Boundless Bio Reports Second Quarter 2025 Financial Results and Business Highlights

On August 5, 2025 Boundless Bio (Nasdaq: BOLD), a clinical-stage oncology company interrogating extrachromosomal DNA (ecDNA) biology to deliver transformative therapies to patients with previously intractable oncogene amplified cancers, reported financial results and business highlights for the fiscal quarter ended June 30, 2025 (Press release, Boundless Bio, AUG 5, 2025, View Source [SID1234654778]).

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"We are executing with sharpened focus on programs that we believe have the strongest scientific rationale and greatest potential to impact patients with oncogene-amplified cancers," said Zachary Hornby, President and CEO of Boundless Bio. "We are excited to advance our BBI-355/BBI-825 combination in the clinic and to progress BBI-940, our development candidate in our novel kinesin program, toward IND submission, as we work to make a meaningful impact for both patients and shareholders."

Research and Development Highlights and Upcoming Milestones

POTENTIATE clinical trial


The Company believes recent preclinical data provide a strong mechanistic rationale to combine BBI-355, its novel, selective, oral CHK1 inhibitor, with BBI-825, its novel, selective, oral RNR inhibitor, for synergistic anti-tumor activity without overlapping toxicity, and with a dosing regimen that does not require continuous administration.

The BBI-355/BBI-825 combination arm of the POTENTIATE trial is open for enrollment. The Company expects to deliver initial proof-of-concept clinical data within its existing cash runway timeline.

Novel Kinesin program targeting ecDNA segregation and inheritance


Boundless selected BBI-940 as its development candidate for its novel program targeting a previously undrugged kinesin.

Boundless expects to submit an investigational new drug (IND) application for BBI-940 in the first half of 2026 and to deliver initial proof-of-concept clinical data within its existing cash runway timeline.

Second Quarter 2025 Financial Results


Cash Position: Cash, cash equivalents, and short-term investments totaled $127.1 million as of June 30, 2025.

Research and Development (R&D) Expenses: R&D expenses were $12.2 million for the second quarter of 2025, compared to $14.7 million for the same period in 2024.

General and Administrative (G&A) Expenses: G&A expenses were $4.8 million for the second quarter of 2025, compared to $4.7 million for the same period in 2024.

Net Loss: Net loss totaled $15.7 million for the second quarter of 2025, compared to $17.0 for the same period in 2024.

QIAGEN exceeds outlook for Q2 2025 with solid growth and improved profitability

On August 5, 2025 QIAGEN N.V. (NYSE: QGEN; Frankfurt Prime Standard: QIA) reported solid results for Q2 2025 that exceeded the outlook, and increased the full-year 2025 outlook for net sales growth while reaffirming the adjusted diluted earnings per share (EPS) target that was raised earlier in the year (Press release, Qiagen, AUG 5, 2025, View Source [SID1234654794]).

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Net sales rose 7% to $534 million compared to Q2 2024, with 6% growth at constant exchange rates (CER) exceeding the outlook for at least 5% CER growth. Core sales, which exclude discontinued products such as NeuMoDx and Dialunox, also rose 6% CER. The adjusted operating income margin increased 1.5 percentage points to 29.9% of sales, driven by efficiency gains across QIAGEN while absorbing the impact of new tariffs. Adjusted diluted EPS was $0.60, with results of $0.62 CER exceeding the outlook for at least $0.60 CER.

Based on the solid performance in H1 2025, and taking into account current macroeconomic trends (including U.S. and China import tariffs), QIAGEN has increased the FY 2025 net sales outlook to 4-5% CER growth (prior about 4% CER growth) and 5-6% CER core sales growth (prior about 5% CER growth), and reaffirmed the adjusted diluted EPS target of about $2.35 CER, which was increased by seven cents in April 2025, and for an adjusted operating income margin of about 30%.

"Our teams achieved another solid performance in Q2 2025, with results ahead of our outlook for both sales and adjusted earnings. QIAstat-Dx and QuantiFERON posted strong double-digit growth, while QIAcuity and QIAGEN Digital Insights continued to expand their contributions. Sample technologies saw good demand for automated consumables, and we are preparing to launch three important new instruments starting in late 2025 to support future growth. These results reflect focused execution, strategic investments and disciplined management. We are on track to achieve our upgraded 2025 targets and deliver solid profitable growth," said Thierry Bernard, CEO of QIAGEN.

