Cyteir Therapeutics, Inc. - CYT STOCK NEWS

Cyteir Therapeutics (Nasdaq: CYT) has announced the discontinuation of its CYT-0851 development program and plans for liquidation and dissolution of the company. The decision comes after the Phase 1 combination study of CYT-0851 with capecitabine or gemcitabine in advanced ovarian cancer and other solid tumors did not meet Cyteir's criteria for advancement. The company's Board of Directors has determined that dissolving Cyteir and returning remaining cash to shareholders is in the best interest of stakeholders.

Cyteir plans to file a Plan of Liquidation and Dissolution, subject to shareholder approval, in the second half of 2023. The company will delist its shares from Nasdaq, satisfy remaining liabilities, and attempt to convert all assets into cash. Cyteir will provide an estimate of the distributable amount to shareholders in upcoming proxy materials. The company expects its existing resources and proceeds from asset sales to cover remaining obligations.

Cyteir Therapeutics (NASDAQ: CYT) reported its fourth quarter and full year 2022 financial results, revealing a net loss of $8.8 million for Q4 2022, a decrease from $11.8 million in Q4 2021. The full year net loss was $46.1 million, compared to $42.1 million in 2021. Cyteir ended 2022 with $147.1 million in cash, funding operations into 2026. The company is prioritizing the clinical development of CYT-0851 for advanced ovarian cancer, with preliminary data from Phase 1 combination trials expected in mid-2023. R&D expenses for 2022 increased to $34.6 million, while G&A expenses rose to $13.5 million. The firm has halted discovery projects to focus on CYT-0851.

Cyteir Therapeutics, Inc. has announced the promotion of David Gaiero to Chief Financial Officer (CFO). Gaiero, who previously served as Vice President of Finance, will oversee the company's financial operations and long-term strategy. His experience includes key roles at Wave Life Sciences and OvaScience. Cyteir is focused on developing CYT-0851, an oral drug currently in clinical trials for treating advanced ovarian cancer. The company is prioritizing the development of this drug in combination with capecitabine and gemcitabine. CEO Markus Renschler expressed confidence in Gaiero's leadership and financial expertise.

Cyteir Therapeutics has announced promising early results from its CYT-0851 combination therapy for treating advanced ovarian cancer. The Phase 1 trial showed positive preliminary activity in patients receiving CYT-0851 with capecitabine. Following this, the company will focus on this treatment while suspending other research activities, which is projected to extend its cash runway into 2026. Cyteir anticipates a maximum tolerated dose determination in early 2023 and plans to enroll more patients. Reducing workforce by approximately 70% is part of this strategy, with an estimated $147 million in cash reserves as of Dec 31, 2022.

Cyteir Therapeutics (CYT) reported its Q3 2022 financial results, ending the quarter with approximately $153.9 million in cash, sufficient to fund operations into mid-2024. The company announced updates on its CYT-0851 clinical program, with initial data from Phase 2 solid tumor cohorts expected in Q1 2023 and further data from combination cohorts anticipated in the first half of 2023. R&D expenses were $8.3 million, while net loss was $11.0 million, or $0.31 per share, showing improved metrics compared to the previous year.