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Calithera Biosciences Inc (NASDAQ: CALA) announced that its Board of Directors has determined that it is in the best interests of its shareholders to dissolve the company and liquidate its assets.
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To reduce costs and in connection with the planned dissolution, Calithera is discontinuing all clinical development programs and reducing its workforce, including the termination of most employees by the end of the first quarter.
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The company intends to call its shareholders for a special meeting in the first calendar quarter of 2023 to seek approval of the Plan of Dissolution and will file proxy materials.
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In November, Calithera announced it was evaluating all options for its programs, including strategic collaboration or licensing agreements, and actively considering the sale of certain programs, to extend its cash runway.
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Cash and cash equivalents reached $34.1 million at September 30, 2022. Based on its current operating plan, the company expected the cash to fund its operations into Q2 of 2023.
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During the Q3 release, the company also said it experienced site activation delays on both sapanisertib and mivavotinib trials, leading to slower-than-anticipated enrollment for both these programs.
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The company said that initial data from these studies will not be available until mid-2023.
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Price Action: CALA shares are down 80.9% at $0.69 on the last check Monday.
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