Sev­er­al biotechs con­tin­ue trend of lay­offs, pipeline culls as third quar­ter re­ports roll in

Over the past sev­er­al weeks, small and large com­pa­nies alike have re­sort­ed to cost-cut­ting mea­sures, bring­ing the ham­mer down on em­ploy­ees or cut­ting pieces from the de­vel­op­ment pipeline. That trend is on­ly ac­cel­er­at­ing in the lat­est batch of Q3 re­ports, as an­oth­er six com­pa­nies ei­ther laid off staff or cut from the pipeline ear­ly this week.

Start­ing with the Bay Area-based pen­ny stock Har­poon Ther­a­peu­tics $HARP, the biotech is look­ing to on­ly fo­cus on three of its as­sets and is re­duc­ing its work­force by 45% in pri­mar­i­ly its re­search and sup­port func­tions. Ac­cord­ing to its SEC re­port, Har­poon had 99 em­ploy­ees as of Feb­ru­ary. The move will look to ex­tend Har­poon’s cash in­to 2023.

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