Finance Watch: Though Flush With Cash, Theseus Seeks Alternatives, Gets Two Quick Offers

With Shallow Funds, BrainStorm, Atreca, SQZ Make Deep Cuts

 
• By Mandy Jackson
  
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Restructuring Edition: OrbiMed/Foresite and Concentra responded quickly after Theseus implemented a 72% workforce reduction and began a search for strategic alternatives despite having $225.4m in cash. REGENXBIO, Novavax and Lyell also revealed job cuts despite large cash stockpiles.

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It’s understandable when a company running on fumes takes action to make its dwindling finances last while fundraising conditions are difficult. But when a company with a long cash runway implements layoffs and evaluates strategic alternatives, observers may be confused. Perhaps that’s why two potential buyers reacted quickly after Theseus Pharmaceuticals, Inc. announced a 72% workforce reduction and said it is considering a wide range of options – including a sale of the company or its assets – despite having $225.4m in cash on its balance sheet.

Theseus revealed its plan to review strategic alternatives on 13 November and on 27 November said that it received interest...

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