Kronos Bio, a biotech company based in the Bay Area, has announced that it is undergoing significant restructuring efforts, including laying off nearly its entire staff of 75 employees, or 83% of its workforce. The company’s CEO, Norbert Bischofberger, will also be stepping down. The news comes after the company’s value dropped from $1 billion to $150 million. The layoffs are intended to help the company refocus and relaunch its mission, which includes developing a new cancer treatment. The company’s Cambridge, Massachusetts lab will also be affected, with 20 employees being let go. The move is a significant blow to the local biotech community, with many experts warning that the industry is facing significant challenges in the coming years. The exact reasons for the layoffs are unclear, but it is likely related to the company’s financial struggles and the high financial risks associated with developing new treatments.
Source: https://www.sfgate.com/tech/article/kronos-layoffs-struggling-biotech-firm-19958116.php