AM I NEXT? NO LOVE AT LYKOS THERAPEUTICS

San Jose, California-based Lykos Therapeutics, a developer of novel therapies and therapeutic approaches to treat mental health conditions, has announced a reorganization to best support the company as it works to address the resubmission of its new drug application to the FDA for midomafetamine capsules for the treatment of post-traumatic stress disorder.

The reorganization will impact 75% of the company's workforce, approximately 100 employees. The decision was driven by the FDA's rejection of the company's attempt to approve the use of MDMA (midomafetamine) capsules for the treatment of post-traumatic stress disorder ("PTSD") in adults.

According to a spokesperson, Lykos’ founder, the psychedelics advocate Rick Doblin, will be departing the company. In addition, the company will be reducing its workforce by approximately 75%, with the remaining team focused on its ongoing clinical development, medical affairs, and engagement with the FDA.

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. While many employees can read the writing on the wall; why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT VIR BIOTECHNOLOGY

San Francisco, California-based Vir Biotechnology, an immunology company focused on combining cutting-edge technologies to treat and prevent infectious diseases and other serious conditions, has announced a major restructuring and a product line pivot. The company discontinued the bulk of its virology work and pivoted to cancer research in an exclusive licensing deal with Sanofi.

The reduction in force impacts 25% of the company's research staff, or 114 employees, including senior members of management, scientists, engineers, and support staff. The layoffs will be mostly complete by October 2024.

According to CEO Marianne De Backer, “This decision was not taken lightly, yet it is essential to ensure that our resources are aligned with our evolving strategy and that Vir is positioned for sustainable growth and long-term success. In addition, we are taking decisive steps to strategically restructure our organization and prioritize our resources to focus on the highest value near-term opportunities. These key strategic decisions will enable us to drive sustainable growth and accelerate patient impact as we advance in our mission of powering the immune system to transform lives.”

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. While many employees can read the writing on the wall; why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT UNIQURE

Lexington, Massachusetts-based uniQure, a biopharma technology company specializing in genomic medicines, is continuing its organizational restructuring designed to streamline operations. This includes selling its Lexington manufacturing facility to Genezen.

The restructuring will impact 65% of the company's workforce, approximately 300 employees.

According to CEO Matt Kapusta...

“These actions are designed to ensure we have the funding required to achieve key milestones and drive shareholder value, as we endeavor to deliver transformative medicines to patients in need.

uniQure conducted and recently concluded a detailed review of its operating expenses with the goals of conserving capital, streamlining operations, and ensuring sufficient cash resources to achieve multiple potentially meaningful value creating milestones. As a result of this review, uniQure has or will be taking the following steps:

The sale of the Lexington, Massachusetts manufacturing facility to Genezen announced on July 1, 2024.

Global workforce reductions aimed at organizational rightsizing, delayering and outsourcing sub- and non-critical activities.

Inclusive of the sale of the manufacturing facility, the elimination of approximately 65% or 300 roles across the organization. Certain intended organizational changes are subject to review and advice from the Company’s Amsterdam-based works council, which is ongoing and expected to be completed in the third quarter of 2024. The Company expects to substantially complete the restructuring in the fourth quarter of 2024.

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. While many employees can read the writing on the wall; why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?