Nektar Therapeutics announced late Monday that it would lay off 70% of its workforce in an effort to extend its cash runway following the failure of its cancer drug partnership with Bristol Myers Squibb, which was announced last week.

On April 18, Nektar (NKTR) shares fell 23.1 percent after the company announced that it would discontinue development of its cancer drug bempeg due to a number of trial failures of the drug in combination with Bristol-Myers Squibb’s (BMY) Opdivo.

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