The job cuts are due to failed clinical trials:
"The bad news here comes from the company’s Phase 2 and Phase 2b clinical trials of lirentelimab. These trials were evaluating the dr-g as a treatment for atopic dermatitis (ATLAS) and chronic spontaneous urticaria (MAVERICK).
Unfortunately for investors in ALLK stock, neither of the clinical trials were a success. They both failed to meet their primary endpoints. This has Allakos no longer progressing clinical development of lirentelimab."
https://investorplace.com/2024/01/why-is-allakos-allk-stock-down-57-today/