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Finance Watch: Third Harmonic, Q32 Bio Cut Jobs To Focus On Lead Assets

Viracta, Omega Will Wind Down Operations

 
• By Mandy Jackson

Restructuring Edition: Third Harmonic cut its workforce by half based on positive Phase I data for THB335. Also, encouraged by early Phase IIa results in alopecia areata, Q32 Bio is focusing on bempikibart. In addition, X4, Turnstone, Fractyl, Cargo and others recently revealed layoffs.

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Third Harmonic Bio and Q32 Bio are not in imminent danger of running out of cash, but both companies recently took a look at early data for their lead drug candidates and decided to significantly cut costs to focus their resources on their top programs.

In Third Harmonic’s case, it had about $285m in cash on its balance sheet at the end of 2024, but after reviewing Phase I data for its small molecule KIT...

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