What Ayala Pharmaceuticals does

Ayala Pharmaceuticals was a clinical-stage biopharmaceutical company focused on developing and commercializing small molecule therapeutics for rare tumors and aggressive cancers. The company's lead candidates were gamma-secretase inhibitors AL102 and AL101, with AL102 in Phase 3 clinical development for desmoid tumors — a rare oncology indication with limited treatment options. The company also operated a Listeria monocytogenes-based immunotherapy platform for cancer treatment. Its target segment was patients with desmoid tumors and other rare or aggressive cancers, addressing unmet medical needs, though it had no commercial product on market during its operating life.

The company operated with no commercial product revenue and was unprofitable, reporting approximately $3.24 million in revenue while carrying negative net income. It was incorporated in Delaware, listed on Nasdaq under the symbol ADXS (also referenced as AYLA), and operated with 11–50 employees from Wilmington, Delaware. The entity traded under the Ayala Pharmaceuticals name was formed through the January 2023 merger of Advaxis Inc. with a pre-existing Delaware-incorporated Ayala Pharmaceuticals; the combined entity assumed the Ayala name and pursued a Nasdaq uplisting. Three disclosed funding rounds totaling $72 million (2018: $17M; 2019: $30M; 2021: $25M) supported the clinical pipeline through its operating life. Investors included Novartis (as 2019 lead), aMoon Fund, Harel Insurance and Financial, Israel Biotech Fund, SBI Japan-Israel Innovation Fund, Redmile Group, and Sio Capital Management.

Ayala's strategic trajectory ended in wind-down rather than expansion. In Q1 2024, the lead assets AL102 and AL101 were divested to Immunome, Inc.; in May 2024, the company filed Form 15-12G to deregister its securities with the SEC; in April 2025, the Listeria-based immunotherapy platform was transferred to OS Therapies in exchange for 4.8 million shares (which eliminated $20 million in milestone payments owed to Ayala); and on February 9, 2026, Ayala completed liquidation of its OS Therapies common stock and dissolved, with no operating entity remaining.

Name

Ayala Pharmaceuticals

Legal name

Ayala Pharmaceuticals, Inc.

Website

https://ayalapharma.com

Company type

Public

Founded year

2023

Operating status

Closed

Headcount range

11–50 employees

Short description

Ayala Pharmaceuticals was a clinical-stage biopharmaceutical company that developed gamma-secretase inhibitors (AL102, AL101) and a Listeria monocytogenes-based immunotherapy platform targeting rare tumors and aggressive cancers, including desmoid tumors. The company dissolved in February 2026 after divesting all assets.

Ownership category

akta.pro rank

Product category

Clinical-stage Oncology Pharmaceuticals

NAICS

Pharmaceutical and Medicine Manufacturing (32541), Pharmaceutical Preparation Manufacturing (325412), Research and Development in Biotechnology (except Nanobiotechnology) (541714), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Pharmaceutical Preparations (2834), Medicinal Chemicals & Botanical Products (2833)

akta.pro primary industry

Rare Oncology & Hematologic Malignancy Therapies (HLAIAIAC)

akta.pro secondary industries

Oncology Specialty Pharmaceuticals (HLAIACAA), Regulatory Strategy & IND/NDA/BLA Submissions Support (HLAIALAH), CMC & Pharmaceutical Development (Formulation/Process/Analytical Development) (HLAIALAD)

Keywords

• Clinical-stage oncology therapeutics
• Small molecule drug development
• Gamma-secretase inhibitors
• Rare tumor treatments
• Cancer immunotherapy platform

Headquarters

HQ city

Wilmington

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales

Core offering

Ayala Pharmaceuticals was a clinical-stage biopharmaceutical company that developed small molecule oncology drug candidates for rare tumors and aggressive cancers. Its lead program AL102 was in Phase 3 clinical trials for desmoid tumors, with AL101 and BST-236 as additional pipeline assets. The company also operated a proprietary listeria monocytogenes-based cancer immunotherapy platform transferred to OS Therapies in April 2025.

