Achilles Therapeutics has torn up its strategy. The British biotech is stopping work on its clinical-phase cell therapy, looking into deals with groups working on other modalities and preparing to lay off staff.
London-based Achilles sounded committed to its tumor-infiltrating lymphocyte (TIL)-based therapy when it published updated phase 1/2 data one month ago. While there were no new objective responses, the biotech said the results showed the potential of its platform and identified the release of updated data with enhanced host conditioning as a milestone for the second half of 2024.
Weeks later, Achilles has decided to stop development of its TIL-based therapy and close two phase 1/2a trials. CEO Iraj Ali, Ph.D., said the “studies in lung cancer and melanoma have not met our goals for commercial viability.”
The biotech is planning to lay off people in conjunction with the R&D rethink. Achilles ended last year with 204 full-time employees plus 11 part-time staffers. A workforce reduction and other cost-cutting measures are in the works, but the details are still taking shape as part of an employee consultation process that Achilles is conducting in line with U.K. legislation.
The future of the biotech is similarly uncertain. Achilles said it will “refocus its strategy to explore further engagement with third parties who are developing alternative modalities to target clonal neoantigens for the treatment of cancers, such as neoantigen vaccines, ADCs and TCR-T therapies.” The biotech has also engaged BofA Securities to explore and review “value-maximizing strategies.”
Closing the two phase 1/2a trials eliminates Achilles’ clinical-phase pipeline, but the company still has assets that could be of interest to other drug developers. Arcturus Therapeutics entered into a research pact with Achilles in May. The mRNA specialist is developing vaccines that target clonal neoantigens, protein markers that Achilles can identify using its PELEUS bioinformatics platform.
The biotech also has a Nasdaq listing and, as of the end of June, $95.1 million, assets that could support a reverse merger with a company that wants to list its shares and strengthen its bank balance without taking the IPO route. Achilles said a range of options, including a reverse merger, are on the table.