Vital Therapies Inc. is exploring strategic options for its business and assets a month after it discontinued the development of its liver disease therapy.

The San Diego-based biotechnology company is looking into a potential sale or merger, along with other opportunities that will help improve stockholder value.

After previously reducing its workforce by 80%, the company has now downsized its board to four directors from nine in order to further conserve cash. The remaining board members include Chairman Faheem Hasnain, Cheryl Cohen, Russell Cox and Lowell Sears.

In September, the company stopped developing its cell-based therapy Elad when it failed to significantly improve the overall survival of patients with severe alcoholic hepatitis in a late-stage study.

Severe alcoholic hepatitis is a liver disease caused by heavy alcohol ingestion.

Ladenburg Thalmann & Co. Inc. is acting as strategic financial adviser to Vital Therapies in the strategic review process.