Neoleukin Pauses Development Of NL-201, Cuts 40% Of Employee Strength

Neoleukin Therapeutics Inc NLTX announced discontinuing the development of NL-201 for strategic reasons.
Preliminary monotherapy data from the Phase 1 study of NL-201 did not demonstrate significant immunogenicity even after multiple cycles of therapy.
The data demonstrated engagement of the target receptor's expected pharmacodynamic changes for a potent IL-2/IL-15 agonist.
In April, the FDA removed the clinical hold related to Neoleukin's investigational new drug application to begin a Phase 1 program of its cancer immunotherapeutic candidate, NL-201.
In January this year, the FDA asked the company for more information on its de novo IL-5/IL-2 agonist for solid tumors before jumping into human trials.
Neoleukin's will also cut 40% of the workforce.
Cash, cash equivalents, and short-term investments totaled $106.9, which is expected to extend Neoleukin's existing cash runway into the second half of 2025.
Price Action: NLTX shares are 15.10% lower at $0.45 on the last check Tuesday.