Hartford Business Journal

8 HARTFORDBUSINESS.COM | JUNE 15, 2026 Startups, Technology & Innovation High Stakes After raising $62M, New Haven biotech Allyx Therapeutics advances experimental Alzheimer's drug The company also recently received a $1.1 million award from the Alzheimer's Association. In May, Allyx closed a $26.5 million financing round that company leaders say provides enough capital to conduct and complete the Phase 2 study. "That was really the goal of the financing," said Bloch, who is also a general partner at Canaan Partners, a venture capital firm with a Stamford office that invests in healthcare and technology startups. "To have enough resources to get the information we need from our Phase 2 clinical trial." The funding round attracted support from existing backers, including Bristol Myers Squibb, as well as Alzheimer's-focused investors and nonprofit organizations. The capital infusion comes as researchers and drugmakers continue searching for more effective Alzhei- mer's treatments. An estimated 7.2 million Americans age 65 and older are living with Alzheimer's dementia, a figure projected to nearly double by 2060, according to the Alzheimer's Association. A different strategy Allyx is entering a competitive Alzheimer's treatment market, but company officials believe their approach sets the drug apart from recently approved therapies. Several Alzheimer's drugs, including Leqembi and Kisunla, focus on removing amyloid plaques from the brain, which many scientists believe play a role in the disease. While the treatments have been shown to slow cognitive decline in some patients, questions remain about their benefits, costs and potential side effects. Allyx is pursuing a different strategy. Rather than targeting plaque directly, the company is developing a therapy designed to protect brain cells and the connections between them from damage associated with Alzheimer's disease. The treatment is being developed as a pill, unlike some recently approved Alzheimer's ther- apies that are administered through intravenous infusions. "Most have focused on clearing amyloid plaque from the brain," Siegert said. "We're not focused on that. We're focused on neuronal protection and synapse protection." Company officials believe the strategy could have applications beyond Alzheimer's disease. They say the same underlying disease processes may contribute to other neurodegenerative disorders, including Parkinson's and Lewy body dementia. Allyx already has a Phase 1 Parkinson's study underway and sees Alzheimer's as the first of several neurodegenerative diseases it may eventually target. Phase 2 trial A series of early-stage studies has bolstered the company's confidence. In late 2025, Allyx reported that a By David Krechevsky davidk@hartfordbusiness.com M ore than seven years of development, over $60 million in funding and a series of early clinical studies have led to this: Allyx Therapeutics is preparing for what may be the most conse- quential test in the New Haven-based biotech startup's history. The Yale University spinout expects to launch a Phase 2 clinical trial in Australia later this year for an experimental oral therapy known as ALX-001, which is designed to slow and potentially even reverse some of the damage caused by Alzheimer's disease. Success in the study could help determine whether the company advances to larger, late-stage trials and moves a step closer to commercial development. "We're one of the leaders in creating next-generation thera- pies for Alzheimer's disease," said Dr. Stephen Bloch, the company's CEO and one of three co-founders. "We're ready to test this in patients and try to get signals around efficacy that would allow us to scale up to larger pivotal trials." Lean approach Founded in 2018, Allyx grew out of Alzheimer's research conducted by Yale neurologist Dr. Stephen Strittmatter. Strittmatter teamed with Bloch, a biotech entrepreneur, and scien- tist-turned-entrepreneur Timothy Siegert to launch Allyx after securing rights to ALX-001, a compound originally developed by Bristol Myers Squibb. Since then, Allyx has operated with a remarkably small staff. The company has just three employees and relies heavily on consultants and contract research organizations to handle its manufacturing operations, regulatory work and clinical trials. That lean approach has helped the company stretch both investor dollars and grant funding. Siegert said Allyx has received nearly $12 million in grants from organizations including the National Institutes of Health and the Michael J. Fox Foundation, while Yale researchers secured an additional $13 million in grant support. AT A GLANCE Allyx Therapeutics Industry: Bioscience Founded: 2018 HQ: 555 Long Wharf Drive, New Haven Funding raised: $62 million Employees: 3 Stephen Bloch Timothy Siegert (left) and Dr. Stephen Strittmatter, co-founders of Allyx Therapeutics, are advancing an Alzheimer's drug candidate toward a Phase 2 clinical trial. HBJ Photo | David Krechevsky

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