05:45 PM EDT, 08/13/2024 (MT Newswires) -- Acelyrin ( SLRN ) was up over 5% in extended session Tuesday, after saying its izokibep drug candidate met the primary endpoint of phase 3 testing in hidradenitis suppurativa, a skin disorder.

Izokibep demonstrated its efficacy across multiple endpoints, including 33% of the patients with the long-term skin condition who were treated with 160 milligrams.

Acelyrin ( SLRN ) also reported Q2 net loss of $0.86 per diluted share, wider than $0.40 a year earlier. Four analysts polled by Capital IQ estimated $0.69.

The company did not report any revenue for the quarter ended June 30. However, it revealed a restructuring that will see a workforce reduction of 33%. These job cuts, coupled with reprioritization of other clinical programs, are expected to extend the $635.2 million in cash and cash equivalents to fund operations until mid-2027.

Price: 5.0300, Change: +0.27, Percent Change: +5.67