Cara Therapeutics (NASDAQ:CARA) layoffs are coming for up to 50% of the biopharmaceutical company’s employees as it shifts focus to its late-stage notalgia paresthetica program.
Cara Therapeutics notes that this will see it give more attention to its oral difelikefalin Phase 2/3 clinical program. Doing so will extend its cash runway into 2026 with the $101 million it had on hand at the end of 2023.
Cara Therapeutics President and CEO Christopher Posner said this about the layoffs:
“Following careful consideration, we have decided to discontinue our work in advanced chronic kidney disease (CKD). I would like to thank the patients and investigators who have participated in our advanced CKD clinical program, as well as our employees for their commitment to transforming the lives of CKD patients suffering from pruritus.”
Cara Therapeutics is expecting to report the first part of its study results in the third quarter of 2024. Following that, the final results should be ready by the end of 2025. Its secondary study results are expected in 2026.
Cara Layoffs Affect Company Leader
Alongside news of the layoffs, Cara Therapeutics revealed that Frédérique Menzaghi is departing the company on Feb. 2. This is the firm’s Chief Scientific Officer and Senior Vice President of Research and Development.
CARA stock is up 3.5% as of Monday morning.
Investors can find even more of the most recent stock market news ready to go down below!
We have all of the hottest stock market news that traders need to know about on Monday! A few examples include what’s happening with SolarEdge (NASDAQ:SEDG), Archer Aviation (NYSE:ACHR) and Nio (NYSE:NIO) stock. You can find out more on these matters at the links below!
More Monday Stock Market News
- SolarEdge Layoffs 2024: What to Know About the Latest SEDG Job Cuts
- ACHR Stock Alert: Archer Signs New Deal With NASA
- Why Is NIO Stock Down Today?
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
