Third Harmonic Bio Cuts Workforce in Half Amid Broader Evaluation of THB335

Dow Jones

11 Feb

By Denny Jacob

Third Harmonic Bio is cutting its workforce in half as part of a broader evaluation of THB335.

The pharmaceutical products developer said it is initiating a strategic review process to run in parallel with Phase 2 readiness activities to identify opportunities to maximize shareholder value through a strategic transaction and/or business combination.

"As we evaluate the competitive landscape and current market dynamics, we believe the right thing for our stakeholders is to evaluate a full range of strategic transactions and/or business combinations to maximize value creation across all assets in the company," said Chief Executive Natalie Holles.

The San Francisco company had 30 employees as of Dec. 31, 2023, according to a securities filing.

Third Harmonic also said it is halting all non-THB335 related research and discovery activities.

The company's announcements came as it disclosed data from a Phase 1 clinical trial of THB335.

Third Harmonic said THB335 was generally safe and well tolerated in the SAD cohorts. It noted there were three subjects in the MAD cohorts with isolated, transient asymptomatic transaminase elevations, with two of the three subjects having received a placebo. The company said it doesn't believe the single transaminase event in the active subject is drug-related.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

February 11, 2025 07:50 ET (12:50 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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