Ziopharm Shares Are Trading Lower After Slashing Workforce By Over 50%

Ziopharm Oncology Inc ZIOP announced a restructuring enabling the Company to advance its TCR program.
The Company will eliminate approximately 60 positions and expects the changes will extend the cash runway into 1H of 2023. Earlier, ZIOP expected cash runway into Q4 of 2022.
As of June 30, 2021, the Company had approximately $76.7 million of cash and cash equivalents.
The Company also announced that dosing in its TCR-T Library Phase 1/2 trial will start in 1H of 2022 after experiencing unforeseen delays caused by inadequate resources at its contract manufacturer.
The Company is investing in its manufacturing capabilities to accelerate patient dosing. It is committed to operationalizing internal manufacturing capabilities in 1H of 2022 to support the first patient dosing.
Price Action: ZIOP stock is down 15.1% at $1.8 during the premarket session on the last check Tuesday.