It was just a few months ago that EQRx Inc. moved away from its original, sweeping vision: to shake up the biotech industry by creating “radically” cheap drugs.
Now, as it retools its strategy, the company (Nasdaq: EQRX) is laying off 18% of its staff, leaving 300 employees. That indicates that 66 were let go. A spokesperson did not respond to a request for comment.
EQRx disclosed the cuts in its earnings report Thursday morning. The idea is to help the company operate as efficiently as possible, although it already had a cash runway into 2028.
“2023 is poised to be an important year as we work to advance late-stage U.S.-led trials for our lead oncology programs, seliciclib, and aumolertinib, which we aim to develop as two potential best-in-class medicines that could serve as the basis of future combination treatments for different cancer types,” CEO Melanie Nallicheri said in a statement. “Our focus remains on being disciplined with our cash while executing on our priorities and preserving runway into 2028.”