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SAN FRANCISCO - Third Harmonic Bio, Inc. (NASDAQ:THRD), a biotech company with a market capitalization of $237.37 million and notably strong liquidity position, has received stockholder approval for its Plan of Liquidation and Dissolution with 99.9% of votes cast in favor at the Annual Meeting held on June 5, according to a press release statement. InvestingPro data shows the company maintains more cash than debt on its balance sheet, with a robust current ratio of 54.1.
The company expects to make an initial distribution to stockholders in the third quarter of 2025, estimated between $5.30 and $5.35 per share of common stock. Total distributions are projected to range between approximately $5.30 and $5.44 per share. This comes as the stock has experienced significant volatility, with InvestingPro data showing a 53% decline over the past six months, though the current trading price of $5.26 suggests the market is closely aligned with the expected distribution value.
The biotech firm also reported results from an additional cohort in its Phase 1 clinical trial of THB335, an oral wild-type KIT inhibitor. The 100mg once-daily dose using a new capsule formulation demonstrated an 85% mean reduction in serum tryptase, a biomarker of mast cell activation. All adverse events were mild, except for one moderate case of neutrophil reduction.
Third Harmonic Bio has completed clinical, toxicology and manufacturing activities to support a Phase 2 clinical trial of THB335 for chronic spontaneous urticaria. The company plans to submit a regulatory filing to the FDA for trial clearance.
As part of its dissolution plan, the company is initiating a sale process for THB335 and related intellectual property. The final distribution amount may vary based on several factors, including potential proceeds from asset sales.
The liquidation plan received approval from 83.7% of the company’s total outstanding common shares.
In other recent news, Third Harmonic Bio announced a significant development with its board of directors approving a Plan of Liquidation and Dissolution. This plan, pending stockholder approval at the upcoming annual meeting, is set to distribute between $246.6 million and $259.8 million to shareholders, equating to approximately $5.13 to $5.42 per share. The company aims to sell its assets, including the THB335 program, to maximize shareholder value. Meanwhile, Stifel has downgraded Third Harmonic Bio’s stock from Buy to Hold, reducing the price target significantly from $23.00 to $5.00, citing uncertainties in the development of THB335 despite promising Phase 1 data. Raymond James maintained a Market Perform rating on the stock following the liquidation announcement. Additionally, Third Harmonic Bio disclosed the departure of its Chief Scientific Officer, Christopher Dinsmore, who has entered a separation agreement with the company. The company is yet to name a successor for this position. These recent developments highlight a period of transition and strategic reevaluation for Third Harmonic Bio.
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