Discover the companies that laid off the most employees last month - November
Layoffs
December 13, 2023
Talis Biomedical, a health-focused diagnostic company, recently announced plans to explore strategic options to enhance shareholder value. Despite progress in developing their Talis One® system, Talis Biomedical believes current market conditions warrant this decision. To conserve cash, Talis is streamlining operations, cutting its workforce by around 90%, and centralizing activities in Chicago.
These measures follow the appointment of a special committee by the Board of Directors to evaluate various options, such as financing alternatives, mergers, acquisitions, or divestitures. TD Cowen is advising on financial matters, while Seyfarth Shaw is handling legal aspects.
Talis Biomedical's third-quarter 2023 financials indicate revenue of $0.1 million, a decrease from $0.8 million in the same period in 2022. Operating expenses also dropped from $27.6 million to $17.1 million, contributing to a reduced net loss of $15.7 million. Talis Biomedical's cash and equivalents stood at $88.0 million as of September 30, 2023.
Despite these challenges, there's no set timeline for the strategic review, and updates will only be provided if deemed necessary. Talis Biomedical is refraining from hosting a conference call to discuss third-quarter results due to its ongoing exploration of strategic alternatives.
The decision to explore strategic alternatives and downsize is driven by the need to navigate market conditions and enhance shareholder value, aligning with Talis Biomedical's commitment to advancing health equity through accurate infectious disease testing.
Talis Biomedical Corporation develops a diagnostic platform that offers senior care facilities and laboratory testing services. Talis Biomedical Corporation was formerly known as Talis Biomedical, Inc. and changed its name to Talis Biomedical Corporation in February 2018. Talis Biomedical was founded in 2010 and is based in Menlo Park, California with an additional office in Chicago, Illinois.
Talis Biomedical stock rose 14% in 3 weeks from the time LevelFields.AI sent the alert
NLS Pharmaceutics Ltd. (NLSP) is a Swiss biopharmaceutical company dedicated to developing groundbreaking therapies for patients with rare central nervous system disorders. Recently, NLS Pharmaceutics announced ongoing efforts to explore strategic alternatives, aiming to maximize value for shareholders.
In response to the evolving biotech landscape, NLS is diversifying its revenue streams, managing risks, and creating lasting value. NLS Pharmaceutics has taken initial steps, including selecting a strategic partner to out-license its intellectual property, particularly its key asset, Mazindol. The financial details are pending finalization, with the transaction set to close in Q1 2024.
To support operations until Q2 2024, NLS secured $1 million in bridge financing from insiders, including Chairman Ronald Hafner. Simultaneously, a workforce reduction of around 50% has been implemented, along with cost-cutting measures.
Alex Zwyer, CEO and Co-Founder, encourages stakeholders to follow NLS's journey, promising regular updates on progress. Despite challenges, NLS is committed to maintaining high standards and believes these strategic initiatives will ensure sustainable growth, solidifying its position as a leader in innovative therapies for rare CNS disorders.
NLS Pharmaceutics AG, a biopharmaceutical company founded in 2015 and based in Stans, Switzerland, specializes in discovering and developing drug therapies for rare and complex central nervous system disorders. NLS Pharmaceutics's primary focus is on developing treatments for narcolepsy, idiopathic hypersomnia, and other rare sleep disorders, along with neurodevelopmental disorders like attention deficit hyperactivity disorder (ADHD). Its key product candidates include Quilience for excessive daytime sleepiness and cataplexy, and Nolazol for ADHD.
NLS Pharmaceutics stock rose 90.6% in 2 weeks from the time LevelFields.AI sent the alert
Generation Bio Co. (GBIO) recently revealed a strategic shift to prioritize investment in the development of its innovative ctLNP delivery system for extrahepatic cell types. The move aims to streamline research and development, allowing Generation Bio to focus on wholly-owned programs. The decision comes in light of promising results from the ctLNP platform, demonstrating targeted delivery to T cells.
Geoff McDonough, M.D., Generation Bio's CEO, emphasized the commitment to developing ctLNP for extrahepatic targets and immune cells, notably in collaboration with Moderna. Generation Bio also maintains its dedication to the iqDNA platform, particularly for the lead hemophilia A program and other liver-related projects.
In response to current market conditions, Generation Bio will reduce its workforce by 40%, aligning investments with strategic goals to ensure reaching critical development milestones. The restructuring aims to extend Generation Bio's cash runway into the second half of 2027.
Dr. McDonough expressed gratitude to departing employees, highlighting their dedication to Generation Bio's mission. The reorganization includes streamlining R&D, continuing partnerships, and preserving core capacity while facing the challenges of the evolving biotechnology landscape. This move reflects Generation Bio's commitment to innovation and adapting to market dynamics.
Generation Bio Co. is a genetic medicines company specializing in the development of gene therapies for both rare and prevalent diseases. With a portfolio of eight programs targeting conditions of the liver, retina, skeletal muscle, central nervous system, and oncology, Generation Bio aims to provide innovative treatment solutions. Originally known as Torus Therapeutics, Inc., Generation Bio rebranded as Generation Bio Co. in November 2017. Founded in 2016, Generation Bio Co. is headquartered in Cambridge, Massachusetts.
