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Neoleukin Therapeutics (NASDAQ: NLTX) has engaged SVB Securities to explore strategic alternatives aimed at maximizing shareholder value, which may encompass potential sales, mergers, or divestitures. Additionally, the company announced a workforce reduction of approximately 70% as part of a corporate restructuring to conserve cash amidst challenging capital market conditions. CEO Jonathan Drachman will also step down following a brief transition. Neoleukin's Board highlighted the importance of their immunotherapeutic advancements but deemed the current environment necessitated a reassessment of strategies to bolster shareholder value.
Neoleukin Therapeutics (NASDAQ: NLTX) presented data on NEO-TRA1, a precision-tuned agonist for the IL-2 receptor, at the American Society of Hematology Annual Meeting. This de novo protein technology selectively expands T-regulatory cells, with promising preclinical results showing effective in vitro and in vivo expansion in human models. The company aims to partner with expertise in autoimmune drug development to advance NEO-TRA1 into clinical trials, showcasing its potential as a best-in-class Treg agonist for treating autoimmune conditions.
Neoleukin Therapeutics (NASDAQ:NLTX) announced strategic changes, including the discontinuation of NL-201's development to focus on next-generation protein therapeutics. The decision stems from a review of NL-201's Phase 1 data, suggesting more resources could be allocated effectively elsewhere. The company also approved a restructuring plan, reducing its workforce by about 40%, which aims to extend cash runway into the second half of 2025. As of September 30, 2022, Neoleukin held $106.9 million in cash and reported a net loss of $13.1 million for the quarter.
Neoleukin Therapeutics (NASDAQ:NLTX) announced an oral presentation at the American Society of Hematology (ASH) Annual Meeting scheduled for December 10-13, 2022, in New Orleans. The presentation titled NEO-TRA1 will focus on a CD25-targeted de novo non-Alpha Agonist of the IL-2 receptor, which selectively expands regulatory T cells. The session will take place on December 12, 2022, at 11:45 AM at the Ernest N. Morial Convention Center.
Neoleukin aims to innovate immunotherapies for cancer and autoimmune diseases through advanced protein design technology.
Neoleukin Therapeutics (NASDAQ:NLTX) announced its Q2 2022 financial results and corporate updates. The company had cash and equivalents of $116.5 million as of June 30, 2022, down from $142.5 million at the end of 2021, but believes it has sufficient funds to operate through 2023. R&D expenses rose to $11.0 million due to costs associated with clinical trials for NL-201, while G&A expenses decreased to $4.9 million. Neoleukin is testing NL-201 in advanced solid tumors and has plans for interim results in 2023, showcasing ongoing advancements in its protein therapeutic pipeline.
Neoleukin Therapeutics (NASDAQ:NLTX) is set to present at the Canaccord Genuity 42nd Annual Growth Conference on August 10, 2022, at 1 p.m. Eastern Time. The presentation will feature CEO Jonathan Drachman, M.D., and will be available via webcast on the Neoleukin website. An archived replay will be accessible for 30 days post-event. Neoleukin specializes in developing advanced immunotherapies for cancer and autoimmunity using de novo protein design technology, with lead candidate NL-201 aiming to improve therapeutic tolerability.
Neoleukin Therapeutics (NASDAQ:NLTX) announced it will report its second quarter 2022 financial results on August 9, 2022, following the market's close. A conference call and live audio webcast will be held at 1:30 p.m. Pacific / 4:30 p.m. Eastern. Participants can join via toll-free number (800) 715-9871 with conference ID 4116795. The archived audio will be available for replay on their Investor Relations website shortly after the event.
Neoleukin focuses on developing advanced immunotherapies for cancer and autoimmunity using innovative de novo protein design.
