Relay Therapeutics Announces Additional Layoffs to Achieve $50M Annual Savings

Layoff Details:
Relay Therapeutics is laying off approximately 10% of its staff, which translates to about 30 employees, as part of its ongoing efforts to streamline the organization.

Cost Savings Goal:
The layoffs are aimed at saving $50 million annually.

Previous Layoffs:
This is not the first round of layoffs for Relay Therapeutics; a smaller downsizing occurred earlier, with less than 5% of all employees affected.

Industry Context:
Relay Therapeutics is part of a broader trend in the biotech industry, where several companies have announced layoffs and cost-cutting measures to conserve cash and focus on core projects.

Company Strategy:
The layoffs are part of Relay Therapeutics' strategy to streamline operations and achieve significant cost savings, reflecting the company's efforts to adapt to current market conditions.