Mural Oncology is a clinical-stage biotech developing engineered cytokine therapies for cancer. Cytokines are naturally occurring proteins that regulate immune responses, but unmodified cytokines are too toxic to use at therapeutic doses. Mural engineers cytokines to be more selective — activating tumor-fighting immune cells while minimizing side effects. Mural's lead candidate is nemvaleukin alfa, an engineered IL-2 variant designed to preferentially expand cancer-fighting CD8+ T cells and NK cells while avoiding the severe toxicities of native IL-2. Nemvaleukin is in two potentially registrational trials: ARTISTRY-6 in mucosal melanoma (a rare cancer with no approved therapies) and the Phase 3 ARTISTRY-7 trial in platinum-resistant ovarian cancer, where nemvaleukin is combined with Merck's checkpoint inhibitor pembrolizumab. Both trials have key readouts expected in early-to-mid 2025. Mural also has two earlier-stage programs targeting IL-18 and IL-12 pathways. Mural retains worldwide rights to all programs and plans to build its own commercial infrastructure if nemvaleukin reaches approval, though it may partner to access additional markets. Mural outsources all manufacturing and funds operations through capital markets. Revenue is entirely contingent on clinical and regulatory success.