G1 Therapeutics to Lay Off Staff After Cosela Fails in Pivotal Breast Cancer Study

1. Trial Failure: G1 Therapeutics' Phase 3 trial, Preserve 2, evaluating trilaciclib (Cosela) in metastatic triple negative breast cancer failed to meet its primary endpoint of overall survival.
2. Layoffs: The company plans to make targeted headcount reductions outside of its commercial organization, signaling more layoffs ahead.
3. Stock Impact: G1 Therapeutics' stock dropped about 50% on the news before recovering to around $2.24 at market close.
4. Cosela Background: Cosela was initially approved by the FDA in 2021 for reducing chemotherapy-induced myelosuppression in patients with extensive-stage small-cell lung cancer.
5. Future Focus: G1 Therapeutics will focus on expanding its Cosela business in the U.S. and pursue partnerships for global expansion, as well as evaluating other myeloprotection uses for trilaciclib.