Theseus exploring strategic alternatives, cuts workforce by 72%

Theseus Pharmaceuticals announced that it is conducting a process exploring strategic alternatives to maximize shareholder value. In conjunction with the strategic process, Theseus implemented a workforce reduction of approximately 72%. This includes Theseus’ President of Research and Development, William Shakespeare, Ph.D., who will continue to support the company in a consulting capacity until June 30, 2024. As part of this process, the company plans to consider a wide range of options with a focus on maximizing shareholder value, including potential sale of assets of the company, a sale of the company, a merger or other strategic action. As of September 30, Theseus had cash, cash equivalents, and marketable securities of $225.4M.