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On Wednesday, Acelyrin Inc. (NASDAQ:SLRN) confirmed that it was completing a 33% reduction in its workforce.
On June 30, the Agoura Hills, California-based company had $635.2 million in cash, cash equivalents, and short-term marketable securities. The cash runway extends to mid-2027.
“Consistent with our commitment to disciplined capital allocation, we have decided to focus our efforts toward rapidly advancing lonigutamab through late-stage development with our existing cash resources,” said Mina Kim, CEO.
Meanwhile, Acelyrin will cease developing izokibep. The company is on the hunt for a partner to help develop the drug.
Acelyrin reported data from the Phase 3 trial of izokibep in hidradenitis suppurativa (HS). Izokibep demonstrated statistically significant responses across multiple efficacy endpoints at 12 weeks.
Acelyrin will complete the ongoing psoriatic arthritis (PsA) and HS trials but will suspend new investments in these indications.
Strategic Shift: The company is prioritizing lonigutamab, signalling a “strategic shift” from izokibep.
“Combined with a reduction in force, this strategic shift allows us to extend our cash runway to mid-2027 and fully fund both Phase 3 trials for lonigutamab,” Kim said.
Acelyrin has completed the Phase 1 proof-of-concept portion of the ongoing lonigutamab trial, and the dose-ranging Phase 2 portion in thyroid eye disease patients continues.
The Phase 2 trial tests different doses and dose regimens to establish a minimum effective dose and enable the selection of the optimal dose and dose regimen for the Phase 3 program. Dose administration every three or four weeks is now being tested.
Acelyrin plans to forgo the originally planned Phase 2b/3 trial design and move directly into a Phase 3 program, potentially with concurrent trials, which is anticipated to be initiated in the first quarter of 2025.
The company will hold an end-of-Phase 2 meeting with the FDA later this year.
Price Action: SLRN stock is down 17.4% at $3.93 at last check Wednesday.
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