Omega Therapeutics announces strategic prioritization, reduces headcount by 35%

Announced cost reduction and strategic prioritization initiative to maximize near- and long-term value creation opportunities: Following a strategic review, the Company has focused its pipeline and reduced overall headcount by approximately 35%. These fiscally disciplined actions are expected to extend the Company’s cash runway into Q1 2025. Positions the Company to achieve key clinical data readouts from the monotherapy dose escalation and dose expansion stages of the MYCHELANGELO I clinical trial. The Company will prioritize certain preclinical programs and platform efforts: Prioritized preclinical programs include OTX-2101 for non-small cell lung cancer, the HNF4A program in liver regeneration, and development of an epigenomic controller for obesity in collaboration with Novo Nordisk. Core work on platform biology, epigenomic controllers, and characterization of LNP delivery to the lung and other tissues will continue.