"QIAGEN delivered strong financial results in Q2 2025, with the adjusted operating margin rising to 29.9 percent as we progress toward our 2028 goal for at least 31% faster than planned. Efficiency gains and disciplined cost management are supporting reinvestments in key initiatives while maintaining strong cash flow. As part of our capital allocation strategy, we have now returned over $350 million to shareholders in 2025 through the synthetic share repurchase and our first-ever cash dividend. We remain focused on funding innovation and creating value through an ongoing balanced and disciplined approach," said Roland Sackers, CFO of QIAGEN.

Please find the full press release incl. tables as a PDF for download at the top of this page.

Investor presentation and conference call

A conference call is scheduled for Wednesday, August 6, 2025, at 15:30 Frankfurt Time / 14:30 London Time / 9:30 New York Time. A live audio webcast will be available in the Investor Relations section of the QIAGEN website (www.qiagen.com), with a recording accessible after the event. The accompanying presentation will be published in advance under "Events and Presentations" in the same website section.

Use of adjusted results

QIAGEN reports adjusted results and constant exchange rate (CER) measures, along with other non-GAAP financial metrics, to provide deeper insight into its business performance. These include core sales (excluding discontinued products), adjusted gross margin and profit, adjusted operating income and expenses, adjusted operating income margin, adjusted net income, adjusted income before taxes, adjusted diluted EPS, adjusted EBITDA, adjusted tax rate, and free cash flow. Free cash flow is calculated as cash flow from operating activities less capital expenditures for property, plant and equipment. Adjusted results are non-GAAP measures that QIAGEN views as complementary to GAAP-reported results. They exclude items considered outside of ongoing core operations, subject to significant period-to-period fluctuation, or that reduce comparability with competitors and historical performance. QIAGEN also uses these non-GAAP and constant currency measures internally for planning, forecasting, reporting, and employee compensation purposes. These metrics support consistent comparison of current and past performance, which has historically been presented on an adjusted basis.

Nuvation Bio To Present New Data on IBTROZI™ (taletrectinib) in Advanced ROS1-Positive Non-Small Cell Lung Cancer at WCLC and ESMO Annual Congresses

On August 5, 2025 Nuvation Bio Inc. (NYSE: NUVB), a global oncology company focused on tackling some of the toughest challenges in cancer treatment, reported that new data will be presented at the IASLC 2025 World Conference on Lung Cancer (WCLC) taking place September 6–9, 2025 in Barcelona, Spain, and the European Society of Medical Oncology (ESMO) (Free ESMO Whitepaper) Congress Meeting (ESMO) (Free ESMO Whitepaper) October 17–21, 2025 in Berlin, Germany (Press release, Nuvation Bio, AUG 5, 2025, View Source [SID1234654816]). These data include new results from the pivotal Phase 2 TRUST-I and TRUST-II studies on the efficacy and safety of IBTROZI (taletrectinib) for the treatment of adult patients with locally advanced or metastatic ROS1-positive (ROS1+) non-small cell lung cancer (NSCLC).

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"We’re proud of the meaningful impact IBTROZI, a highly selective, next-generation oral tyrosine kinase inhibitor, has had on the ROS1+ NSCLC community following its recent FDA approval," said David Hung, M.D., Founder, President and Chief Executive Officer of Nuvation Bio. "We look forward to presenting new data from our pivotal trials that further reinforce the established efficacy and safety profiles of IBTROZI across multiple patient groups living with ROS1+ NSCLC and that offer additional preclinical and pharmacologic insights. These findings underscore the value IBTROZI brings as an important treatment option for people with this disease."

Presentations Overview:

WCLC

Title: Updated Efficacy and Safety of Taletrectinib in Patients With ROS1+ Non-Small Cell Lung Cancer: The Global TRUST-II Study

Presenter: Geoffrey Liu, M.D., Princess Margaret Cancer Centre, Temerty School of Medicine, University of Toronto

Session Category: MA02 – New Treatment Strategies in Other Than EGFR-Positive Tumors

Date: Sunday, September 7, 2025

Session Time: 12:00 – 1:15 p.m. CEST

Title: Updated Efficacy and Safety of Taletrectinib in Chinese Patients With ROS1+ Non-Small Cell Lung Cancer: Phase 2 TRUST-I Study

Presenter: Wei Li, M.D., Shanghai East Hospital, Tongji University

Session Category: P3.12 – Metastatic Non-small Cell Lung Cancer – Targeted Therapy

