Dewpoint Therapeutics, the buzziest startup trying to tackle a new field of biology called biomolecular condensates, laid off 15% of its staff on Tuesday and acknowledged that a pair of collaboration deals with pharma companies had fallen apart.
The downsizing is temporary, CEO Ameet Nathwani told STAT. The company needed to hire new employees with expertise to help move the company’s first drugs into clinical trials and expand its AI capabilities. And with funding for early-stage biotechs still sparse, leadership opted to cut some positions and use the savings to fill new ones over the coming months. Roughly 20 positions were cut.
“We talked to investors right now [about raising more money], and they think that the environment for a preclinical company — it’s not even worth having that discussion,” Nathwani said.