Rocket Pharmaceuticals to reduce workforce by 30%, anticipates program delays

Rocket Pharmaceuticals (RCKT) announced a strategic corporate reorganization and pipeline prioritization aimed at maximizing near-term value, extending operational runway into the second quarter of 2027. The restructuring and reprioritization initiative focuses Rocket’s resources on the adeno-associated virus cardiovascular platform, comprised of clinical programs in Danon disease, PKP2-associated arrhythmogenic cardiomyopathy, and BAG3-associated dilated cardiomyopathy, as well as submitting the completed responses to the CRL for Kresladi for severe leukocyte adhesion deficiency-I. The transition reflects the company’s focus on its late-stage AAV pipeline, a strategy previously announced in January. The company will implement a reduction in workforce of approximately 30%, which, along with other planned cost-saving initiatives, is expected to reduce Rocket’s 12-month operating expenses by nearly 25%. Rocket anticipates that its existing cash resources, excluding any potential proceeds from a Priority Review Voucher that may be granted upon FDA approval of Kresladi, will fund operations into the second quarter of 2027. Based on business and strategic priorities and as part of its realignment, Rocket anticipates delays associated with the Fanconi Anemia and Pyruvate Kinase Deficiency programs. FDA approval of RP-L102 is no longer anticipated in 2026.