AM I NEXT? NO LOVE AT KINNATE BIOPHARMA

San Diego, California-based Kinnate Biopharma, a biotechnology company focused on targeted cancer therapies, has announced a major restructuring that will see a 70% reduction in its workforce.

Approximately 40 employees were impacted.

Nima Farzan, chief executive officer of Kinnate Biopharma, commented, “Today, we are taking hard but necessary steps to streamline our programs, team, and operations in order to advance our research and deliver meaningful benefits to patients and shareholders alike. These decisions reflect the current financing environment, oncology regulatory landscape, and development timelines. We believe that reprioritizing our programs is the most effective approach to unlock the full promise of our innovative therapies.”

"Kinnate will implement a corporate restructuring by reducing the Company’s workforce by approximately 70%. The Company expects to have 28 remaining full-time employees. The Company is also taking related measures to reduce operating expenses. This includes separating from all employees of its wholly-owned subsidiary in China, Kinnjiu Biopharma."

"The reprioritization plan unfortunately impacts our workforce. It is undoubtedly difficult to part with our valued and highly talented employees who have made substantial contributions to our company. I want to thank each one of them for their dedication to Kinnate and our mission.”

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 2SEVENTY BIO

Cambridge, Massachusetts-based, 2seventy bio, a biotechnology company discovering and developing novel cancer therapies, has announced a strategic restructuring to optimize operations and reduce costs.

The restructuring will impact 40% of the company's workforce or 176 employees.

A company spokesperson noted, “The macro environment for oncology cell therapy companies and the near-term headwinds we have seen in our own business have led us to examine how we pursue our mission. Today we are taking hard but necessary steps to streamline our team and optimize our R&D approach and cost structure.”

According to Chief Operating Officer Chip Baird, “The difficult but necessary changes we are making to our workforce, our programs, and our cost structure reflect our commitment to advancing our pipeline and achieving value-creating milestones with existing cash."

"We expect today’s changes will preserve runway into at least 2026, and we will continue to focus on careful expense management and thoughtful capital allocation while staying true to our mission of driving programs forward for patients in need."

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 AMYRIS

Emeryville, California-based Amyris, a synthetic biotechnology company operating in the personal care market, has announced that it has filed a Voluntary Chapter 11 bankruptcy "to move forward with an operational and financial restructuring to further advance its ongoing strategic transformation and position the Company for long-term success."

The company notes, "In tandem, to advance the Company's restructuring goals and maximize the value of its assets, Amyris is planning to exit its consumer brands and will begin marketing them for sale, with a view to having these brands continue to leverage Amyris' cutting-edge science and technology while under new ownership. As the sale process progresses, Amyris will continue to operate these brands, including through retail partners and the brands' e-commerce platforms."

The restructuring will impact 260 employees who follow a previous layoff of 148 employees in June 2023. Approximately 1,090 employees remain to continue operations under Chapter 11 operations.

According to Interim Chief Executive Officer and Chief Financial Officer Han Kieftenbeld, "Over the past months, we have been hard at work on a strategic transformation plan to reduce costs, improve operational effectiveness, and achieve sustainable growth. We believe the step forward our company has taken today puts us on the best path to address our financial challenges and achieve a comprehensive solution – rooted in Amyris' ground-breaking science, formulation capabilities, and technology."

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?