# Allysta Pharmaceuticals, Inc.

> Allysta Pharmaceuticals is a private, venture-backed, clinical-stage biopharmaceutical company developing first-in-class therapeutic peptides that target adiponectin signaling. Its lead compound, ALY688, is described as the first adiponectin receptor agonist to enter human testing, with anti-inflammatory, anti-fibrotic, cell-regenerative and metabolic properties. Allysta is advancing ALY688 as an ophthalmic solution for dry eye disease and as an extended/sustained-release formulation for systemic conditions such as NASH/MASH and Duchenne muscular dystrophy.

- **Founded:** 2013
- **Headquarters:** Bellevue, Washington, United States
- **Founders:** Henry Hsu, MD (Founder & CEO)
- **Team size:** ~6 employees
- **Products:** ALY688 Ophthalmic Solution, ALY688-SR / ALY688ER, ALY688 platform
- **Notable:** Developed ALY688, described as the first adiponectin receptor agonist to enter human clinical testing., Raised $20M in Series A financing from Morningside to advance the pipeline., Enrolled 922 subjects in the OASIS-1 Phase 2b/3 dry eye disease trial.

## Products & services

- **ALY688 Ophthalmic Solution** — A first-in-class peptide eye drop that activates adiponectin signaling to reduce ocular surface inflammation and accelerate corneal re-epithelialization; evaluated in the OASIS-1 Phase 2b/3 trial for moderate-to-severe dry eye disease.
- **ALY688-SR / ALY688ER** — A sustained/extended-release formulation of ALY688 intended for systemic applications targeting fibrotic and metabolic conditions such as NASH/MASH and Duchenne muscular dystrophy.
- **ALY688 platform** — An adiponectin receptor agonist peptide platform with anti-inflammatory, anti-fibrotic, cell-regenerative and metabolic properties applicable across multiple disease areas.

## Achievements

- Developed ALY688, described as the first adiponectin receptor agonist to enter human clinical testing.
- Raised $20M in Series A financing from Morningside to advance the pipeline.
- Enrolled 922 subjects in the OASIS-1 Phase 2b/3 dry eye disease trial.
- Generated preclinical data showing ALY688 reduces liver fat, inflammation and fibrosis in NASH models.
- Published research showing ALY688-SR attenuated diaphragm fibrosis, atrophy and mitochondrial stress in a Duchenne muscular dystrophy mouse model.

## Latest updates

- **2022-11** — Announced completion of enrollment (922 subjects) in the OASIS-1 Phase 2b/3 clinical trial of ALY688 Ophthalmic Solution for dry eye disease.
- **2021-06** — Initiated dosing in the OASIS-1 Phase 2b/3 trial and commenced a Phase 1 clinical trial of ALY688-SR.
- **2020-12** — Reported positive Phase 1/2a results for ALY688 ophthalmic solution in dry eye and positive preclinical NASH findings.

## Links

- Website: https://allysta.com
- LinkedIn: https://www.linkedin.com/company/allysta-pharmaceuticals-inc

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Last updated: 2026-07-14