As previously announced in July 2024, the Company is continuing its review and evaluation of potential strategic alternatives. As part of this assessment, the Company is considering options such as out-licensing opportunities for existing programs and merger and acquisition opportunities, with the goal of maximizing the value of its assets for its stockholders. Oppenheimer & Co., Inc. is serving as the Company’s exclusive financial advisor in this process. Through the third quarter of fiscal year 2025, the Company’s cash preservation efforts continue and include a reduction-in-force progressing in stages as the Company’s operational and strategic direction evolves. As of March 31, 2025, the Company had $20.5 million in cash and cash equivalents with no outstanding debt.
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