Mural Oncology Paints Itself Into A Corner After Nemvaleukin Alfa Fails

In November 2023, Alkermes plc (ALKS) spun off its oncology division into a new company: Mural Oncology plc (MURA). Armed with $275 million in cash, no debt, and a clean slate, the company was designed as a single-focus biotech aimed at bringing nemvaleukin alfa, an engineered IL-2 cytokine, through late-stage development. Less than two years later, the…