Unity Biotechnology has announced the layoff of its entire workforce as it seeks to decrease operational cash burn amid financial struggles. The company, which once boasted a $700 million valuation and high-profile investors, is now considering options such as asset sales, divestitures, and mergers. The CEO, Anirvan Ghosh, also presented positive preliminary results for a drug candidate aimed at treating diabetic macular edema and aims to collaborate with other firms for further development. As of May 15, the company's workforce will be significantly reduced, highlighting a major decline in staff numbers over recent years.
Even before this layoff, Unity's headcount had been dwindling for years. It closed out 2024 with just 16 full-time employees, highlighting a drastic decline.
Unity Biotechnology is exploring strategic alternatives, including asset sales and potential mergers, after announcing layoffs of its entire workforce to cut operational cash burn.
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