Business

Mass. biotech company cuts 90% of workforce

The layoffs come as the biotech industry struggles.

A scientist uses a pipette and plastic vials while working. Simon Dawson for Bloomberg

April 17, 2025

1 minute to read

After disappointing trial results for its melanoma and ovarian cancer treatments, Mural Oncology announced Wednesday it will cut about 104 positions, or about 90% of its workforce.

The company decided to discontinue all clinical development of nemvaleukin alfa, a novel immunotherapy cancer treatment, after the trials fell short of target goals. As a result, the company said it is exploring strategic options for its future.

The company expects to lay off the majority of its workforce by the end of the second fiscal quarter, according to SEC filings.

Mural Oncology is a biotechnology company that focuses on using its protein engineering platform to develop cytokine-based immunotherapies for cancer treatment. The company aims to deliver clinical benefits to people living with cancer.

Alkermes plc spun off its oncology business in November 2023 to form Mural Oncology plc. The new company is led by CEO Caroline Loew, a biotech veteran with experience at Blympse Bio, Bristol-Myers Squibb, and Merck.

Mural Oncology has offices in Dublin, Ireland, but its primary facility is in Waltham.

In the announcement, Mural says it is exploring ways to maximize shareholder value and is considering potential alternatives, including acquisitions, mergers, or business combinations, moving forward.

The company has not entered into any discussions with other companies to further an acquisition as of Wednesday.

As of December, the company had about $144.4 million of cash, cash equivalents, and marketable securities.

The layoffs come as the life sciences industry in the region continues to struggle. During the first quarter of the year, the Boston Business Journal reported that 21 Massachusetts life sciences companies announced layoffs impacting at least 1,000 employees.