Third Harmonic Bio, Inc. (THRD) on Thursday announced that its stockholders overwhelmingly approved the company's proposed Plan of Liquidation and Dissolution at its Annual Meeting held on June 5, 2025.
The proposal to adopt the Plan of Dissolution received approval from 99.9 percent of voting shareholders, representing 83.7 percent of outstanding shares.
Third Harmonic expects to make an initial cash distribution of approximately $5.30 to $5.35 per share in the third quarter of 2025.
Total distributions may reach up to $5.44 per share, depending on asset sale proceeds and final board approval.
The company also reported updated clinical data from a Phase 1 study of its lead drug candidate, THB335, in healthy volunteers and has initiated a sale process for the asset.
New results from an additional 14-day multiple ascending dose cohort of the Phase 1 trial showed that THB335, an oral wild-type KIT inhibitor, achieved an 85 percent reduction in serum tryptase, a key biomarker of mast cell activation, using a new 100mg capsule formulation intended for future development.
Pharmacokinetics and pharmacodynamics were consistent with the previously tested 164mg dose, with plasma exposures exceeding six times the IC90 of KIT.
The treatment was well tolerated, with all adverse events reported as mild, except for one moderate case of neutrophil reduction.
No clinically significant lab abnormalities were observed. Mild taste alteration and hair color change resolved during follow-up.
Third Harmonic has completed all clinical, toxicology, and manufacturing work to support a Phase 2 trial of THB335 for chronic spontaneous urticaria and plans to submit a regulatory filing to the FDA imminently.
As part of the liquidation process, the company has begun seeking buyers for THB335 and related intellectual property. Proceeds from a successful sale could supplement shareholder distributions.
The announcement marks the final stage of Third Harmonic's strategic wind-down while positioning THB335 as a promising asset for future clinical development by a potential acquirer.
Currently, THRD is trading at $5.41, up by 2.76 percent on the Nasdaq.
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