Theseus slashes workforce following earlier GIST trial halt

13 Nov 2023
firstwordpharma.com
Executive Change
Theseus Pharmaceuticals announced that it has reduced its workforce by 72% and is exploring strategic alternatives. The move sent company shares surging as much as 50% on Tuesday following the disclosure.
R&D president William C. Shakespeare is also stepping down, but will continue to support the company in a consulting capacity until June 30 of next year. Theseus indicated that as part of its strategic review process, it will be looking at a range of options, including potential sale of assets, a sale of the company, a merger or other action.
Follows scrapped programme
In June, Theseus shares plummeted after the company disclosed that it was discontinuing enrollment in a Phase I/II study and ending development of THE-630, a pan-variant inhibitor of the receptor tyrosine kinase KIT, in patients with gastrointestinal stromal tumours (GIST).
At the time, the company explained that THE-630 likely did not have a differentiated profile at doses below 27mg, which would provide exposure well below the target level of 100 nanomolar average concentration. It also said it would be prioritising THE-349, a fourth-generation EGFR inhibitorEGFR inhibitor for EGFR mutant non-small-cell lung cancer, and that it was on track to submit an investigational new drug application by year-end.
Further, the company touted a new KIT-targeting programme for patients with early-line GIST, with plans to nominate a development candidate in the first half of 2024.
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