Theseus Pharmaceuticals, Inc. (NASDAQ: THRX) witnessed a notable upswing in its stock value during the extended trading hours on Friday, marking a commendable 4.97% increase to reach $3.80 in the after-market session. This positive momentum follows a robust performance in the regular session, where THRX stock experienced a 4.93% surge, concluding the session at $3.62. The impetus behind this upward trajectory lies in Theseus’ proactive exploration of strategic alternatives aimed at optimizing shareholder value.
In a formal declaration, Theseus (THRX) communicated its ongoing initiative to assess strategic alternatives for the purpose of maximizing shareholder value. Concurrently, the company has implemented a significant workforce reduction, affecting approximately 72% of its personnel. Notably, this reduction includes the departure of William C. Shakespeare, Ph.D., the President of Research and Development, who will continue to contribute to the company in a consulting capacity until June 30, 2024.
As an integral part of this strategic assessment, Theseus is poised to consider a diverse array of options, with a primary focus on enhancing shareholder value. Prospective avenues include the potential divestiture of company assets, an outright sale of the company, merger opportunities, or other strategic actions.
The financial landscape of Theseus as of September 30, 2023, reveals a robust position with $225.4 million in cash, cash equivalents, and marketable securities. Even amid these strategic deliberations, Theseus remains committed to advancing its pipeline. Anticipating the submission of an Investigational New Drug (IND) application for THE-349 in EGFR-mutant NSCLC in the fourth quarter of the current year, the company is optimistic about the prospects of its lead candidate, THE-349, touted as a potential best-in-class fourth-generation EGFR inhibitor.
Looking ahead, Theseus is poised to nominate development candidates from its BCR-ABL and next-generation KIT programs in the first half of the upcoming year. Despite a setback in the THE-630 program for GIST patients, recent development plans signal a renewed focus on exploring THE-630’s potential in mast cell-driven diseases, either through internal pursuits or strategic partnerships—an avenue that Theseus is prepared to navigate.
