Mural Oncology's stock nearly doubles after it explores strategic alternatives and plans massive workforce cuts.

Mural Oncology's stock price nearly doubled on April 7 after the company announced it would explore strategic alternatives, including a potential acquisition or merger, to maximize shareholder value. This decision follows the discontinuation of its nemvaleukin alfa cancer treatment development. Mural Oncology also plans to reduce its workforce by about 90% and has around $144.4 million in cash reserves.