Gritstone Bio Implements Workforce Reduction Following Delay in COVID-19 Vaccine Trial

1. Gritstone Bio, a vaccine biotech company, has announced a 40% reduction in its workforce following a delay in the launch of its Phase 2b COVID-19 vaccine trial.
2. The COVID-19 vaccine trial was originally scheduled to begin in the first quarter of 2024 but has been pushed to the fall due to manufacturing-related issues.
3. Gritstone Bio was expecting to receive up to $10 million from a contract with the Biomedical Advanced Research and Development Authority (BARDA) in the first quarter, but the delay in the trial led to the loss of this funding.
4. The company had a headcount of 233 full-time employees at the end of 2022.
5. The delay in the COVID-19 vaccine trial is considered a sideline by investors, and the company's focus remains on its core programs, including a personalized neoantigen vaccine for colorectal cancer.
6. Gritstone Bio shares fell by 25% in pre-market trading following the announcement, with the stock trading at about $2 per share, down significantly from its initial public offering price of $15 per share in 2018.

Sources:

1. Endpoints News
2. Yahoo Finance
3. BioPharma Dive
4. Rama On Healthcare
5. Biopharma Dive