As the pan­dem­ic high wanes, In­ovio chops head­count again while chas­ing Covid win

The Jacque­line Shea era at In­ovio will start with a sweep­ing re­or­ga­ni­za­tion.

Still ea­ger to prove that its DNA plas­mid tech­nol­o­gy will yield a Covid-19 boost­er and a vac­cine for HPV, among oth­er things, the biotech says it’s down­siz­ing to re­duce op­er­a­tional ex­pens­es and ex­tend its cash run­way in­to the third quar­ter of 2024.

As a re­sult, 18% of its em­ploy­ees — and 86% of the con­trac­tors — will be laid off. Based on In­ovio’s an­nu­al re­port not­ing that it em­ployed 317 peo­ple as of Feb­ru­ary, that would trans­late to about 57 full-time staffers be­ing let go.

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