Applied Therapeutics, Inc. (APLT) said on Thursday that it is laying off approximately 46% of its workforce as it seeks to conserve cash, while its Board of Directors explores strategic alternatives for the company.

The board is considering mergers, acquisitions, partnerships, joint ventures, licensing arrangements, or other strategic transactions, the company said. There is no deadline for the process, Applied Therapeutics noted, while also adding that the review might not result in a transaction.

The company also said it intends to request an additional meeting with the U.S. Food and Drug Administration to decide on a design for its late-stage study of Govorestat for the treatment of Charcot-Marie-Tooth Sorbitol Dehydrogenase (SORD) Deficiency.

APLT shares traded marginally in the green in the pre-market session at the time of writing. 

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