Kronos Bio, a San Mateo biotech company, is losing millions of dollars a month and recently had to discontinue its sole clinical-stage compound because of adverse side effects. Now, the company is laying off the vast majority of its remaining workers. Kronos announced an 83% layoff in a Nov. 27 filing with the Securities and Exchange Commission, a major cut that comes after double digit layoffs in both November 2023 and March 2024. As of March, the cancer research firm had 62 full-time employees, per a filing — the new batch of layoffs will thus likely cut the company to a dozen workers or less. Along with the layoffs, Kronos shared the news that its CEO, Norbert Bischofberger, is stepping down effective Dec. 3. Deborah Knobelman, replacing him as an interim chief executive, wrote in a news release that she will work closely with the company’s board to “pursue the optimal path forward.” “It was a difficult decision to implement a reduction in force as we evaluate strategic alternatives for the Company,” Knobelman wrote. “We thank our departing employees for their efforts, commitment to patients and contributions to Kronos Bio.”

Full story : Struggling Bay Area biotech firm Kronos, once worth $1B, lays off almost entire staff.

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