Finance Watch: The Job Cuts Keep Coming As Companies Try To Conserve Cash
Homology, ProQR Among The Latest
Restructuring Updates: Homology implemented modest job cuts as it ended a gene therapy trial, while ProQR revealed its second round of layoffs this year and Synthetic Biologics shifted focus to oncolytic virus pipeline. Also, Bolt, MacroGenics and others deprioritized programs in their Q2 updates.
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Mereo will reduce its headcount by 40% to focus on its lead programs while NeuBase revealed a 60% workforce reduction to extend its cash runway. Also, Invivyd (formerly Adagio), Greenlight and BioMarin announced job cuts, while Otonomy and others planned strategic shifts.
MacroGenics believes its next-gen anti-CD123 candidate MGD024 has a potentially favorable toxicity profile, as other bispecifics with the same target have floundered. But it lacks the cash to advance on its own.
Investors and most analysts were not impressed with a much-anticipated Phase II update on Atara’s allogeneic T-cell immunotherapy which could be transformational as a treatment for multiple sclerosis, but some observers believe the slump in the firm’s stock was not merited.