Mural Oncology Reports Q2 2024 Financials and Pipeline Update

Mural Oncology plc, a clinical-stage immuno-oncology firm focused on developing innovative cytokine therapies for cancer treatment, recently announced its financial results for Q2 2024 and provided key business updates. The company's lead asset, nemvaleukin alfa, is progressing through late-stage clinical trials, with significant milestones expected in 2025.

Mural Oncology is strategically positioned to harness the therapeutic potential of cytokines in cancer treatment. Since its establishment as an independent entity last year, Mural has concentrated on rapidly advancing its immunotherapy programs. The firm aims to deliver novel treatments that address the limitations of existing therapies.

Key corporate developments include the appointment of George Golumbeski, Ph.D., to the board of directors. Dr. Golumbeski brings extensive experience in strategic collaborations, mergers and acquisitions, and biotech investment. His expertise is expected to reinforce Mural's strategic direction and corporate development initiatives.

Nemvaleukin alfa is undergoing substantial clinical evaluation in two main indications: mucosal melanoma and platinum-resistant ovarian cancer. ARTISTRY-7, a phase 3 trial, is examining the combination of nemvaleukin and pembrolizumab against standard chemotherapy in patients with platinum-resistant ovarian cancer. Patient enrollment for this trial is complete, and interim overall survival results are anticipated in early 2025, with final results expected by mid-2026. Additionally, ARTISTRY-6 is a phase 2 study evaluating nemvaleukin as a monotherapy in mucosal melanoma, with top-line data expected in the first half of 2025.

Mural is also exploring less frequent intravenous dosing of nemvaleukin in cutaneous melanoma through cohorts 3 and 4 of ARTISTRY-6. Preliminary data from the monotherapy cohort are expected in early 2025, and combination therapy data with pembrolizumab are anticipated later in the year. Recent data from ARTISTRY-3, presented at the American Society of Clinical Oncology annual meeting, support the dosing strategy currently employed in ARTISTRY-6.

In its pipeline, Mural is advancing preclinical programs for interleukin-18 (IL-18) and IL-12, with candidate nominations expected by the end of this year. Mural's IL-18 has been engineered to avoid binding with IL-18BP, a decoy receptor that neutralizes native IL-18, while also extending its half-life. This approach has shown promising immunological effects in preclinical studies. Similarly, Mural's IL-12 variant is designed to concentrate the cytokine within the tumor microenvironment, reducing systemic exposure and associated toxicities.

Financially, Mural reported a cash position of $204.7 million as of June 30, 2024. Research and development expenses for Q2 2024 were $27.5 million, a decrease from $42.5 million in the same period last year, attributed to changes in team composition and reduced spending on certain trials. General and administrative expenses rose to $6.7 million due to costs of operating as an independent company. The net loss for Q2 2024 was $31.6 million, down from $50.2 million in Q2 2023.

Looking ahead, Mural reaffirms its guidance that current cash reserves are expected to support operations into Q4 2025, with lower operating expenses projected for 2025. The company remains committed to advancing its cytokine-based therapies and anticipates several key readouts and developments in the near future.

About Nemvaleukin: 

Nemvaleukin alfa is an engineered cytokine designed to leverage the IL-2 pathway's antitumor effects while minimizing associated toxicities. It selectively binds to the intermediate-affinity IL-2 receptor, promoting the expansion of antitumor CD8+ T cells and natural killer cells, with minimal impact on immunosuppressive regulatory T cells. Nemvaleukin is currently under evaluation in two late-stage clinical trials.

About Mural Oncology's IL-18 Program: 

Mural's IL-18 variant is designed to overcome the limitations of native IL-18, such as neutralization by IL-18BP and a short half-life. Mutations introduced to IL-18 eliminate binding to IL-18BP, and protein scaffolds extend its half-life, showing a durable immunological effect in preclinical studies.

About Mural Oncology's IL-12 Program: 

Mural's IL-12 variant aims to mitigate the systemic toxicity of native IL-12 by splitting it into two inactive monomers that are fused to antibody fragments. This approach concentrates IL-12 in the tumor microenvironment, reducing systemic exposure and potential toxicities while maintaining therapeutic efficacy.

Mural Oncology continues to leverage its expertise in protein engineering to develop cytokine-based immunotherapies, aiming to deliver significant clinical benefits to cancer patients. The company is headquartered in Dublin, Ireland, with primary facilities in Waltham, Massachusetts.

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