The drugmaker said spending related to general and administrative expenses and research platform-related investments in new disease targets will be reduced. It is also cutting its workforce by 14%, it added.
Magenta expects to extend its cash runway into Q2 2024 as a result of these changes.
A phase 1/2 study has been conducted on MGTA-117, and the company plans to provide a summary of clinical observations when it reports its Q1 earnings in May.
Magenta Therapeutics shares were down 0.4% in recent morning trading Thursday.
Price: 2.42, Change: +0.01, Percent Change: +0.41
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