Date: Tuesday, September 9, 2025

Session Time: 10:00 – 11:30 a.m. CEST

Title: TRUST-III: Phase 3 Head-to-Head Study of Taletrectinib vs Crizotinib in Patients with ROS1+ Non-Small Cell Lung Cancer

Presenter: Caicun Zhou, M.D., Ph.D., Shanghai East Hospital, Tongji University

Session Category: P3.18 – Clinical Trials in Progress

Date: Tuesday, September 9, 2025

Session Time: 10:00 – 11:30 a.m. CEST

Title: Clinical Pharmacologic Characteristics of Taletrectinib

Presenter: Maurice Perol, M.D., Department of Medical Oncology, Léon Bérard Cancer Center, Lyon, France

Session Category: P3.12 – Metastatic Non-small Cell Lung Cancer – Targeted Therapy

Date: Tuesday, September 9, 2025

Session Time: 10:00 – 11:30 a.m. CEST

Title: Taletrectinib, a Next Generation Selective ROS1 inhibitor, Exhibits a Differentiated Profile in ROS1 Fusion Models

Presenter: Hitisha Patel, Ph.D., Director of Research, Nuvation Bio

Session Category: P3.12 – Metastatic Non-small Cell Lung Cancer – Targeted Therapy

Date: Tuesday, September 9, 2025

Session Time: 10:00 – 11:30 a.m. CEST

ESMO

Title: TRUST-II Global Study: Efficacy and Safety of Taletrectinib After Prior Entrectinib Exposure in Patients with Advanced ROS1+ Non-Small Cell Lung Cancer

Session Category: Saturday Poster Session

Presenter: Filippo De Braud, M.D., University of Milan, Milan, Italy

Date: Saturday, October 18, 2025

Session Time: 12:00 – 12:45 p.m. CEST

At WCLC, Nuvation Bio will also sponsor a satellite symposium, titled "Under the Microscope: Focusing on ROS1+ NSCLC," on Sunday, September 7 from 1:45 – 2:45 p.m. CEST. Presenters include Charu Aggarwal, M.D., MPH, University of Pennsylvania; Jüergen Wolf, M.D., University Hospital Cologne; and Javier deCastro, M.D., La Paz University Hospital.

The materials will be made available in the Publications section of Nuvation Bio’s website after the presentations. To learn more about Nuvation Bio, visit Booth #201 at WCLC and Booth #4018 at ESMO (Free ESMO Whitepaper).

About ROS1+ NSCLC
Each year, more than one million people globally are diagnosed with non-small cell lung cancer (NSCLC), the most common form of lung cancer. It is estimated that approximately 2% of patients with NSCLC have ROS1+ disease. About 35% of patients newly diagnosed with metastatic ROS1+ NSCLC have tumors that have spread to their brain. The brain is also the most common site of disease progression, with about 50% of previously treated patients developing CNS metastases. Despite recent progress for patients with ROS1+ NSCLC, there remains a need for more effective and tolerable treatment options.

About IBTROZI
IBTROZI is an oral, potent, central nervous system-active, selective, next-generation ROS1 inhibitor therapy approved for the treatment of adult patients with advanced ROS1-positive non-small cell lung cancer. Learn more at IBTROZI.com.

About the TRUST Clinical Program
The TRUST clinical program evaluating IBTROZI for the treatment of adult patients with advanced ROS1+ NSCLC included two Phase 2 single-arm pivotal studies: TRUST-I (NCT04395677) in China, which enrolled 173 patients, and TRUST-II (NCT04919811), a global study, which enrolled 164 patients. The primary endpoint of these registrational studies is confirmed objective response rate (cORR) as assessed by an independent review committee (IRC). Secondary endpoints include intracranial cORR, duration of response, progression-free survival, and safety.

Indication
IBTROZI is indicated for the treatment of adult patients with locally advanced or metastatic ROS1+ non-small cell lung cancer (NSCLC).

IMPORTANT SAFETY INFORMATION FOR IBTROZITM (taletrectinib)

WARNINGS AND PRECAUTIONS

Hepatotoxicity: Hepatotoxicity, including drug-induced liver injury and fatal adverse reactions, can occur. 88% of patients experienced increased AST, including 10% Grade 3/4. 85% of patients experienced increased ALT, including 13% Grade 3/4. Fatal liver events occurred in 0.6% of patients. Median time to first onset of AST or ALT elevation was 15 days (range: 3 days to 20.8 months).

