$CYAD Celyad Oncology announces strategic review
Celyad Oncology is conducting a comprehensive review of strategic alternatives. Given the Company's current financial position and the general state of biotech market, this review now includes potential asset sales, operational and organizational restructuring, and possible mergers or business combination, in addition to potential financing from the public or private sale of equity, debt financings or funds from other capital sources, partnerships, and licensing of assets that the Company has been evaluating.
The evaluation is ongoing, and Celyad emphasized that no decisions have been made at this time. The Company's goal is to identify the best path to strengthen its balance sheet and maximize value for shareholders. There can be no assurance that this process will result in the Company pursuing a transaction or any other strategic outcome. As of December 31, 2024, Celyad reported a treasury position of EUR 4.2M.
Management reiterates that existing cash will fund operations only into 3Q25. In light of this limited cash runway, the Board of Directors of Celyad noted that additional financing or a strategic transaction will likely be needed to support continuing operations.
Celyad has already initiated refinancing discussions with investors and advisors to address its funding needs. In parallel with the strategic review, Celyad has continued to streamline its operations and reduce costs. The Company's research and development expenses fell to EUR 3.2M in 2024 from EUR 4.6M in 2023, while general and administrative expenses were EUR 3.2M in 2024 down from EUR 6M in 2023. These reductions reflect Celyad's leaner structure, achieved through project prioritization and headcount reductions.
cc: @Okadarlan
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