WALTHAM, Mass. and DUBLIN, Ireland, Sept. 23, 2025 (GLOBE NEWSWIRE) -- Mural Oncology plc, (Nasdaq: MURA) (“Mural”), a clinical-stage immuno-oncology company, today announces for the purposes of the Irish Takeover Panel Act, 1997, Takeover Rules 2022 (the “Irish Takeover Rules”), that it has published the definitive proxy statement of Mural relating to the Acquisition described below, which also constitutes a scheme circular under Irish law (the “Proxy Statement”) and that Mural has commenced mailing the Pr ...

Core Viewpoint - Mural Oncology plc has entered into a definitive agreement with XOMA Royalty Corporation for the acquisition of Mural's entire issued share capital, which is seen as beneficial for Mural shareholders following a strategic review process [1][52]. Transaction Details - The acquisition will provide Mural shareholders with a base cash price of $2.035 per share, with the potential for an additional cash amount of up to $0.205 per share based on Mural's Closing Net Cash exceeding estimated amounts [2][54]. - The total valuation of Mural's share capital in the acquisition is approximately $36.2 million, excluding any additional payments [4][56]. - The acquisition is expected to close by the end of 2025, subject to shareholder approval and High Court sanction [9][53]. Strategic Review Background - Mural Oncology is focused on developing cytokine-based immunotherapies for cancer treatment [13][63]. - Following unsuccessful clinical trials, Mural decided to explore strategic alternatives to maximize shareholder value, leading to the acquisition proposal from XOMA Royalty [14][64]. - The Mural Board evaluated various options, including liquidation and reverse takeovers, concluding that the acquisition was the best route for shareholder value [71][72]. Board Recommendations - The Mural Board, advised by Lucid Capital Markets, considers the acquisition terms fair and reasonable, recommending that shareholders vote in favor [8][73]. - Mural directors holding approximately 0.42% of shares have committed to vote in favor of the acquisition [7][74].

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]

Core Insights - Mural Oncology is exploring strategic alternatives to maximize shareholder value after discontinuing clinical development of its lead product candidate, nemvaleukin alfa [1][2] - The company has implemented significant cost-saving measures, including a workforce reduction of approximately 90% and the termination of its research and development activities [2] - As of June 30, 2025, Mural had approximately $77.1 million in cash and cash equivalents, with an estimated cash position of $43 to $48 million by December 31, 2025, if no transaction occurs [2][8] Financial Results - For the second quarter of 2025, Mural reported research and development expenses of $23.3 million, down from $27.5 million in the same quarter of 2024, primarily due to reduced employee-related expenses and decreased spending on the ARTISTRY-7 clinical trial [5] - General and administrative expenses increased to $8.1 million in Q2 2025 from $6.7 million in Q2 2024, driven by higher employee-related expenses and legal costs [6] - The company incurred $17.5 million in restructuring and impairment charges during Q2 2025, related to severance, impairment of lab equipment, and contract terminations [7] - Mural's net loss for the second quarter of 2025 was $48.0 million, compared to a net loss of $31.6 million in Q2 2024, largely due to restructuring and impairment charges [8] Cash Guidance - Mural estimates its cash and cash equivalents will be approximately $43 million to $48 million as of December 31, 2025, if no strategic transaction is completed by that date [2][8]

Core Viewpoint - Mural Oncology (MURA) announced the discontinuation of all clinical development of nemvaleukin alfa, leading to a 134% surge in its stock price as investors anticipate potential strategic alternatives to maximize shareholder value [1][3]. Company Decisions - The company will explore various strategic options, including a potential sale, merger, or other transactions, with no set timeline for this process [2]. - Mural Oncology will reduce its workforce by 90% as part of its restructuring efforts [1]. Financial Performance - As of December 31, 2024, Mural Oncology reported approximately $144.4 million in cash, cash equivalents, and marketable securities [4]. Pipeline Setbacks - The decision to halt clinical development follows the failure of the phase II ARTISTRY-6 study for melanoma and disappointing results from the phase III ARTISTRY-7 study for platinum-resistant ovarian cancer (PROC) [4][9]. - The ARTISTRY-6 study did not meet its primary goal, and the ARTISTRY-7 study showed no statistically significant improvement in overall survival compared to chemotherapy [7][9]. Market Reaction - Investors reacted positively to the announcement, likely due to hopes of recovering value lost from previous setbacks, as MURA shares have declined 25.2% year-to-date compared to the industry’s 7.1% decline [3].

Core Viewpoint - Mural Oncology has decided to discontinue all clinical development of nemvaleukin alfa following unsatisfactory results from the ARTISTRY-6 and ARTISTRY-7 trials, and will explore strategic alternatives to maximize shareholder value [1][2][3] Company Developments - Mural Oncology will reduce its workforce by approximately 90% as part of its restructuring efforts [1] - The company had approximately $144.4 million in cash, cash equivalents, and marketable securities as of December 31, 2024 [1] - Mural has engaged Lucid Capital Markets, LLC as its financial advisor to assist in exploring strategic alternatives [1][3] Clinical Trial Results - The ARTISTRY-6 trial did not achieve its primary endpoint in evaluating nemvaleukin as a monotherapy for mucosal melanoma [2] - Preliminary data from ARTISTRY-6 cohort 3, which assessed less-frequent intravenous dosing in cutaneous melanoma patients, also did not show sufficient activity to warrant continuation [2] - Interim overall survival results from the ARTISTRY-7 trial in platinum-resistant ovarian cancer contributed to the decision to halt development of nemvaleukin [2] Strategic Alternatives - Mural is considering various strategic alternatives, including potential offers for acquisition, mergers, or other business combinations [3] - The company is currently in an "offer period" as defined by the Irish Takeover Rules, which may affect the exploration of strategic alternatives [5][6] Regulatory Considerations - Mural is subject to the Irish Takeover Panel Act and must comply with specific disclosure requirements during the strategic evaluation process [5][10]

Core Insights - Mural Oncology has decided not to progress the ARTISTRY-7 phase 3 trial of nemvaleukin alfa in combination with KEYTRUDA® for platinum-resistant ovarian cancer due to lack of statistically significant improvement in overall survival compared to chemotherapy [1][6] - The median overall survival was reported as 10.1 months for the combination therapy versus 9.8 months for chemotherapy, with a hazard ratio of 0.98 indicating no significant benefit [1] - The company remains focused on its upcoming topline results from the ARTISTRY-6 trial in mucosal melanoma, expected in Q2 2025 [2][4] Company Overview - Mural Oncology is a clinical-stage immuno-oncology company developing cytokine-based immunotherapies, with a focus on leveraging its protein engineering platform [9] - The lead candidate, nemvaleukin, is designed to enhance antitumor effects while minimizing toxicities associated with traditional IL-2 therapies [7] - The company has treated over 800 patients across its broader clinical program, demonstrating a favorable safety profile for nemvaleukin [3][9] Clinical Trials - The ARTISTRY-7 trial involved 456 patients and was designed to compare nemvaleukin with pembrolizumab against investigator's choice chemotherapy, focusing on overall survival as the primary endpoint [6] - The ARTISTRY-6 trial is currently evaluating nemvaleukin in mucosal melanoma, with topline data readouts expected in Q2 2025, alongside preliminary data for cutaneous melanoma in the same timeframe [4][8]