Clene (CLNN) — Stock, Pipeline & Market Cap

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Private Company

Total funding raised: $90M

Market Cap: $83.0MFounded: 2013Employees: 51-200HQ: Salt Lake City, United States

Sector Ranking#276 in Small Molecule Drugs #65 in Neuroscience & CNS

Overview

Clene is a clinical-stage biotech leveraging its proprietary Clean-Surface Nanocrystal (CSN™) platform to develop catalytic nanotherapeutics for neurodegenerative diseases. Its lead candidate, CNM-Au8, is in advanced Phase 2/3 trials for ALS and Phase 2 for MS, targeting impaired neuronal energy metabolism. The company's strategy is to validate a disease-agnostic mechanism—enhancing cellular ATP production—across multiple indications. Having transitioned to a public entity (NASDAQ: CLNN), Clene has raised over $150 million to fund its ambitious clinical pipeline.

Neurodegenerative DiseasesMultiple SclerosisAmyotrophic Lateral SclerosisParkinson's Disease

Technology Platform

Clean-Surface Nanocrystal (CSN™) platform for manufacturing surfactant-free, catalytically active metallic nanocrystals designed to enhance cellular energy production and reduce oxidative stress.

Funding History

3

Total raised:$90M

PIPE$40MUndisclosedJun 15, 2021

IPO$25MIPODec 30, 2020

Series A$25MUndisclosedMar 15, 2018

Opportunities

Positive data from the ongoing HEALEY ALS platform trial could validate Clene's disease-agnostic bioenergetic platform, unlocking value across multiple neurodegenerative indications and enabling expansion into other CNS and acute injury markets.

The oral formulation and clean safety profile of CNM-Au8 offer potential differentiation and combination therapy opportunities.

Risk Factors

The primary risk is clinical failure of CNM-Au8 in pivotal ALS trials, which would challenge the core technology hypothesis.

The company also faces regulatory uncertainty, intense competition in neurodegenerative diseases, and a continued need for dilutive financing given its pre-revenue status.

Competitive Landscape

In ALS, Clene competes with approved drugs (riluzole, edaravone, AMX0035) and genetic therapies, differentiating via its oral bioenergetic catalyst mechanism. In MS, it aims to complement immunomodulators by targeting neurodegeneration, competing in the niche remyelination/neuroprotection space. Its nanocrystal-as-catalyst approach is a novel competitive moat.