Mural Oncology's (MURA) shares jumped more than 160% in recent trading Tuesday after the company said it is discontinuing all clinical development of nemvaleukin alfa and plans to immediately start exploring strategic alternatives.

The move follows the review of data from its phase 2 ARTISTRY-6 trial in melanoma, which failed to achieve the primary endpoint, and previously announced adverse results from the phase 3 ARTISTRY-7 trial in platinum-resistant ovarian cancer, the Ireland-based clinical-stage immuno-oncology company said.

The company has engaged Lucid Capital Markets LLC as financial adviser for the exploration of strategic alternatives, which would include an offer for or other acquisition of the company, merger, or business combination. The company also said it will reduce its workforce by roughly 90%.

As of Dec. 31, 2024, the company had approximately $144.4 million of cash and cash equivalents, and marketable securities.

Price: 3.02, Change: +1.99, Percent Change: +193.30