Biopharmaceutical companies continue to reveal restructuring plans and job cuts even as valuations overall are improving, with many second quarter earnings calls revealing a wave of actions aimed at conserving cash. Despite the recent upswing in biopharma stocks in general, many companies still find it difficult to raise funds, especially after clinical trial setbacks, and are looking for ways to extend their cash runways.
Finance Watch: The Job Cuts Keep Coming As Companies Try To Conserve Cash
Homology, ProQR Among The Latest
Restructuring Updates: Homology implemented modest job cuts as it ended a gene therapy trial, while ProQR revealed its second round of layoffs this year and Synthetic Biologics shifted focus to oncolytic virus pipeline. Also, Bolt, MacroGenics and others deprioritized programs in their Q2 updates.
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