Cara Therapeutics, Inc. (CARA) announced on Thursday that its board has approved exploring and assessing strategic options for a more efficient operational strategy centered on controlling costs and preserving cash.
The company clarified that there is no guarantee that this exploration will lead to any agreements or transactions, and the timeline for such potential agreements or transactions remains uncertain.
Cara Therapeutics also emphasized that it will not provide updates on the strategic exploration unless approved by the Board or if further disclosure is necessary by law.
The company has enlisted Piper Sandler & Co. as its financial advisor for this process.
In pre-market activity on the Nasdaq, the shares are trading at $0.31, up 9.06%.
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