap biotech with diversified pipeline and Nasdaq listing focused on specialty disease areas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/caratherapinc
• Facebookfacebook.com/164668313559992
• LinkedInlinkedin.com/company/cara-therapeutics

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds10 records

Investors15 records

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

M&A1 record

Investments

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

Frequently asked questions about Cara Therapeutics