SBTX - Silverback Therapeutics ditches oncology programs; to focus on chronic hepatitis

Announcing its 4Q 2021 results, the clinical-stage biotech, Silverback Therapeutics (NASDAQ:SBTX) announced on Thursday that the company decided to discontinue its SBT6050 and SBT6290 clinical oncology programs. The Seattle, Washington-based Silverback (SBTX) will instead focus its resources on chronic hepatitis B virus (cHBV) candidate, SBT8230, and ImmunoTAC discovery programs. “We continue to advance SBT8230 and are on track to complete a Phase 1 regulatory submission in the fourth quarter of 2022,” remarked Valerie Odegard, the Chief Executive Officer of the company. The restructuring drive also involves a 27% reduction in the headcount. With the strategic prioritization, Silverback (SBTX) aims to extend its cash runway into 2H 2026. The announcement comes after the company posted a ~79% increase in its 4Q net loss for 2021. Meanwhile, the cash, cash equivalents, restricted cash, and investments stood at $319.1M indicating an ~18% YoY decline from a year ago.

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Silverback Therapeutics ditches oncology programs; to focus on chronic hepatitis