Pieris Pharmaceuticals, Inc. (NasdaqCM:PIRS) said on July 18, 2023 it would cut about 70% of its workforce and explore strategic options after AstraZeneca terminated a research collaboration and returned the rights to one of its treatments. The Boston-based biopharmaceutical company said it would explore potential business combinations or sales of assets, among other strategic alternatives, after AstraZeneca terminated a trial for elarekibep, an asthma treatment, due to non-clinical safety findings. Pieris said it will focus on preserving capital, with total cash, cash equivalents and investments totaling $54.9 million as of June 30.

The company will be exploring new or expanded partnerships for the development of its other therapies.