Theseus Pharmaceuticals stock plummets after cancer drug development stopped

Theseus Pharmaceuticals Inc.
THRX,
-3.74%
shares plummeted after hours Thursday after the biotech drug maker discontinued enrolling patients in the study of a cancer drug it no longer intend to develop. Theseus shares plunged as much as 75% in the extended session Thursday, following a 3.7% decline to close the regular session at $9.52. The company said it was no longer taking patients to test its drug candidate THE-630 to treat gastrointestinal stromal tumors, and that it no longer intends to develop the drug for that indication. Theseus said it has $234 million in cash and equivalents, and hopes to have a new drug candidate named by the first half of 2024.