Carmot Therapeutics (CRMO), which is developing GLP-1 drugs for the treatment of diabetes and obesity, has filed to raise around $100M through an initial public offering.

Carmot didn’t specify any terms in its filing, but indicated in a filing fee schedule that it was looking to raise up to $100M, a number that is likely a placeholder and subject to change.

The company hopes to list its shares on Nasdaq under the symbol CRMO. Bookrunners include JP Morgan, BofA Securities, Piper Sandler and Guggenheim Securities.

Carmot’s two lead drug candidates, CT-388 and CT-868, are both in Phase 2 development.