April 27, 2022 1:47pm
SLDB was down -$0.1035 or -13.35% to $0.66
Net loss was-$25.3 M as compared to Q1/21’s $16.9 M, cash position was $180.1 M with a runway until Q2/24
Collaboration revenue was down to $1.9 M from Q1’s $3.3 M, R&D was $19.9 M as compared to Q1/21 $14.2, G&A was $7.4 M as compared to Q1/21’s 6 M
SLDB is reducing its workforce by 35%, according to an SEC filing for its Q1
The pipeline shift includes an outsourced manufacturing process rather than what was used previously, allowing for a more streamlined development process.
COO Joel Schneider will also leave the company at the end of May to become CEO of a private gene therapy biotech.
Another biotech has joined the ranks of the reorganized, as Duchenne player Solid Biosciences reported a new way of doing things Wednesday and announced layoffs and a C-suite departure.
News comes amidst a tsunami wave of layoffs across the biotech sector, with seemingly a new company announcing a “restructuring” every day. It’s a much different environment than the industry saw during the peak months of Covid-19 quarantine, signified by a stark figure — as of Tuesday, the XBI fell to the same level it was in April 2020, when the pandemic was in its early months. <End Point New>
Another sign of times to come ...?