Generation Bio stock rose 76% in 2 weeks from the time LevelFields.AI sent the alert
Origin Materials, Inc. ("Origin" or "ORGN"), a leading carbon-negative materials company dedicated to promoting sustainable materials, recently announced changes in its organization. Origin Materials, driven by a focus on immediate revenue opportunities and efficient cash management, has restructured to prioritize high-margin initiatives while postponing certain research programs with longer-term economic impacts.
John Bissell, Co-Founder and Co-CEO of Origin, explained, "To align with our strategy of emphasizing short-term revenue and cash management during our business's commercialization, we've made adjustments to cut costs and redirect resources." This decision involves a 30% reduction in the workforce, which is expected to be finalized on November 20, 2023, resulting in restructuring charges of around $2.7 million.
Bissell acknowledged the difficulty of parting ways with talented team members, emphasizing gratitude for their contributions and expressing commitment to supporting them in future endeavors. Despite the layoffs, Origin remains confident in the strong fundamentals of its business and the global demand for its carbon-negative materials platform.
Origin Materials anticipates extending its cash resources significantly while maintaining momentum with partners dedicated to bringing Origin's technology to market. Although the decision involves challenges, Origin's leadership believes it is a necessary step to navigate the business toward a $1 trillion addressable market for sustainable alternatives to petroleum-based materials.
Origin Materials, Inc. operates as a carbon negative materials company. Its platform converts the carbon found in biomass into useful materials. Origin Materials was incorporated in 2008 and is headquartered in West Sacramento, California.
TransUnion, a consumer credit reporting agency, is set to reduce its workforce by 10%, cutting around 1,300 jobs. This move aims to trim costs and facilitate growth, with expected annualized savings of $120 to $140 million in operating expenses and a $70 to $80 million reduction in capital expenditure by 2026 compared to 2023.
TransUnion plans to optimize its operations and enhance technology through a multiyear transformation strategy. Utilizing Neustar's cloud-native technology, TransUnion aims to create an advanced integrated platform for data management, identity resolution, analytics, and delivery.
TransUnion's CEO, Chris Cartwright, highlighted that these changes, though challenging, will strengthen TransUnion and maximize value from recent acquisitions. Despite the positive outlook, TransUnion anticipates incurring one-time pre-tax expenses of $355 million to $375 million, including $155 million for employee separation and facility exit costs, with the majority to be absorbed by the end of the next year.
This strategic restructuring positions TransUnion for future growth and technological advancement, demonstrating a commitment to adapting to evolving market demands and extracting value from its recent business moves.
TransUnion offers risk and information solutions through its three segments: U.S. Markets, International, and Consumer Interactive. TransUnion provides businesses with consumer reports, analytics, and decisioning services for customer acquisition, risk management, and fraud prevention. The International segment extends these services globally, while the Consumer Interactive segment offers individuals credit reports, scores, and financial management tools. Founded in 1968 and headquartered in Chicago, Illinois, TransUnion operates in approximately 30 countries.
Singular Genomics Systems, Inc., a company specializing in cutting-edge DNA sequencing technology, shared its recent accomplishments and financial update for Q3 2023. Singular Genomics Systems shipped a record five G4 systems, launched Max Read flow cell kits for single cell sequencing, and experienced a surge in consumable kit orders. Despite generating $0.5 million in revenue, cost-cutting measures were implemented, resulting in a 10% reduction in the workforce to extend financial stability.
CEO Drew Spaventa stated the focus on expanding their installed base aggressively, emphasizing high-impact products, and streamlining operations to support their long-term goals. Singular Genomics Systems's Q3 financial results revealed a net loss of $22.4 million, with $190.7 million in cash and investments as of September 30, 2023.
The decision to trim the workforce and reduce expenses is aimed at lengthening their financial runway, providing time to grow the installed base, launch impactful products, and boost revenue. The workforce reduction, comprising approximately 10%, aligns with Singular Genomics Systems's strategy to navigate the market effectively. Singular Genomics Systems aims to capitalize on recent achievements and market demand, ensuring a resilient and sustainable future in the genomics industry.
This strategic move is driven by Singular Genomics Systems's commitment to fiscal responsibility, adapting to market dynamics, and maintaining financial resilience. Singular Genomics is well-positioned to leverage its technological advancements and market presence, making informed decisions for sustained growth and shareholder value.
Singular Genomics Systems, Inc., a life science technology company founded in 2016 and based in La Jolla, California, pioneers next-generation sequencing and multiomics technology. Their G4 Instrument, a compact sequencer, delivers genetic sequencing results, complemented by a range of consumable kits. Additionally, they provide the PX Integrated Solution, a versatile instrument merging single cell analysis, spatial analysis, genomics, and proteomics into one cohesive multiomics platform for researchers and clinicians advancing science and medicine.
Singular Genomics System stock rose 19% in 3 days from the time LevelFields.AI sent the alert
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