Increased AST or ALT each led to dose interruption in 7% of patients and dose reduction in 5% and 9% of patients, respectively. Permanent discontinuation was caused by increased AST, ALT, or bilirubin each in 0.3% and by hepatotoxicity in 0.6% of patients.

Concurrent elevations in AST or ALT ≥3 times the ULN and total bilirubin ≥2 times the ULN, with normal alkaline phosphatase, occurred in 0.6% of patients.

Interstitial Lung Disease (ILD)/Pneumonitis: Severe, life-threatening, or fatal ILD or pneumonitis can occur. ILD/pneumonitis occurred in 2.3% of patients, including 1.1% Grade 3/4. One fatal ILD case occurred at the 400 mg daily dose. Median time to first onset of ILD/pneumonitis was 3.8 months (range: 12 days to 11.8 months).

ILD/pneumonitis led to dose interruption in 1.1% of patients, dose reduction in 0.6% of patients, and permanent discontinuation in 0.6% of patients.

QTc Interval Prolongation: QTc interval prolongation can occur, which can increase the risk for ventricular tachyarrhythmias (e.g., torsades de pointes) or sudden death. IBTROZI prolongs the QTc interval in a concentration-dependent manner.

In patients who received IBTROZI and underwent at least one post baseline ECG, QTcF increase of >60 msec compared to baseline and QTcF >500 msec occurred in 13% and 2.6% of patients, respectively. 3.4% of patients experienced Grade ≥3. Median time from first dose of IBTROZI to onset of ECG QT prolongation was 22 days (range: 1 day to 38.7 months). Dose interruption and dose reduction each occurred in 2.8% of patients.

Significant QTc interval prolongation may occur when IBTROZI is taken with food, strong and moderate CYP3A inhibitors, and/or drugs with a known potential to prolong QTc. Administer IBTROZI on an empty stomach. Avoid concomitant use with strong and moderate CYP3A inhibitors and/or drugs with a known potential to prolong QTc.​

Hyperuricemia: Hyperuricemia can occur and was reported in 14% of patients, with 16% of these requiring urate-lowering medication without pre-existing gout or hyperuricemia. 0.3% of patients experienced Grade ≥3. Median time to first onset was 2.1 months (range: 7 days to 35.8 months). Dose interruption occurred in 0.3% of patients.

Myalgia with Creatine Phosphokinase (CPK) Elevation: Myalgia with or without CPK elevation can occur. Myalgia occurred in 10% of patients. Median time to first onset was 11 days (range: 2 days to 10 months).

Concurrent myalgia with increased CPK within a 7-day time period occurred in 0.9% of patients. Dose interruption occurred in 0.3% of patients with myalgia and concurrent CPK elevation.

Skeletal Fractures: IBTROZI can increase the risk of fractures. ROS1 inhibitors as a class have been associated with skeletal fractures. 3.4% of patients experienced fractures, including 1.4% Grade 3. Some fractures occurred in the setting of a fall or other predisposing factors. Median time to first onset of fracture was 10.7 months (range: 26 days to 29.1 months). Dose interruption occurred in 0.3% of patients.

Embryo-Fetal Toxicity: Based on literature, animal studies, and its mechanism of action, IBTROZI can cause fetal harm when administered to a pregnant woman.

ADVERSE REACTIONS
Among patients who received IBTROZI, the most frequently reported adverse reactions (≥20%) were diarrhea (64%), nausea (47%), vomiting (43%), dizziness (22%), rash (22%), constipation (21%), and fatigue (20%). ​

The most frequently reported Grade 3/4 laboratory abnormalities (≥5%) were increased ALT (13%), increased AST (10%), decreased neutrophils (5%), and increased creatine phosphokinase (5%). ​

DRUG INTERACTIONS

Strong and Moderate CYP3A Inhibitors/CYP3A Inducers and Drugs that Prolong the QTc Interval: Avoid concomitant use.
Gastric Acid Reducing Agents: Avoid concomitant use with PPIs and H2 receptor antagonists. If an acid-reducing agent cannot be avoided, administer locally acting antacids at least 2 hours before or 2 hours after taking IBTROZI.
OTHER CONSIDERATIONS

Pregnancy: Please see important information in Warnings and Precautions under Embryo-Fetal Toxicity. ​
Lactation: Advise women not to breastfeed during treatment and for 3 weeks after the last dose.
Effect on Fertility: Based on findings in animals, IBTROZI may impair fertility in males and females. The effects on animal fertility were reversible.
Pediatric Use: The safety and effectiveness of IBTROZI in pediatric patients has not been established.
Photosensitivity: IBTROZI can cause photosensitivity. Advise patients to minimize sun exposure and to use sun protection, including broad-spectrum sunscreen, during treatment and for at least 5 days after discontinuation.
Please see accompanying full Prescribing Information.

