U.S.-listed shares of Achilles Therapeutics (NASDAQ:ACHL) soared 37% to 97 cents following the company's announcement that it is exploring strategic alternatives and has enlisted BofA Securities to provide strategic financial advice.
The biotech firm, which focuses on cancer therapies, revealed plans to discontinue the development of its skin and lung cancer treatments.
Achilles intends to shift its strategy by partnering with third parties developing therapies that target clonal neoantigens, a key factor in cancerous cells.
The company will also implement cost-cutting measures, including a workforce reduction.
As of June 30, Achilles reported $95.1 million in cash and equivalents.
Despite today's jump, f Achilles Therapeutics' share price has fallen around 18% year-to-date.