08:04 AM EDT, 09/19/2024 (MT Newswires) -- Achilles Therapeutics ( ACHL ) said Thursday that it is discontinuing its TIL-based cNeT program and closing the phase I/II clinical trials for non-small cell lung cancer treatment.

The company said it would change its strategy to pursue partnerships with third parties developing alternative treatments for clonal neoantigens, such as neoantigen vaccines, ADCs, and TCR-T therapies.

Achilles has also hired BofA Securities to investigate value-maximizing strategies.

As of June 30, 2024, the company had $95.1 million in cash.

The company said it would also reduce its workforce and implement cost-cutting measures while retaining key employees for the strategic review.

Shares of the company were up nearly 47% in recent Thursday premarket activity.

Price: 1.0200, Change: +0.33, Percent Change: +47.29