Third Harmonic Bio (THRD) shares slumped 25% in recent Tuesday trading after the company announced a 50% workforce cut, a strategic review, including potential transactions or business combinations, and a halt in all research unrelated to its THB335 drug candidate for chronic spontaneous urticaria.
THB335 phase 1 data support advancement into a phase 2 clinical trial, the company said Tuesday in a statement. Full results will be presented at a medical conference in March.
The phase 2 trial is expected to start by mid-2025.
Third Harmonic had $285 million in cash and cash equivalents as of Dec. 31.
Price: 3.51, Change: -1.15, Percent Change: -24.62
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