The downsizing marks another low moment for a biotech that was once a fundraising powerhouse. ArsenalBio raised $325 million two years ago with the backing of Bristol Myers Squibb and Regeneron, and also boasted a partnership with Roche’s Genentech.

ArsenalBio’s goal at the time was to develop CAR-T therapies for solid tumors, an area of notable difficulty. There are currently no approved CAR-T medicines for any solid tumors, only blood cancers.