Intellia Therapeutics (NASDAQ:NTLA) layoffs are a hot topic on Friday as the company prepares to cut jobs following an internal strategic review.
According to a press release from Intellia Therapeutics, the company is reducing its total headcount by 15% to streamline operations. It’s doing so with the intent of focusing its resources on “key strategic priorities and programs.”
Intellia says that, as a part of these layoffs, it will pause certain exploratory research-stage programs. With its $1 billion in cash and equivalents, the company says these changes should allow it to continue operations into mid-2026.
Intellia Therapeutics President and CEO John Leonard said the following in a news release:
“We are rapidly expanding the potential to treat an even larger range of diseases, including those that originate outside of the liver, by deploying our novel delivery and editing technologies. With our comprehensive gene editing toolbox, we are well-positioned to harness the full potential of CRISPR-based medicines for patients.”
Intellia Therapeutics Joins Layoffs Trend
Intellia is far from the only company in its field to announce layoffs recently. As many as 150 drugmakers did the same in 2023 to deal with downward market trends. More biotech companies may announce layoffs the further we get into 2024.
NTLA stock is down 4.3% as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
