Cara Therapeutics Inc. (CARA) is a biotechnology company focused on developing and commercializing new chemical entities designed to alleviate pain and pruritus (severe itching).The company’s drug candidates fall under two categories - Kappa Receptor Agonist and Cannabinoid Receptor Agonist.Cara's most advanced Cannabinoid compound is CR701, and it is in preclinical development.In a rodent model of neuropathic pain that produced both hyperalgesia (an increased pain response to a noxious stimulus) and allodynia (painful perception of innocuous stimuli), administration of CR701 resulted in significant reversal of both hyperalgesia and allodynia.Shares of Cara are down nearly 65% year-to-date and trade around $5.55.