News Updates
Incubate’s Investment Tracker measures the impacts of the Inflation Reduction Act’s healthcare provisions on the life sciences ecosystem, with special attention to the impacts of the small molecule penalty.
Pyxis Oncology
Layoffs
Boston, MA
1-50 employees
20% reduction in workforce.
Sutro Biopharma
Layoffs
South San Francisco, CA
201-500 employees
Reducing headcount by nearly 50 percent.
Kiromic Biopharma
Layoffs
Houston, TX
1-50 employees
Furloughed substantially all of its workforce.
Bristol Myers Squibb
Layoffs
Princeton, NJ
10,001-50,000 employees
Bristol Myers Squibb will lay off 57 workers from its Redwood City, California facility next month, according to a WARN notice filed on February 26. The latest layoff, first reported by Fierce Pharma, is part of a billion-plus-dollar cost-cutting program announced last year and expanded last month. BMS laid off more than two thousand employees in 2024 in total. According to BMS’ website, its Redwood City R&D campus is focused on the tumor microenvironment.
Atea Pharmaceuticals
Layoffs
Boston, MA
51-200 employees
25% reduction in workforce.
ALX Oncology
Layoffs
San Francisco, CA
51-200 employees
ALX Oncology, a Bay Area biotech firm currently running clinical trials for its anticancer therapy, announced Wednesday that it’s laying off about 30% of its staff.
CRISPR Therapeutics
Layoffs
Switzerland
51-200 employees
Laying off an undisclosed number of employees.
Lava Therapeutics
Layoffs
Netherlands
51-200 employees
Laying off 30% of its staff.
Kojin Therapeutics
Discontinued Research
Boston, MA
1-50 employees
“Kojin Therapeutics will be restructuring and winding down its operations in the coming months. Since last year, with a new leadership team in place, we have made striking progress in developing first-in-class, small-molecule, ferroptosis inducers for potential use in patients with cancer and autoimmune diseases. However, obtaining sufficient funding to propel these programs forward into IND-enabling studies and clinical trials has proven difficult to achieve.”
1 Discontinued Research Program
Encoded Therapeutics
Layoffs
South San Francisco, CA
51-200 employees
29% reduction in workforce, mostly in technology and early-stage R&D functions.
