07:42 AM EST, 11/21/2024 (MT Newswires) -- HOOKIPA Pharma ( HOOK ) said late Wednesday that it would reduce its workforce by about 80% as part of its restructuring plan.

The company said it expects to begin the restructuring plan in Q4 and substantially complete it by the end of the first half of 2025.

As part of its restructuring plan, the company will pause clinical development of its eseba-vec program for HPV16-positive head and neck cancers, including the early termination of a phase 1/2 trial, despite no issues with efficacy or safety.

Additionally, Hookipa said it also prioritize its HB-700 program for KRAS mutant cancers, which received FDA clearance in April 2024.

The company will continue enrolling patients in its HB-500 HIV program and supporting its HB-400 Hepatitis B program, both developed in partnership with Gilead Sciences.