The biopharma Roivant Sciences (Nasdaq:ROIV) has decided to cut roughly 100 jobs from its 891-person workforce.
According to CEO Matt Gline, the company decided on the reorganization to allow sufficient cash runway to last until the second half of 2025.
In the quarter that ended September 30, 2022, the company had a net loss of $315.9 million compared to a net loss of $225.6 million for the same period in 2021.
The company had $1.6 billion in consolidated cash, cash equivalents and restricted cash on September 30, 2022.
Endpoints News first reported on the layoffs.
The company also announced a $150 million primary and secondary offering to generate $100 million in gross primary proceeds.
Roivant is the parent company of a dozen smaller companies.
Roivant was the originator of Urovant, a urology-focused business that developed vibegron, an oral β3-adrenergic agonist for overactive bladder. Sumitomo Dainippon Pharma eventually a…