WALTHAM, MA–Mural Oncology plc (Nasdaq: MURA), a clinical-stage biotech company, announced on April 15 that it will discontinue all development of its lead drug candidate, nemvaleukin alfa, following disappointing clinical trial results.
The company also revealed plans to explore strategic alternatives and will lay off approximately 90% of its workforce.
The decision follows a review of data from the phase 2 ARTISTRY-6 trial in melanoma and previously reported interim results from the phase 3 ARTISTRY-7 trial in ovarian cancer. According to the company, nemvaleukin failed to meet its primary endpoint in patients with mucosal melanoma and showed insufficient activity in other treatment settings.
With $144.4 million in cash and equivalents as of December 31, 2024, Mural has hired Lucid Capital Markets to help evaluate potential paths forward. These may include a sale, merger, or other business transaction aimed at maximizing shareholder value.
While Mural is beginning the process of seeking strategic alternatives, it stated that there are currently no active discussions with potential buyers or partners.
Further updates will be provided as necessary, the company said.
