Cancer detection firm Grail announced sizable workforce cuts on Tuesday in a bid to save cash and concentrate resources on developing a blood-based test to spot early signs of dozens of cancers.
The cuts will affect 30% of the biotech’s current and planned hires. Grail spokesperson Kristen Davis told STAT in an email that around 350 existing positions and 150 open roles have been eliminated.
The layoffs were announced on the same day Grail reported its second-quarter financial details, its first time doing so as an independent company since it was divested by DNA sequencing juggernaut Illumina in June. The Bay Area biotech brought in $32 million during the quarter but also reported a net loss of $1.6 billion. In a press release, the company said that the cuts would help it extend its cash reserves from the second half of 2026 into 2028.
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