
Company Announcement & Business Update Mural Oncology is pursuing strategic alternatives, discontinuing R&D, and reducing its workforce to conserve cash, projecting $43-48 million in cash by December 2025 Strategic Alternatives & Cash Conservation Mural Oncology is actively exploring strategic alternatives to maximize shareholder value, which includes discontinuing all clinical development of its lead product candidate, nemvaleukin alfa, and other research and development activities - Mural is discontinuing all clinical development of its lead product candidate, nemvaleukin alfa, and terminating other research and development activities12 - The company implemented a reduction in workforce by approximately 90% to conserve cash2 - Mural estimates cash and cash equivalents of approximately $43 to $48 million by December 31, 2025, if no transaction or strategic alternative is consummated12 Financial Results Overview (Quarter Ended June 30, 2025) This section details Mural Oncology's financial performance for Q2 2025, including cash position, operating expenses, restructuring charges, and net loss Cash Position As of June 30, 2025, Mural Oncology reported cash and cash equivalents of $77.1 million | Metric | As of June 30, 2025 | | :----- | :------------------ | | Cash and cash equivalents | $77.1 million | R&D Expenses Research and development expenses decreased by 15.3% year-over-year to $23.3 million for the second quarter of 2025, primarily due to reduced employee-related expenses following a workforce reduction and the termination of nemvaleukin development | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (YoY) | | :----- | :-------------------- | :-------------------- | :----------- | | R&D Expenses | $23.3 | $27.5 | -$4.2 (-15.3%) | - The decrease was primarily due to decreased employee-related expenses and reduced spend on the ARTISTRY-7 clinical trial of nemvaleukin5 G&A Expenses General and administrative expenses increased by 20.9% year-over-year to $8.1 million for the second quarter of 2025, mainly driven by increased employee termination and retention benefits and higher legal expenses | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (YoY) | | :----- | :-------------------- | :-------------------- | :----------- | | G&A Expenses | $8.1 | $6.7 | +$1.4 (+20.9%) | - The increase was primarily due to increased employee-related expenses associated with termination and retention benefits and increased legal expenses6 Restructuring and Impairment Expenses Mural incurred $17.5 million in restructuring and impairment charges during the second quarter of 2025, which included severance, lab equipment impairment, and contract termination costs related to the discontinuation of R&D programs | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | | :----- | :-------------------- | :-------------------- | | Restructuring and Impairment Charges | $17.5 | — | - Charges consisted of severance and termination benefits, an impairment charge related to lab equipment, and contract termination/write-offs for R&D programs7 Net Loss The net loss for the second quarter of 2025 increased to $48.0 million, up from $31.6 million in the same period of 2024, primarily driven by the $17.5 million in restructuring and impairment charges | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (YoY) | | :----- | :-------------------- | :-------------------- | :----------- | | Net Loss | -$48.0 | -$31.6 | -$16.4 | | Net Loss per Share (basic & diluted) | -$2.78 | -$1.86 | -$0.92 | - The increase in net loss was primarily driven by the restructuring and impairment charges incurred during Q2 20258 Cash Guidance Mural reiterates its estimate that cash and cash equivalents will be approximately $43.0 million to $48.0 million as of December 31, 2025, assuming no strategic transaction is completed by that date - Estimated cash and cash equivalents: $43.0 million - $48.0 million as of December 31, 2025, if no strategic transaction is consummated8 Regulatory & Legal Disclosures This section provides an overview of Mural Oncology, its regulatory obligations under Irish Takeover Rules, and important legal disclaimers regarding financial projections and forward-looking statements About Mural Oncology Mural Oncology is a biotechnology company that leverages its protein engineering platform to develop cytokine-based immunotherapies for cancer treatment, aiming to deliver significant clinical benefits to patients - Mural Oncology is a biotechnology company focused on developing cytokine-based immunotherapies for cancer9 - The company utilizes its protein engineering platform to achieve its therapeutic goals9 Irish Takeover Rules Considerations Mural Oncology is subject to the Irish Takeover Panel Act, 1997, and the Irish Takeover Rules 2022, and is currently considered to be in an 'offer period' following its announcement on April 15, 2025 - Mural is subject to the Irish Takeover Panel Act, 1997, and Irish Takeover Rules 202210 - The company is currently in an 'offer period' as defined by the Irish Takeover Rules10 Responsibility Statement The Directors of Mural Oncology accept full responsibility for the information provided in this announcement, affirming its accuracy