Facing financial challenges, IN8bio is looking to preserve cash resources through a pipeline prioritization and layoffs at its New York City and Birmingham, Alabama, sites.
Just weeks after an Aug. 8 SEC filing that noted recurring losses, negative operating cash flows and a need for additional capital, IN8bio is laying off nearly half of its workforce. The clinical-stage biopharma company announced the workforce reduction on Sept. 4 as part of a plan to preserve its cash resources, which also includes a pipeline prioritization.
According to a Sept. 4 SEC filing, IN8bio is reducing its workforce from 37 to 19 full-time employees at its New York City and Birmingham, Alabama, sites, effective Sept. 4. In addition, the executive management team and board agreed to an 11% cash compensation cut, effective Sept. 1. IN8bio expects to incur $300,000 in workforce reduction costs in the third quarter.
https://www.biospace.com/job-trends/in8bio-to-lay-off-about-49-of-employees