The company was founded in 2019 by the Dementia Discovery Fund, with additional seed stage funding from the UCL Technology Fund and the UK Future Fund, with the goal of developing novel drugs to correct the disrupted physiology of the brain, partly through improving the support function of astrocytes, the most abundant cell type in the brain.

In July 2023, AstronauTx announced a partnership with Saniona, a Danish biotechnology company, to identify new treatments by modulating a novel, undisclosed ion channel target, expanding the company’s portfolio of programmes. In September 2023, AstronauTx was awarded an Innovate UK grant to fund preclinical work on one of its programmes.

In October 2023, AstronauTx announced the completion of a $61 million Series A financing. The proceeds will be used to advance the company’s portfolio of small-molecule drugs, including a clinical study in patients with Alzheimer’s disease for the lead programme.