Fate Therapeutics Layoff Latest Updates: 16th November

Fate Therapeutics Layoffs Update – November 16th, 2023

1. Workforce Reduction:
   • The company plans to decrease its headcount to 220 employees by 2023, down from 545 in 2022.
2. Collaboration Termination and Program Scaling Back:
   • Fate terminated a collaboration agreement with Janssen Biotech (Johnson & Johnson).
   • Multiple clinical development programs, including FT516, FT596, FT538, and FT536 NK cell programs, have been scaled back or discontinued.
3. Financial Strategy:
   • Fate aims to sustain operations until 2025 with approximately $475 million in cash, cash equivalents, and receivables.
4. Layoffs Impacting Various Departments:
   • Workforce reductions affected research and development positions, human resources, and the chief technical officer role.
5. Reasons for Restructuring:
   • The decision to downsize and restructure is driven by the necessity for cost reduction and strategic prioritization of the pipeline and resources.
6. Industry Challenges:
   • Fate Therapeutics faces challenges and changes as it navigates its path forward in the biopharmaceutical industry.

What is the current size of fate therapeutics’ workforce?

After the 2023 layoffs, workforce has been reduced to 220 employees, down from 545 employees in 2022. This downsizing is part of the company’s restructuring efforts. The layoffs have affected various parts of the business, including research and development positions, human resources, and the chief technical officer role.