Fate Therapeutics, a clinical-stage biopharmaceutical company based in San Diego, is laying off 315 employees, representing more than half of its workforce. This reduction will leave the company with 220 employees after the first quarter of 2023. The layoffs, which affect all departments including senior leadership and R&D, are part of a major restructuring following the termination of a key collaboration agreement with Janssen Biotech. The company is also discontinuing several natural killer cell programs to focus its pipeline on multiple myeloma and CAR T-cell therapies for solid tumors. Despite the cuts, Fate Therapeutics reports sufficient cash reserves to sustain operations through 2025.
