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Ziopharm Shares Are Trading Lower After Slashing Workforce By Over 50%

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Ziopharm Shares Are Trading Lower After Slashing Workforce By Over 50%
  • Ziopharm Oncology Inc (NASDAQ: ZIOPannounced a restructuring enabling the Company to advance its TCR program. 
  • The Company will eliminate approximately 60 positions and expects the changes will extend the cash runway into 1H of 2023. Earlier, ZIOP expected cash runway into Q4 of 2022.
  • As of June 30, 2021, the Company had approximately $76.7 million of cash and cash equivalents.
  • The Company also announced that dosing in its TCR-T Library Phase 1/2 trial will start in 1H of 2022 after experiencing unforeseen delays caused by inadequate resources at its contract manufacturer. 
  • The Company is investing in its manufacturing capabilities to accelerate patient dosing. It is committed to operationalizing internal manufacturing capabilities in 1H of 2022 to support the first patient dosing.
  • Price Action: ZIOP stock is down 15.1% at $1.8 during the premarket session on the last check Tuesday.
 

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