BioXcel lays off 100 employees as it looks to change up its strategy

BioX­cel plans to lay off 110 work­ers, or 58% of its work­force, as part of a re­struc­tur­ing that aims to re­duce the biotech’s cash burn.

BioX­cel cur­rent­ly has 190 em­ploy­ees, and it said Mon­day in its sec­ond-quar­ter earn­ings re­lease that the work­force re­duc­tions will pri­mar­i­ly im­pact BioX­cel’s com­mer­cial or­ga­ni­za­tion. The com­pa­ny wants to re­duce its cash burn by 50% to around $80 mil­lion a year. It cur­rent­ly has enough cash to last through the mid­dle of next year.

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