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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