Fierce Biotech Layoff Tracker 2024: Industry-Wide Job Cuts Continue

1. MEI Pharma Layoffs: MEI Pharma is planning a "reduction in force" as part of its restructuring efforts.
2. Rapt Therapeutics Layoffs: Rapt Therapeutics will reduce its workforce by 40%, impacting 47 employees.
3. Industry-Wide Layoffs: The biotech industry has seen significant layoffs in 2024, with multiple companies announcing job cuts, including Xencor, GeNeuro, G1 Therapeutics, eFFECTOR Therapeutics, and Barinthus Biotherapeutics.
4. Reasons for Layoffs: Companies are citing various reasons for the layoffs, including failed clinical trials, strategic realignments, and cost-cutting measures to extend cash runways.
5. Impact on Employees: The layoffs will result in significant job losses, with some companies like Akari and Amylyx cutting two-thirds and 70% of their staff, respectively.