Overall Response Rate (ORR) increases to 79% with two additional Partial Responses in azer-cel CAR T Phase 1b trial

On August 4, 2025 Imugene Limited (ASX: IMU), a clinical-stage immuno-oncology company, reported further encouraging efficacy data from its Phase 1b clinical trial evaluating azer-cel (azercabtagene zapreleucel) in patients with relapsed/refractory diffuse large B-cell lymphoma (DLBCL), an aggressive form of blood cancer (Press release, Imugene, AUG 4, 2025, https://mcusercontent.com/e38c43331936a9627acb6427c/files/0cd26d83-b2ce-132b-a8a5-f76d576d40ed/79_Overall_Response_Rate_With_Two_Further_Partial_Responses.pdf [SID1234654707]).
In July 2025, Imugene announced that a total of nine out of twelve patients had achieved a ORR of 75%, defined as either Complete Response, (the disappearance of signs of cancer in response to treatment) or Partial Response, (defined as cancer reduction by at least 50%). Since then, two new patients have become evaluable for responses and both patients have achieved a Partial Response increasing the best ORR to 79% with eleven out of fourteen patients showing response to treatment. The duration of maintaining response continues to mature. These patients are being treated with azer-cel and interleukin 2 (IL -2).

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Azer-cel is being developed as a potential allogeneic, off-the-shelf, CAR T-cell therapy, addressing key limitations of approved autologous CAR T drugs, including geographical access to treatment centres, manufacturing complexity and time to receive treatment (on-demand).

Imugene is actively enrolling patients to the Phase 1b azer-cel trial at ten US sites with up to six sites in Australia planned, after the first Australian patient was dosed in January 2025 at Royal Prince Alfred Hospital in Sydney, resulting in a Complete Response.

About the Phase 1b azer-cel trial

The azer-cel allogeneic CAR T trial is an ongoing, open-label, multi-centre Phase 1b clinical trial in the U.S. and Australia, for CAR T relapsed patients with DLBCL. The study has recently expanded to include and treat CAR T naïve patients diagnosed with a broad range of Non-Hodgkins lymphomas including primary central nervous system lymphoma (PCNSL), chronic lymphocytic leukemia (CLL)/ small lymphocytic lymphoma (SLL), marginal zone lymphoma (MZL), Waldenstrom macroglobulinemia (WM) and follicular lymphoma (FL). Treatment with azer-cel, lymphodepletion (LD) and IL-2 is showing promising results with evidence of meaningful clinical activity, and durability of response. Additionally, the safety profile is manageable and generally well tolerated.

About diffuse large B cell lymphoma (DLBCL)

DLBCL is an aggressive and fast-growing type of non-Hodgkin’s lymphoma (NHL), a type of blood cancer. DLBCL is the most common type of NHL, with approximately 160,000¹ global cases per year and approximately 30,000 new cases per year in the U.S. Relapsed/refractory DLBCL has a high unmet medical need; ~60% of patients treated with approved autologous CD19 CAR T relapse.

About primary central nervous system lymphoma (PCNSL)

PCNSL is a rare and aggressive form of non-Hodgkin lymphoma (NHL), a type of blood cancer that originates in the brain, spinal cord, leptomeninges, or eyes, usually without evidence of systemic disease. In the U.S., there are approximately 1,500 to 1,800 new cases per year with limited approved treatment options and is a high unmet need. Currently, there are no CAR T-cell products approved for the treatment of PCNSL providing a unique opportunity for azer-cel to treat CART naïve patients.

About other types of B Cell Lymphoma

Other subtypes of non-Hodgkin lymphoma (NHL) include chronic lymphocytic leukemia (CLL)/small lymphocytic lymphoma (SLL), the most common slow growing leukemia that can become resistant to therapy; marginal zone lymphoma (MZL), a slow-growing B-cell lymphoma that arises in lymphoid tissues associated with mucosal sites like the stomach and lung; Waldenström macroglobulinemia (WM), a rare slow-growing lymphoma characterized by excess IgM production, which can cause multiple complications ; and follicular lymphoma (FL), a common slow-growing NHL that can become more aggressive. While several targeted therapies and monoclonal antibodies are available for these types of B Cell Lymphoma, relapsed or refractory disease remains an ongoing challenge, highlighting the ongoing need for continued innovation and new and better treatments.

