Shares of Achilles Therapeutics plc ( ACHL ) surged Thursday after the biotechnology firm revealed plans to discontinue its TIL-based cNeT program and close its ongoing Phase I/IIa clinical trials, CHIRON and THETIS.

What To Know: Achilles announced it will refocus its strategy to explore collaborations with third parties developing alternative modalities for targeting clonal neoantigens in cancer treatment. These potential partnerships could involve neoantigen vaccines, antibody-drug conjugates (ADCs) and TCR-T therapies.

In conjunction with this strategic shift, the company engaged BofA Securities as a financial advisor to explore value-maximizing strategies. These could include acquisitions, mergers, or asset sales, although the company emphasized that there is no guarantee of any transactions resulting from this process.

Dr. Iraj Ali, CEO of Achilles Therapeutics ( ACHL ), stated, “Our data continue to illustrate the importance of clonal neoantigens as targets and show some clinical activity, however our studies in lung cancer and melanoma have not met our goals for commercial viability.” He added that the company remains committed to driving the development of effective treatments for patients and creating long-term value for shareholders.

As part of its strategic update, Achilles is implementing cost-cutting measures, including a proposed workforce reduction. The company has initiated an employee consultation process in compliance with UK legislation. Despite these measures, Achilles intends to retain employees essential for supporting value-realization during its strategic review.

ACHL Price Action: Achilles shares were up by 36.1% at 96 cents according to Benzinga Pro.

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Image: Steve Buissine from Pixabay.