AM I NEXT? NO LOVE AT FIBROGEN

San Francisco, California-based FibroGen, a biopharmaceutical that discovers, and develops medicines for the treatment of anemia, cancer, and fibrotic disease, has announced a restructuring plan to lower operating expenses that will impact approximately 32 percent of its U.S. workforce.

The restructuring will impact 104 employees.

According to a Securities and Exchange Commission filing, "The Company would like to extend its tremendous gratitude to these employees, not only for their contributions to the strong workforce and culture at FibroGen, but to their large part in the progress we have made, and continue to make, in science and the biotechnology industry."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT NOVAVAX (01/31/24)

JANUARY 31, 2024 — MAJOR FINANCIAL ISSUES FORCE 12% REDUCTION IN FORCE

The company has announced that it will eliminate about 12% of its total workforce as the cash-strapped biotech company seeks to further cut costs amid doubts about its ability to remain in business.

As previously announced, Novavax, Inc. has recently prioritized reducing its annual combined research and development and selling, general and administrative spend.

In connection with those plans, on January 30, 2024, the Board of Directors of the Company approved an approximately 12% reduction of its global workforce, comprised of an approximately 9% reduction in the Company’s full-time employees and the remainder comprised of contractors and consultants.

MAY 24, 2023 — Original post…

Gaithersburg, Maryland-based Novavax, a biotechnology company developing vaccines to counter serious infectious diseases, has announced a cost-cutting initiative with a 25% reduction in force to respond to a reduced COVID-19 market.

Approximately 500 employees are impacted.

According to a company spokesperson, “2023 will continue to be a challenging year for Novavax. The company revealed plans to significantly reduce its spending and align its business with the endemic COVID opportunity. The biotech plans to consolidate facilities and infrastructure and reduce its headcount by 25%. The figures suggest around 500 people will be leaving Novavax. 80% of the layoffs are impacting full-time employees and the larger cost-saving strategy is primarily impacting R&D.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT TWIST BIOSCIENCE

South San Francisco-based Twist Bioscience, a biotechnology company that manufactures synthetic DNA and DNA products, has announced a major cost-cutting initiative that will see a 25% reduction in the company's workforce to "accelerate our path to profitability."

The reduction in force will impact 270 employees.

Twist CEO and Cofounder Emily Leproust noted, "The sales force will remain largely intact to drive top-line growth. We removed the duplication of synbio production across South San Francisco and Portland, significantly lowering our fixed cost structure. The new Oregon facility now produces all genes and gene fragments and most oligo pools. In addition, we resized the biopharma team to focus on revenue-generating partnerships, deprioritizing a majority of our internal assets. Throughout the organization, we streamlined teams, including R&D, to focus on programs where Twist has a clear competitive advantage and to selectively deploy our platform in areas where we see the greatest potential for long-term value creation."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?