Mural Oncology (MURA) Q2 Loss Widens 49%

Core Viewpoint - Mural Oncology has fully discontinued all R&D programs, including its lead candidate nemvaleukin alfa, and is now exploring strategic alternatives such as a sale or liquidation, following a significant net loss in Q2 2025 [1][4][10] Financial Performance - The company reported a net loss per share (GAAP) of ($2.78) in Q2 2025, significantly worse than the consensus estimate of ($1.00) and a 49.5% increase from the ($1.86) loss in Q2 2024 [2][8] - Cash and cash equivalents decreased sharply from $144.4 million at the end of 2024 to $77.1 million by June 30, 2025 [2][8] - Research and development expenses fell to $23.3 million in Q2 2025 from $27.5 million a year earlier, primarily due to reduced employee-related expenses and decreased spending on clinical trials [2][6] - General and administrative expenses rose to $8.7 million in Q2 2025, up from $6.7 million in Q2 2024, largely due to severance and advisory fees related to downsizing [2][7] - Restructuring and impairment expenses totaled $17.5 million in Q2 2025, reflecting costs associated with terminating leases and contracts [2][7] Strategic Shift - Mural Oncology has transitioned into wind-down mode, with all drug programs, including early-stage preclinical research, now canceled [5][6] - The company's future value is now tied almost entirely to its remaining cash and the pursuit of strategic transactions, with no ongoing operations or product prospects [4][10] - Management's guidance for year-end cash estimates ranges from $43 million to $48 million as of December 31, 2025, contingent on executing a strategic alternative [9][10]