Neoleukin Pauses Development Of NL-201, Cuts 40% Of Employee Strength

• Neoleukin Therapeutics Inc (NASDAQ: NLTX) announced discontinuing the development of NL-201 for strategic reasons.

• Preliminary monotherapy data from the Phase 1 study of NL-201 did not demonstrate significant immunogenicity even after multiple cycles of therapy.

• The data demonstrated engagement of the target receptor's expected pharmacodynamic changes for a potent IL-2/IL-15 agonist.

• In April, the FDA removed the clinical hold related to Neoleukin's investigational new drug application to begin a Phase 1 program of its cancer immunotherapeutic candidate, NL-201.

• In January this year, the FDA asked the company for more information on its de novo IL-5/IL-2 agonist for solid tumors before jumping into human trials.

• Neoleukin's will also cut 40% of the workforce.

• Cash, cash equivalents, and short-term investments totaled $106.9, which is expected to extend Neoleukin's existing cash runway into the second half of 2025.

• Price Action: NLTX shares are 15.10% lower at $0.45 on the last check Tuesday.

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