Vancouver, Wash.-based drug design and development firm Abscilaid has laid off its employees on Tuesday, just over a year after the company went public.
“The macroeconomic environment over the last few months has prompted us undertake a comprehensive analysis of business to help focus the business on initiatives that will bring the most value,” said CEO and founder Sean McClain in an blog article.
A spokesperson for the company declined to disclose the areas that were cut or the number of employees dismissed. The Oregonian said that the total number was approximately 40 employees.
McClain established Absci at a basement laboratory situated in Portland, Ore., 13 years ago. The company made the ribbon on a brand new headquarters that was 77,400 square feet when it opened in November. In the beginning, Absci was home to 200 employees. It also launched the first AI Research Lab within New York City this April.
Another Washington state biotech companies who lay off employees in the midst of the recession includes Silverback Therapeutics, which eliminated its employees and shut down R&D operations following the an unsuccessful clinical trial. Adaptive Biotechnologies was laid off approximately 100 people in March. They also blamed “market circumstances.”
According Fierce Biotech’s layoff tracker 16 biotech companies across the country cut employees in month and in July.
Seattle-based tech startups like Shelf Engine Convoy, Flyhomes, Rad Power Bikes, 98point6 and Esper all experienced cycles of cuts during the year.
Absci’s value in stock was at a peak of $28.48 within a week of the company’s IPO it has plummeted over 80percent. The market capitalization of the company is less 400 million.
The company previously announced its holdings of $226 million of liquid cash as well as cash equivalents at March 31, as compared to $252.6 million as of December 31st 2021. The cash was sufficient to support operations until the end of 2024, it stated in the period.
Absci utilizes in-silico models to optimize the design of protein therapeutics, as well as specially engineered E. bacteria strains to produce these proteins and then test for the best effectiveness. The drug companies it partners with include Merck, Xyphos Biotechnology and EQRx.