shares of aileron therapeutics inc lost more than a third of their value and hit a new alltime low in early trading tuesday after the clinicalstage biopharmaceutical company said it was throwing in the towel on its lead product candidate and exploring strategic options the boston company said the moves follow the failure of a phase 1b study of alrn6924 as a potential chemoprotection drug aileron said patients with p53mutated breast cancer in the study experienced severe neutropenia and alopecia which are common side effects of chemotherapy aileron also said it is paring its staff from nine to three fulltime employees as it looks into its options including a possible merger or sale of its assets the company in november reported 255 million in cash equivalents and investments as of sept 30 which it said at the time was sufficient to fund its operations through the end of first quarter of 2024 shares of aileron which effected a 1for20 reverse stock split in november were recently changing hands at 155 down 34 after hitting a splitadjusted alltime low of 141 early in the session