Spring Bank Pharmaceuticals Inc. [s; sbph] said Wednesday it is scrapping the development of inarigivir soproxil, a treatment for chronic hepatitis B virus, after a patient died during a phase 2 trial. “We will continue to work in close collaboration with external experts and our clinical study investigators to provide the care necessary for all study patients and will continue to conduct a series of investigative actions to better understand the unexpected serious adverse events observed in our Phase 2b program,” Chief Executive Martin Driscoll said in a statement. The Hopkinton, Mass.-based company will now refocus on its treatments for diseases with high unmet needs in the files of immuno-oncology and inflammation. It has initiated discussions with third parties for licensing of its chimeric oligonucleotide antisense (CASO) program for HBV. The company believes its $54.5 million cash position as of Dec. 31 will be enough to fund operations into late 2022. Shares were halted for the news, but have fallen 83% in the last 12 months, while the S&P 500 SPX, +1.01% has gained 24%.