Product overview

Ayala Pharmaceuticals was a clinical-stage oncology company focused on developing treatments for rare tumors and aggressive cancers. The company operated with a pipeline of investigational drug candidates including AL102 (Phase 3 for desmoid tumors), AL101, and BST-236. Following the completion of a merger with Advaxis Inc. in January 2023, the combined entity operated under the Ayala Pharmaceuticals name. The company's pipeline assets (AL102 and AL101) were subsequently acquired by Immunome, Inc. in Q1 2024. Ayala Pharmaceuticals has since dissolved, with its listeria-based immunotherapy platform transferred to OS Therapies in April 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• AL102 Investigational gamma-secretase inhibitor therapy for desmoid tumors that was in Phase 3 clinical development. The program was acquired by Immunome, Inc. in Q1 2024.
• AL101 Investigational gamma-secretase inhibitor drug candidate acquired by Immunome, Inc. in Q1 2024 alongside AL102.
• BST-236 Treatment candidate referenced in Ayala Pharmaceuticals company communications; inquiries directed to Sarit Steinberg.
• Listeria monocytogenes-based cancer immunotherapy platform Proprietary Listeria monocytogenes-based immunotherapy platform for cancer treatment; clinical, preclinical, and intellectual property assets were transferred to OS Therapies in April 2025 in exchange for 4.8 million shares.

Quantifiable outcome

• AL102 was in Phase 3 clinical trials for desmoid tumors

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• OS TherapiescoreStrategic or Co-development Partner · 1 April 2025OS Therapies acquired the listeria monocytogenes immunotherapy platform from Ayala Pharmaceuticals in April 2025. The acquisition included all clinical, preclinical, and intellectual property assets. OS Therapies issued 4.8 million shares to Ayala as consideration. This transaction eliminated $20 million in milestone payments for Ayala.
• Advaxis Inc.coreStrategic or Co-development Partner · 20 January 2023Advaxis Inc. completed its merger with Ayala Pharmaceuticals. The merged entity operated under the name Ayala Pharmaceuticals and focused on developing treatments for rare tumors and aggressive cancers, aiming to uplist to Nasdaq.

Scale indicators1 record

Recent moves7 records

Expansion highlights2 records

Direct peers

• Immunome: Clinical-stage oncology biopharma that acquired Ayala's lead assets AL102 and AL101 in Q1 2024. Directly comparable as a clinical-stage rare-oncology developer that now owns Ayala's former desmoid tumor and rare-cancer programs.
• OS Therapies: Oncology biopharma that acquired Ayala's listeria monocytogenes immunotherapy platform in April 2025. Comparable as a clinical-stage oncology developer working with listeria-based and rare-tumor immunotherapy assets.
• SpringWorks Therapeutics: Commercial-stage rare-oncology biopharma whose lead asset (nirogacestat) targets desmoid tumors — the same indication Ayala's AL102 was pursuing. Highly comparable target indication, patient population, and rare-tumor commercial model.
• Deciphera Pharmaceuticals: Rare-tumor-focused oncology biopharma developing kinase inhibitors for cancers with limited treatment options. Comparable as a clinical-to-commercial rare oncology specialist with overlapping therapeutic positioning.
• Salarius Pharmaceuticals: Clinical-stage oncology company developing treatments for rare cancers, including listeria-based immunotherapy programs. Comparable via shared listeria immunotherapy modality and rare-cancer focus.
• Forma Therapeutics: Clinical-stage biopharma focused on rare hematologic diseases and cancers. Comparable as a small-cap, clinical-stage rare-disease oncology developer.
• Aprea Therapeutics: Clinical-stage oncology company developing small-molecule therapeutics targeting DNA damage response pathways. Comparable as a small-cap clinical-stage oncology specialist with a similar capital profile.

Emerging players

• Iterion Therapeutics: Emerging clinical-stage developer of gamma-secretase inhibitors and other oncology candidates. Direct mechanistic overlap with Ayala's AL102/AL101 program.
• Recursion Pharmaceuticals: Clinical-stage biotech using AI-driven discovery to advance rare-disease and oncology candidates. Comparable as a small-cap clinical-stage developer targeting rare tumors with platform-driven R&D.

Broad incumbents

• MacroGenics: Larger clinical-to-commercial oncology biopharma developing antibody-based therapeutics. Comparable as a public clinical-stage oncology developer with overlapping rare-cancer and aggressive-tumor programs, but at greater scale.

Market position

Strengths2 records

Weaknesses3 records

Competitive moat2 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds3 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ayala Pharmaceuticals