Tome Biosciences, a High-Profile Gene Editing Startup, Announces Massive Layoffs and Sale Plans

Financial Struggles:
Despite raising $213 million in funding, Tome Biosciences has run out of cash and is planning to lay off almost its entire staff.

Layoffs:
The company will eliminate 131 positions in November, according to a Worker Adjustment and Retraining Act notice filed in Massachusetts.

Sale Plans:
Tome Biosciences is currently in talks with at least three companies interested in its pipeline or platform and is exploring strategic options, including a potential sale.

Market Challenges:
The startup faces difficulties due to unfavorable market forces and a shift in investor sentiment in the gene editing space, particularly for preclinical companies.

Operational Scaling Back:
The company is operating at a reduced capacity, maintaining core expertise while exploring strategic options.