Magenta Therapeutics Trims R&D, Cuts Workforce

Magenta Therapeutics Inc MGTA is cutting 14% of staff and axing a planned dosing optimization trial for a stem cell mobilization med, focused on extending its cash runway into Q2 2024.
The cost-saving measures focus on shaving administrative expenses and new research investments, including the Company's planned dosing and administration optimization trial for the stem cell med, MGTA-145, in healthy patients.
In its Q4 earnings release, the Company had expected data from the MGTA-145 stem cell mobilization program in 2H of 2022.
Related: Magenta Therapeutics' Shares Gain As FDA Signs Off Blood Cancer Candidate To Enter Human Trial.
Instead, Magenta is rallying behind MGTA-117, the lead asset in the Company's targeted conditioning program.
"We are encouraged by our progress in the MGTA-117 clinical trial and want to proactively address our resource allocation to ensure focus on creating value for patients and all of our stakeholders," said CEO Jason Gardner.
The Company ended 2021 with a cash balance of $176.9 million, expected to fund the operating plan into Q4 of 2023.
Price Action: MGTA shares are down 4.98% at $2.29 during the market session on the last check Thursday.