Gritstone bio Inc. (NASDAQ:GRTS) shares are trading lower by 64.2% to $0.07 during Thursday's session after the company announced it voluntarily filed for Chapter 11 restructuring.

What Else: Gritstone Bio says the company plans to use the court-supervised restructuring to preserve value while exploring strategic alternatives. Gritstone is in talks with a potential bidder or plan sponsor and hopes to present a deal to the court soon.

The company also says it remains focused on developing next-generation vaccines and immunotherapies, including its promising GRANITE cancer treatment, while continuing normal operations during the bankruptcy process. Gritstone added that the company aims to minimize the impact on employees, vendors and stakeholders through "first day" motions.

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According to data from Benzinga Pro, GRTS has a 52-week high of $3.33 and a 52-week low of $0.07.