[Andrii Yalanskyi/Adobe Stock]
Biotech layoffs continue to pummel the industry in early 2024 — albeit at a slightly lower clip than in 2023. Smaller firms continue to bear the brunt of funding woes and disappointing clinical data. From January to February, operational reorganizations fueled 45 layoff announcements, followed closely by strategic pivots in 37 events. Other common drivers of job cuts include funding challenges and project restructuring.The Sankey diagram below highlights the web of factors driving the 2024 biotech layoffs for select companies, from operational changes to clinical failures. Think of it like a map tracking why employers let go of workers, which can span multiple reasons. The width of the lines is proportional to the number of employees affected by each layoff. Note, some of the layoff counts are estimated based on percentages and the most recent available employee counts.
…