AM I NEXT? NO LOVE AT CARGO THERAPEUTICS

San Carlos, California-based Cargo Therapeutics, a biotechnology company developing cancer cell therapies, has announced a wind-down of its development projects after receiving disappointing Phase 2 clinical trial results, with almost a fifth of the trial’s lymphoma patients showing signs of a dangerous side effect.

The wind-down will impact 90% of the company's workforce, approximately 83 employees, as the company struggles to “preserve cash and maximize shareholder value.”

According to Chairman John Orwin, “In connection with the Company’s review of strategic options, the Board has concluded that it is in the best interests of shareholders to cease development operations. We are grateful for the contributions of those who will be leaving CARGO as a result of the decision to discontinue development of our remaining pipeline assets. Our priority moving forward is to maximize value for shareholders while aiming to find a permanent home for our remaining assets for the benefit of patients and to do both in an expeditious manner."

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 terrible 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 SUTRO BIOPHARMA

San Francisco, California-based Sutro Biopharma, a biotechnology company researching anti-cancer drugs, has announced the departure of three top executives, the closure of its San Carlos, California manufacturing facility by the end of 2025, and a reduction in force.

The personnel adjustment will impact approximately half the company's workforce, about 10 employees. The decision was driven by large losses and the failure to obtain approval for the commercial sale of its products.

According to an SEC filing...

"Sutro Biopharma, Inc. today announced the completion of a strategic portfolio review resulting in the prioritization of its three wholly-owned preclinical programs in its next-generation ADC pipeline."

"Additionally, the Company announced that it is deprioritizing additional investment into development of luvelta across all indications and is reducing headcount by nearly 50 percent. The Company will continue to explore global out-licensing opportunities for luvelta, as Sutro still believes in its potential to provide significant benefit to patients with unmet need. Further, given Sutro’s significant progress in fully externalizing its cell-free manufacturing to scale, the Company intends to exit its internal GMP manufacturing facility by year-end."

"The Company also announced that Bill Newell and Sutro’s Board of Directors have mutually agreed that it is the right time to transition leadership. Jane Chung, President and Chief Operating Officer, will assume the responsibilities of Chief Executive Officer and Board member from Mr. Newell, effective today. Mr. Newell will continue to be available at the Company’s request in an advisory capacity through the transition."

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 terrible 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 IGM BIOSCIENCES

Mountain View, California-based IGM Biosciences, a develope for antibody medicines for the treatment of autoimmune and inflammatory diseases, has announced a cancellation 2 research projects and a major 73% reduction in its workforce.

The reduction in force will impact 100 employees, including executives, scientists, and support personnel. Separations are scheduled for March 10, 2025. The decision was driven by a crucial clinical study that delivered disappointing results.

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 terrible 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?