Only five months after securing a $100 million IPO, Boundless Bio is already laying off some employees as the precision oncology company grapples with low enrollment for a trial of its lead drug.
Boundless describes itself as “the world’s leading ecDNA company” and is focused on extrachromosomal DNA, which are double-stranded molecules that can be the source of cancer-driving genes. The company had been planning to use the nine-figure proceeds from its March IPO to push ahead with its lead CHK1 inhibitor BBI-355, which was already in clinical development for solid tumors, as well as a diagnostic.
But, in a post-market release Aug. 12, CEO Zachary Hornby said the number of patients enrolled in the combination cohorts for the phase 1/2 trial of BBI-355 was “lower than originally projected.”
“While we implement measures to accelerate enrollment, we have chosen to scale back our early discovery efforts and streamline our operations to extend our runway and help ensure we have the necessary capital for our core ecDTx programs,” Hornby added.
In practice, this means narrowing its discovery work and a “modestly reduced” headcount. Less than 15 employees will be impacted, a spokesperson told Fierce Biotech, representing just under 20% of the biotech's workforce.
The company will persevere with the phase 1/2 trial of BBI-355 along with a phase 1/2 trial for its second candidate, an RNR inhibitor dubbed BBI-825 being explored for colorectal cancer. A third program remains in preclinical development, and Boundless will continue to deploy its diagnostic to help identify suitable patients for its studies.
The company ended June with $179.3 million to hand. Combined with the “operational efficiencies” outlined yesterday, the biotech expects this money to last into the final months of 2026.
Fierce Biotech has asked Boundless how many employees are likely to be affected by the workforce changes but had not, at time of publishing, received a reply.
Boundless’ respectable Nasdaq listing in March was another sign that the window for IPOs was reopening this year. But, like many of its biotech peers that have made the same move, the company has struggled to retain its value.
The company’s shares closed Monday trading at $2.88, an 82% drop from the $16 price at which they debuted March 28.