Magenta Therapeutics (NASDAQ: MGTA) announced the completion of a business review, including the status of its programs, resources, and capabilities. Magenta has decided to halt further program development and conduct a comprehensive review of strategic alternatives aimed at maximizing shareholder value.

Magenta will investigate potential strategic alternatives, which may include, but are not limited to, an acquisition, merger, business combination, or other transaction, as part of this review process. There can be no assurance that Magenta will pursue a transaction or that any transaction, if pursued, will be completed on favorable terms. Magenta has not set a deadline for completing this review process and does not intend to comment further unless and until the Board of Directors has approved a definitive course of action, the review process is completed, or other disclosure is determined to be appropriate.

Following the death of a patient in a clinical trial, Magenta Therapeutics Inc. is set to become at least the tenth Massachusetts biotech company to close since the beginning of 2022.

Magenta (Nasdaq: MGTA) announced late Thursday that it would cease operations and “investigate strategic alternatives.” These options could include a merger or reverse merger, a sale to another company, or simply a sale of assets and a subsequent wind-down. According to the announcement, the company will not comment further until the board has decided on a course of action.

Magenta disclosed less than two weeks ago that a patient on its lead drug, MGTA-117, died as a result of respiratory failure and cardiac arrest that were “possibly related to” the drug. It voluntarily terminated the trial, which was testing MGTA-117 in patients with relapsed or refractory acute myeloid leukemia and myelodysplastic syndrome.

Magenta as a company appears to have ended with the end of MGTA-117. Following promising data, the company abandoned other drug programs in favor of MGTA-117 last spring. Magenta laid off 11 people, accounting for 14% of its workforce at the time. The canceled programs were for leukemia, multiple myeloma, and sickle cell disease.

According to its most recent earnings report, Magenta had $128.3 million in cash on hand as of September. As of Friday afternoon, its market capitalization was just under $50 million.