This is a big deal. Reflects broader industry challenges with many companies failing to execute on cell therapy clinical development. Also Galapagos was "all in" on cell therapy being very central to their strategy - 7 of the 10 indications in their central pipeline were cell therapy related. The writing was on the wall when they consolidated a lot of their CAR-T and other modalities into one standalone unit in 2025. They still have about 3 billion cash for runway so will be interesting to see what they do next.

Cell therapy continues to be extremely challenging for any company to scale and commercialize.