Biotech layoffs continue as Ambrx cuts staff and part of its pipeline to extend its cash
It’s been no secret that this year has been rough for biotechs and employees, as companies have been cutting costs and headcounts throughout the year. Wednesday’s news shows that the trend is, unfortunately, continuing.
San Diego-based biotech Ambrx announced that it is reorganizing its pipeline and cutting around 15% of its staff to extend its cash resources. According to the company’s most recent annual report to the SEC, filed last December, Ambrx had around 81 employees.
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