Biotech company 10x Genomics recently reduced its workforce by 8 percent, a move that affects about 100 employees.
"We took this action to make us more resilient in the current environment and put us on a path to become a sustainable business," 10x Genomics co-founder and CEO Serge Saxonov wrote in a statement to Becker's. "It's the people of 10x who make the magic happen, which is what made this decision to reduce the size of our team so difficult."
The company, which develops and manufactures gene-sequencing technology, went public in 2019 with an initial public offering of $390 million. In 2017, it partnered with Salt Lake City-based Intermountain Healthcare on a precision medicine project.
"The changes we made are not easy — especially for those directly impacted — but they are necessary to help drive us on the best path to drive our mission and our next phase of growth and fulfill our mission over the long term," Saxonov stated.
The Aug. 3 job cuts bring the firm in line with its end-of-2021 headcount.