Gritstone Bio Reduces Workforce by 40% Following Delay in Self-Amplifying mRNA COVID-19 Vaccine Trial

- Gritstone Bio has announced a workforce reduction of approximately 40%, citing a delay in the planned Phase IIb study for its self-amplifying mRNA (samRNA) COVID-19 vaccine candidate.
- The study's start date has been pushed back from Q1 2024 to Fall 2024 due to manufacturing-related delays.
- The trial is funded by the US Department of Health and Human Services, the Administration for Strategic Preparedness and Response, and the Biomedical Advanced Research and Development Authority (BARDA).
- Gritstone Bio had anticipated receiving external funding during Q1 2024, which is now delayed along with the trial.
- Despite the layoffs, the company still expects to release preliminary Phase 2 data for its personalized vaccine for metastatic colorectal cancer in Q1.
- As of the end of 2022, Gritstone Bio employed 233 full-time workers.
- Shares of Gritstone Bio dropped by 25% in pre-market trading following the announcement.