While it is unclear how the IRA will be implemented, it will likely have a significant impact on the pharmaceutical industry and the pricing of prescription drug products.
All entries for: Home
July 10, 2025
KalVista Pharmaceuticals
Negative Outlook
Cambridge, MA
51-200 employees
Disease Area: Hematology, Immune Diseases, Multiple, Rare Diseases
Drug Type: Small Molecule
July 9, 2025
Jasper Therapeutics
Layoffs
Redwood City, CA
51-200 employees
After “issues” with a batch of its investigational antibody briquilimab “confounded” the readout of Jasper Therapeutics’ Phase Ib/IIa BEACON study in chronic spontaneous urticaria (CSU), the California-based biotech is laying off approximately half of its staff.
Disease Area: Chronic Disease, Hematology, Immune Diseases, Multiple
Drug Type: Biologic
July 8, 2025
CSL Limited
Layoffs
Pasadena, CA
10,001-50,000 employees
The Australian multinational biotech CSL is consolidating its research and development team, according to reporting from Fierce Biotech. The number of employees affected by the consolidation is unclear, though CSL said that more details would be shared at the company’s annual earnings call in August. According to comments made to Fierce, CSL will increasingly rely on external partnerships to bolster its pipeline. The reorganization comes just a month after the company got approval from the FDA for a preventive for attacks in patients with hereditary angioedema.
Disease Area: Hematology, Infectious Diseases, Multiple, Rare Diseases
Drug Type: Biologic, Small Molecule
July 8, 2025
Conduit Pharmaceuticals
Negative Outlook
Naples, FL
1-50 employees
On August 16, 2022, President Biden signed into the law the Inflation Reduction Act of 2022, or the IRA. Among other things, the IRA has multiple provisions that can impact the prices of drug products that are both sold into the Medicare program and throughout the United States. Beginning in 2023, a manufacturer of drugs covered by Medicare Parts B or D must pay a rebate to the federal government if their drug product’s price increases faster than the rate of inflation. This calculation is made on a drug product by drug product basis and the amount of the rebate owed to the federal government is directly dependent on the volume of a drug product that is paid for by Medicare Parts B or D. Additionally, starting for payment year 2026, CMS will negotiate drug prices annually for a select number of single source Part D drugs without generic or biosimilar competition. CMS will also negotiate drug prices for a select number of Part B drugs starting for payment year 2028. If a drug product is selected by CMS for negotiation, it is expected that the revenue generated from such drug will decrease.
Disease Area: Endocrinology, Immune Diseases, Multiple, Rare Diseases
Drug Type: Small Molecule
July 3, 2025
4D Molecular Therapeutics - Emeryville
Layoffs
Emeryville, CA
51-200 employees
California-based 4D Molecular Therapeutics is downsizing by 25% its current and planned roles in an effort to better realign its resources, the company announced on Wednesday. The layoffs will primarily affect staff supporting early-stage R&D activities and will allow the company to “drive late-stage execution,” as per the announcement.
Disease Area: Cardiology, Multiple, Respiratory Diseases
Drug Type: Biologic
July 2, 2025
Oncternal Therapeutics
Company Closure
San Diego, CA
1-50 employees
San Diego-based Oncternal Therapeutics is closing shop. To oversee the wind-down process, the company will retain only one employee: Craig Jalbert, a principal of the accounting firm Verdolino & Lowey, P.C. He will act as Oncternal’s president, CEO, treasurer, secretary and sole member of its board of directors. All remaining executives, directors and employees of Oncternal have resigned, though it’s not immediately clear how many people will be directly affected by the company’s closure. In September 2024, the biotech downsized by 37%, corresponding to about 10 employees, including its Chief Medical Officer Salim Yazji.
Disease Area: Hematology, Multiple, Oncology
Drug Type: Biologic, Small Molecule
July 1, 2025
Bristol Myers Squibb - Lawrenceville
Layoffs
Lawrenceville, NJ
10,001-50,000 employees
Bristol Myers Squibb continues to aim its cost-cutting measures at Lawrenceville, New Jersey, laying off 68 employees there, according to a Worker Adjustment and Retraining Notification notice. The pharma has now let go of 1,223 people in Lawrenceville since April 2024, including 874 team members this year. The latest cuts will occur in multiple waves starting Sept. 25 and end Jan. 15, 2026. BMS has its headquarters and a location housing its commercialization and late-stage development teams in Lawrenceville. It was not immediately clear if the latest layoffs affect both sites.
Disease Area: Cardiology, Hematology, Immune Diseases, Multiple, Oncology
Drug Type: Biologic, Small Molecule
July 1, 2025
Sage Therapeutics - Cambridge
Layoffs
Cambridge, MA
201-500 employees
Not two weeks after being acquired, Sage Therapeutics has let go of all of its remaining workforce—338 employees in Cambridge, Massachusetts, according to a Worker Adjustment and Retraining Notification notice. The Cambridge-based biotech’s layoffs will take effect Aug. 22. As of April 22, the company had 338 full-time employees, including 98 members focused on research and development, according to its most recent quarterly report. The workforce reduction comes a few weeks after Sage agreed to be acquired by Supernus Pharmaceuticals. The Maryland-based company offered to buy Sage for $591 million, with a contingent value right that could swell the overall deal value to $795 million based on certain milestones. Sage and Supernus expect to close the transaction in the third quarter.
Disease Area: Multiple, Neurological Diseases, Psychiatry
Drug Type: Biologic, Small Molecule
July 1, 2025
Kalaris Therapeutics
Negative Outlook
Palo Alto, CA
1-50 employees
In August 2022, the IRA was signed into law. The IRA includes several provisions that could impact AlloVir’s business to varying degrees, including provisions that create a $2,000 out-of-pocket cap for Medicare Part D beneficiaries, impose new manufacturer financial liability on all drugs in Medicare Part D, allow the U.S. government to negotiate Medicare Part B and Part D pricing for certain high-cost drugs and biologics without generic or biosimilar competition, require companies to pay rebates to Medicare for drug prices that increase faster than inflation, and delay the rebate rule that would require pass through of pharmacy benefit manager rebates to beneficiaries. Further, under the IRA, orphan drugs are exempted from the Medicare drug price negotiation program, but only if they have one orphan designation and for which the only approved indication is for that disease or condition. If a product receives multiple orphan designations or has multiple approved indications, it may not qualify for the orphan drug exemption. The implementation of the IRA is currently subject to ongoing litigation challenging the constitutionality of the IRA’s Medicare drug price negotiation program. The effect of IRA on AlloVir’s business and the healthcare industry in general is not yet known.
Disease Area: Chronic Disease, Multiple, Neurological Diseases, Rare Diseases
Drug Type: Biologic
June 25, 2025
Discontinued Research, Layoffs
Roughly a month after sharing that it would cut about half of its workforce, Leap Therapeutics has announced it will axe 75% of its staff over the next two months. The Cambridge, Massachusetts–based biotech is also winding down research and development activities and exploring strategic options that could include a sale, according to a June 23 SEC filing. The latest cuts affect 75% of the workforce, according to the filing, and will be carried out over two phases: one on or about June 30 and the second on or about July 31. The first round will include the departure of Augustine Lawlor, chief operating officer, while the second will include the exit of Cyndi Sirard, chief medical officer. Based on Leap having 52 full-time employees as of Dec. 31, according to its annual report, and the cuts detailed in a May 13 SEC filing, the company could have fewer than 10 staffers once the layoffs are complete.
Disease Area: Immune Diseases, Multiple, Oncology
Drug Type: Biologic