About Interleukin 2 (IL-2)

IL-2 is a cytokine (a protein that affects what happens between cells in the immune system) that helps T-cells (which are part of the immune system that help fight cancer) grow and survive. IL-2 has been shown to help T cells live longer and to enhance the cancer killing functions of CAR T cells, making them more effective at targeting and killing cancer cells.

Mural Oncology Announces Second Quarter Financial Results and Provides Business Update

On August 4, 2025 Mural Oncology plc (Nasdaq: MURA), reported its financial results for the second quarter of 2025 and provided a business update (Press release, Mural Oncology, AUG 4, 2025, View Source [SID1234654729]). On April 15, 2025, Mural announced that it was discontinuing all clinical development of its lead product candidate, nemvaleukin alfa, and was commencing the exploration of strategic alternatives focused on maximizing shareholder value. The Company is continuing to explore strategic alternatives.

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Following its announcement on April 15, 2025, Mural has taken steps to conserve its remaining cash, including the implementation of a reduction in workforce by approximately 90%, the discontinuation of the clinical development of nemvaleukin alfa, and the termination of its other research and development activities, including the research and development of its IL-18 and IL-12 programs. As of June 30, 2025, the company had approximately $77.1 million in cash and cash equivalents. The company estimates that, if it has not consummated a transaction or other strategic alternative by December 31, 2025, its cash and cash equivalents as of such date will total approximately $43 to $48 million. This estimate reflects anticipated costs to be incurred in connection with finalization of the discontinuation of the company’s remaining activities and expected residual operating expenses (e.g. lease expense, salary and benefits for remaining employees, insurance costs). This cash guidance is subject to a number of assumptions and actual cash balances may differ materially, particularly if the Company consummates a transaction or other strategic alternative prior to December 31, 2025. Mural has not included in its cash guidance, additional costs that may be incurred as a result of, or in connection with, any strategic alternative it may pursue, including, but not limited to, an offer for or other acquisition of the company, merger, business combination or other transaction, including a possible wind-down and liquidation of the company (e.g., legal and financial advisor fees and severance costs for remaining employees).

Further updates and developments will be disclosed as appropriate or where necessary under regulatory requirements. There can be no assurance that the company’s exploration of strategic alternatives will result in the company pursuing a transaction or that any acquisition or other transaction involving the company will be completed, nor as to the terms on which any acquisition or other transaction will occur, if at all.

Financial Results for the Quarter Ended June 30, 2025

Cash Position: As of June 30, 2025, cash and cash equivalents were $77.1 million.

R&D Expenses: Research and development expenses were $23.3 million for the second quarter of 2025 compared to $27.5 million for the second quarter of 2024. This decrease was primarily due to decreased employee-related expenses following the reduction-in-force implemented by the company during the second quarter of 2025 and the decreased spend on the ARTISTRY-7 clinical trial of nemvaleukin due to the termination of the development of nemvaleukin. These decreases were partially offset by an increase in spend on early discovery programs upon completion of certain manufacturing activities and on the ARTISTRY-6 trial of nemvaleukin related to the top-line read-out and wind-down of the trial during the second quarter of 2025.

G&A Expenses: General and administrative expenses were $8.1 million for the second quarter of 2025 compared to $6.7 million for the second quarter of 2024. This increase in G&A expenses was primarily due to increased employee-related expenses associated with employee termination and retention benefits and increased legal expenses associated with corporate activities, partially offset by decreased share-based compensation expense resulting from an increase in the awards that were forfeited or were expected to be forfeited following the reduction-in-force.

Restructuring and Impairment Expenses: Mural incurred $17.5 million in restructuring and impairment charges during the second quarter of 2025, consisting of severance and termination benefits related to the reduction-in-force, an impairment charge related to lab equipment sold during the second quarter of 2025 and contract termination and write-offs related to the termination of the company’s research and development programs.

Net Loss: Net loss was $48.0 million for the second quarter of 2025 compared to $31.6 million for the second quarter of 2024. The increase in net loss was primarily driven by the restructuring and impairment charges incurred during the second quarter of 2025.

Cash Guidance: Mural estimates that its cash and cash equivalents will be approximately $43.0 million – $48.0 million as of December 31, 2025, if it has not consummated a transaction or other strategic alternative by such date.