10:33 AM EST, 02/11/2025 (MT Newswires) -- Third Harmonic Bio ( THRD ) shares slumped 25% in recent Tuesday trading after the company announced a 50% workforce cut, a strategic review, including potential transactions or business combinations, and a halt in all research unrelated to its THB335 drug candidate for chronic spontaneous urticaria.

THB335 phase 1 data support advancement into a phase 2 clinical trial, the company said Tuesday in a statement. Full results will be presented at a medical conference in March.

The phase 2 trial is expected to start by mid-2025.

Third Harmonic had $285 million in cash and cash equivalents as of Dec. 31.

Price: 3.51, Change: -1.15, Percent Change: -24.62