and completeness to the best of their knowledge and belief - The Directors of Mural accept responsibility for the information contained in this announcement11 - They confirm the information is in accordance with facts and does not omit anything likely to affect its import11 No Profit Forecast or Asset Valuation This announcement explicitly states that no statement within it is intended to constitute a profit forecast, profit estimate, or asset valuation, nor should it be interpreted as such under the Irish Takeover Rules - No statement in this announcement is intended to constitute a profit forecast or profit estimate12 - No statement constitutes an asset valuation or a quantified financial benefits statement within the meaning of the Irish Takeover Rules12 Disclosure Requirements of the Irish Takeover Rules Under Rule 8.3(b) of the Irish Takeover Rules, any person with a direct or indirect interest of 1% or more in Mural's relevant securities must disclose all dealings by 3:30 pm (US Eastern Time) on the business day following the dealing - Any person interested in 1% or more of Mural's 'relevant securities' must disclose all 'dealings' during the 'offer period'13 - Disclosure must be made by no later than 3:30 pm (US Eastern Time) on the business day following the dealing13 Publication on Website In accordance with Rule 26.1 of the Irish Takeover Rules, a copy of this announcement will be made available on Mural's website by 12 noon (US Eastern Time) on the business day following its publication - A copy of this announcement will be available on Mural's website18 - Availability is by no later than 12 noon (US Eastern Time) on the business day following publication18 No Offer or Solicitation This announcement is not intended to constitute an offer, invitation, or solicitation to purchase or dispose of any securities, and the distribution of this announcement in jurisdictions outside Ireland or the United States may be legally restricted - This announcement does not constitute an offer, invitation, or solicitation to purchase, acquire, subscribe for, sell, or dispose of any securities19 - The distribution of this announcement in jurisdictions outside Ireland or the United States may be restricted by law20 Forward-Looking Statements The press release contains forward-looking statements regarding strategic alternatives, cost reduction plans, and future cash estimates, which are subject to various risks and uncertainties - Statements in the press release are 'forward-looking statements' subject to risks and uncertainties21 - Risks include the company's ability to successfully pursue strategic alternative transactions, timing and costs of exploring/consummating transactions, and costs of discontinuing remaining operations2122 - The company undertakes no obligation to update such forward-looking statements, except as required by law22 Financial Statements This section presents Mural Oncology's consolidated balance sheet and statements of operations, detailing asset, liability, equity, and income statement changes Consolidated Balance Sheet Data Mural Oncology's total assets significantly decreased from $169.4 million at December 31, 2024, to $87.6 million at June 30, 2025, primarily driven by a substantial reduction in cash, cash equivalents, and marketable securities | (in thousands) | June 30, 2025 | December 31, 2024 | Change | | :-------------------------------- | :------------ | :---------------- | :------- | | ASSETS | | | | | Cash, cash equivalents, and marketable securities | $77,094 | $144,385 | -$67,291 | | Prepaid expenses and other assets | $2,493 | $8,542 | -$6,049 | | Property and equipment, net | $1,638 | $7,715 | -$6,077 | | Right-of-use assets | $4,361 | $6,783 | -$2,422 | | Restricted cash | $1,969 | $1,969 | $0 | | TOTAL ASSETS | $87,555 | $169,394 | -$81,839 | | LIABILITIES AND EQUITY | | | | | Accounts payable and accrued expenses | $23,366 | $20,590 | +$2,776 | | Operating lease liabilities | $5,173 | $8,022 | -$2,849 | | Other liabilities | $233 | $280 | -$47 | | Total equity | $58,783 | $140,502 | -$81,719 | | TOTAL LIABILITIES AND EQUITY | $87,555 | $169,394 | -$81,839 | Consolidated Statements of Operations For the three months ended June 30, 2025, Mural Oncology reported a net loss of $48.0 million, an increase from $31.6 million in the prior year, primarily due to $17.5 million in restructuring and impairment charges | (in thousands except share and per share amounts) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (YoY) | | :------------------------------------------------ | :------------------------------- | :------------------------------- | :----------- | | Research and development | $23,277 | $27,544 | -$4,267 | | General and administrative | $8,709 | $6,733 | +$1,976 | | Restructuring and impairment | $17,486 | — | +$17,486 | | Total operating expenses | $48,842 | $34,277 | +$14,565 | | Operating loss | $(48,842) | $(34,277) | -$14,565 | | Other income | $860 | $2,713 | -$1,853 | | Net loss | $(47,982) | $(31,564) | -$16,418 | | Net loss per ordinary share - basic and diluted | $(2.78) | $(1.86) | -$0.92 | | Weighted average ordinary shares outstanding - basic and diluted | 17,271,518 | 16,924,842 | +346,676 |