EQRx, a biotechnology company focused on reimagining drug pricing, is laying off 18% of its workforce as part of a restructuring effort to conserve cash and improve operational efficiency. The cuts, approved by the board on February 24, 2023, will reduce the company's headcount to about 300 employees. This move follows a strategic shift after the FDA requested additional trial data for its lead cancer drug, leading EQRx to abandon U.S. approval plans. The biotech industry is facing market turbulence and tighter financing, prompting similar workforce reductions across the sector. EQRx aims to lower operating expenses and extend its financial runway into 2028 with approximately $1.4 billion in cash.
