Mural Oncology Reports Q1 2024 Financial Results and Business Update

Mural Oncology plc, a clinical-stage company specializing in immuno-oncology, announced its financial results for the first quarter of 2024 and provided a significant business update. The company focuses on developing novel cytokine therapies to address unmet needs in various cancer treatments.

Mural is progressing with its lead candidate, nemvaleukin alfa, which is currently undergoing two potentially registrational trials in platinum-resistant ovarian cancer and mucosal melanoma. These trials, ARTISTRY-7 and ARTISTRY-6, are anticipated to provide data readouts in the first half of 2025. Nemvaleukin is also being evaluated in a new, less frequent intravenous (IV) dosing regimen, both as a single agent and in combination with pembrolizumab, in patients with cutaneous melanoma. Preliminary data from these studies are expected in 2025.

In addition to nemvaleukin, Mural is advancing its preclinical programs targeting interleukin-18 (IL-18) and interleukin-12 (IL-12). The company presented promising preclinical data on these therapies at the American Association of Clinical Research (AACR) annual meeting in April 2024 and aims to nominate development candidates for both programs by the end of the year.

Mural's first quarter financial results showed a cash position of $231.7 million as of March 31, 2024, down from $270.9 million at the end of 2023. Research and development (R&D) expenses decreased to $26.9 million from $40.4 million in the same period in 2023, primarily due to reduced headcount and winding down of certain clinical trials. General and administrative (G&A) expenses increased to $7.2 million from $3.7 million, attributed to higher employee-related costs and professional fees post-separation. The net loss for the quarter was $30.9 million, an improvement from a net loss of $46.5 million in the first quarter of 2023.

The company continues to project a cash runway into the fourth quarter of 2025, with sufficient funds to support key clinical readouts. Mural reiterates its commitment to achieving its clinical milestones and expanding its pipeline of innovative cancer treatments.

Nemvaleukin alfa, Mural's leading product candidate, is engineered to leverage the antitumor effects of the IL-2 pathway while minimizing associated toxicities. By selectively targeting the intermediate-affinity IL-2 receptor, nemvaleukin preferentially expands antitumor CD8+ T cells and natural killer cells, with minimal impact on regulatory T cells, which are typically immunosuppressive.

Mural's IL-18 program focuses on creating a more potent immune-stimulating cytokine by introducing mutations that prevent binding to IL-18 binding protein (IL-18BP), a decoy receptor that neutralizes IL-18. Additionally, IL-18 is fused to protein scaffolds to extend its half-life and increase exposure, potentially leading to a more durable immunological effect.

Similarly, the IL-12 program addresses the cytokine's narrow therapeutic index and associated systemic toxicity. Mural's approach involves splitting the IL-12 molecule into two inactive monomers, IL12p35 and IL-12p40, which are then fused to antibody fragments. This design aims to concentrate IL-12 specifically in the tumor microenvironment, thereby reducing systemic exposure and associated toxicities.

Mural Oncology is dedicated to leveraging its expertise in cytokine biology and protein engineering to develop impactful cancer immunotherapies. With its headquarters in Dublin, Ireland, and primary facilities in Waltham, Massachusetts, the company is poised to advance its mission of improving the lives of cancer patients through innovative treatments.