(CercleFinance.com) – The biotechnology company Celyad estimated on Friday that its cash position of 12.4 million euros would not be sufficient to allow it to finance its expenses beyond the next 12 months.
In a statement, the company stresses that its cash and cash equivalents should be sufficient to fund its operating expenses and capital expenditure needs through the fourth quarter of 2023.
Last December, the company decided to stop the development of its remaining clinical program, an allogeneic candidate called ‘CAR-T’ in relapsed or refractory multiple myeloma (r/r MM)).
Celyad now intends to focus on leveraging its intellectual property, which it believes offers great potential for the eventual licensing of its patents.
Listed on the Paris Stock Exchange, the Celyad stock fell 6% in the wake of these announcements.