Celyad Oncology reports discontinuation of R&D activities

Celyad Oncology reports discontinuation of R&D activities

Belgium-based biotechnology company Celyad Oncology has announced a significant shift in its operations. The company, focused on CAR-T cell therapy, has decided to discontinue its research and development (R&D) activities and to implement a significant reduction in its R&D workforce. This decision was made following a comprehensive review of the company’s operations, limited resources, and results, as well as strategic options available.

The company will now focus its efforts on the management and licensing of its intellectual property portfolio. Matt Kane, Chief Executive Officer of Celyad, stated, “Celyad has long been at the forefront of innovation in CAR-T cell therapy. While this decision was not easy to make, we believe that focusing on our intellectual property portfolio is the most effective way to leverage our scientific achievements and proprietary technologies.” [1]

Management anticipates that existing cash resources will fund operations into mid-Q4 2025. Given the limited cash runway, the company continues to assess strategic options and expects that additional financing or further cost-cutting measures may be required to support continuing operations. The company also intends to sell its remaining assets to allow it to fully focus on optimizing the potential of its IP portfolio.

Celyad Oncology is headquartered in Mont-Saint-Guibert, Belgium. For more information, visit www.celyad.com. [1]

References:
[1] https://www.stocktitan.net/news/CYAD/celyad-oncology-announces-discontinuation-of-r-d-knp9nrb02ot2.html