Mural Oncology (MURA) said Tuesday it plans to explore strategic alternatives following a review of data from its phase 2 trial in melanoma and previously announced results from the phase 3 trial in platinum-resistant ovarian cancer.

The company said it is discontinuing all clinical development of nemvaleukin alfa and cutting its workforce by about 90%.

Mural said it has hired Lucid Capital Markets to serve as its financial adviser in connection with the exploration of strategic alternatives, adding that there was no assurance that the process will lead to any transaction.

The company said it has not received any approaches and was not in active discussions with any potential suitor.

Mural Oncology climbed by more than 95% in premarket trading.