Restructuring Edition: OrbiMed/Foresite and Concentra responded quickly after Theseus implemented a 72% workforce reduction and began a search for strategic alternatives despite having $225.4m in cash. REGENXBIO, Novavax and Lyell also revealed job cuts despite large cash stockpiles.

Safety signals were the most common cause of discontinued candidates in the breakthrough therapy designation program in 2023.

Restructuring Edition: Impel eliminated R&D spending earlier this year to focus on Trudhesa commercialization, but is examining all options, including bankruptcy, as its funding runs out. Also, Alaunos, BioXcel and others announce job cuts and strategic shifts during second quarter updates.

Galera's stock has cratered after the US FDA issued a complete response letter for avasopasem manganese for radiotherapy-induced severe oral mucositis in patients with head and neck cancer.