Galera, in response, is seeking a Type A meeting with the FDA to understand their reasoning and determine further steps for NDA resubmission. 

They are also contemplating partnership options for avasopasem's continued development.

Galera is also restructuring, reducing its staff by around 70% to extend its financial lifespan. "The focus now is to delineate avasopasem's future and advance the rucosopasem clinical trials," Dr. Sorensen remarked.

Rucosopasem, another promising product by Galera, is intended to enhance the anti-cancer properties of stereotactic body radiation therapy (SBRT) for specific cancer types. The company's GRECO-2 trial hopes to offer a revolutionary treatment option for pancreatic cancer patients.

Galera reported preliminary financials, estimating a balance of $38.8 million. The company forecasts its current funds to support them till the second quarter of 2024.

Price Action: GRTX shares are down 83.40% at $0.37 on the last check Thursday.