Arrowhead Pharmaceuticals said on Tuesday that it has canceled the development of three experimental drug candidates for liver diseases and plans to lay off part of its workforce, sending the company’s stock down nearly 60 percent in after-hours trading.

Arrowhead’s (NASDAQ: ARWR) stock price was $1.77 a share as of 7:39 p.m. in New York, down from $4.39 a share when the closing bell rang hours earlier.

Arrowhead said it will lay off about 30 percent of its workers, a move intended to give the company enough cash to operate through 2019, according to a news release.

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