Ginkgo Bioworks Layoffs

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Ginkgo Bioworks, a Boston-based synthetic biology company, is laying off at least 35% of its workforce, affecting approximately 400 employees out of around 1,200 total. This significant reduction, announced in an SEC filing in May 2024, comes as a direct response to a severe 53% year-over-year revenue drop in the first quarter and lowered annual projections. The life sciences firm, which grew rapidly during the pandemic, is taking decisive cost-cutting measures, including consolidating operations and reducing its real estate footprint. CEO Jason Kelly acknowledged the difficulty of the layoffs, stating the company remains well-capitalized but needed to adjust its labor costs by at least 25% to navigate the current financial challenges.

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