GreenLight Biosciences Holdings GRNA, -2.68% said Wednesday that it was laying off 25% of its workforce as part of a “realignment” aimed at saving cash as it shifts its focus to near-term value drivers. The biotechnology company had 312 full-time employees as of March 31. As a result of the realignment, the company said it will shift its focus to opportunities that are nearer to commercialization, and away from early-stage research programs, including its gene therapy program for sickle cell disease, and its programs for antibody therapy and “supra-seasonal” flu. “The integration and streamlining of teams will help extend our runway and allow us to better focus on our near-term value drivers for human health and plant health,” said Chief Executive Andrey Zarur. GreenLight’s stock, which was still inactive in premarket trading, has plummeted 79.3% year to date, while the iShares Biotechnology ETF IBB, +0.96% has lost 22.6% and the S&P 500 SPX, +0.03% has shed 24.7%.
