Zosano Pharma Corp ZSAN is looking at strategic alternatives and reduced 31% of its staff as the FDA rejected its already-rejected migraine drug last month.

• M207, known as Qtrypta, includes a new delivery system for migraine drug triptan zolmitriptan. But Zosano’s resubmission did not show a “complete response to the deficiencies” outlined in the agency’s 2020 rejection. 
• The company had 29 R&D employees at the end of 2021. Now, it has 21, according to Zosano’s latest 10-K filing. 
• But even if the company can get the drug approved, it will likely face more hurdles, according to the SEC filing.
• Related: Zosano Pharma Announces Publication Of Early Data On Influenza Vaccine.
• As of December 31, 2021, Zosano held cash and cash equivalents of $11.0 million.
• Price Action: ZSAN shares are down 3.36% at $0.19 during the market session on the last check Friday.