Vital Therapies (NSDQ:VTL) said yesterday that it reduced its board size from nine to four, and that it has begun to explore ‘strategic opportunities’ including a possible sale or merger of the company.

The San Diego-based company said it retained Ladenburg Thalmann & Co. as its strategic financial advisor to assist in “the review of the company’s business and assets” as it examines the possibility of a sale or merger.

The company added that it could not “guarantee that this process will culminate in a transaction,” according to an SEC filing.

The move comes only one month after Vital Therapies announced that its ELAD cell-based liver failure treatment failed to meet its endpoints in a pivotal clinical trial and saw its stock price drop 91.3%.

Shortly after the news emerged, Vital Therapies said it planned to lay off 88% of its employees.

The company said that it will “continue to evaluate the need for its remaining personnel” as it considers strategic alternatives. The remaining members of the board after the reduction are chair Faheem Hasnain, Cheryl Cohen, Russell Cox and Lowell Sears, according to an SEC filing.