Why Aileron Therapeutics (ALRN) Stock Is Plunging Today - Aileron Therapeutics (NASDAQ:ALRN)

Aileron Therapeutics ALRN announced that a review of initial data from its Phase 1b chemoprotection trial of ALRN-6924 in p53-mutated breast cancer showed severe neutropenia (Grade 4) and alopecia (hair loss).
The primary endpoint of the Phase 1b open-label trial was evaluating ALRN-6924 in patients with breast cancer receiving neoadjuvant or adjuvant treatment with docetaxel, doxorubicin, and cyclophosphamide, or "TAC" chemotherapy, was the duration and incidence of severe neutropenia in cycle 1.
Related: Aileron Shares Fall After Early Data From Chemoprotective Agent In Lung Cancer Setting.
The incidence of chemotherapy-induced alopecia (hair loss) was a secondary endpoint.
Based on these findings, Aileron has decided to terminate the Phase 1b breast cancer trial and further development of ALRN-6924.
Aileron also announced that it is exploring various strategic alternatives and has engaged Ladenburg Thalmann & Co Inc as a strategic advisor for this process.
Aileron will reduce its remaining workforce from 9 to 3 full-time employees in the coming weeks. The company plans to retain the remaining employees to assist in executing the strategic alternatives review process.
Price Action: ALRN shares are down 43.70% at $1.32 on the last check Tuesday.

Aileron Therapeutics Shelves Development On Chemoprotection Agent, Shares Fall