Tracon Pharmaceuticals, a biopharmaceutical company, has announced its decision to dissolve and liquidate, pending stockholder approval. The company's board approved the dissolution on July 30, 2024, following a strategic review. A reduction in workforce was also approved, effective July 31, 2024, with associated one-time charges of approximately $1.7 million. Tracon's financial performance shows a net loss of $6.0 million for the six months ended June 30, 2024, compared to $14.8 million for the same period in 2023. The company had cash and cash equivalents of $6.3 million as of June 30, 2024. Tracon's business development efforts included a collaboration for the development of envafolimab for cancer treatment, which failed to meet its primary endpoint in a Phase 2 trial, leading to the termination of its development. The company's other...Show More

Tracon Pharmaceuticals, a biopharmaceutical company, has announced its decision to dissolve and liquidate, pending stockholder approval. The company's board approved the dissolution on July 30, 2024, following a strategic review. A reduction in workforce was also approved, effective July 31, 2024, with associated one-time charges of approximately $1.7 million. Tracon's financial performance shows a net loss of $6.0 million for the six months ended June 30, 2024, compared to $14.8 million for the same period in 2023. The company had cash and cash equivalents of $6.3 million as of June 30, 2024. Tracon's business development efforts included a collaboration for the development of envafolimab for cancer treatment, which failed to meet its primary endpoint in a Phase 2 trial, leading to the termination of its development. The company's other clinical stage product, TRC102, showed promise in early trials but will not see further development due to the planned dissolution. Tracon's future plans involve the wind down of operations and execution of the dissolution plan, subject to stockholder approval. The company will continue to exist for three years post-dissolution to manage any remaining affairs as per Delaware law.