(Reuters) – Beam Therapeutics said on Thursday it plans to reduce its headcount by about 100 employees, or 20% of its current workforce, as part of a restructuring plan.
The company said it will focus on developing its experimental sickle cell disease treatment and its program for alpha-1 antitrypsin deficiency (AATD), a condition that raises risk for lung and other diseases.
Beam expects the cost savings from the plan, and its balance of cash and equivalents of $1.1 billion as of June 30, would be sufficient to fund operations into 2026.
Shares of the company were down 2.4% in premarket trading.
(Reporting by Bhanvi Satija in Bengaluru; Editing by Shilpi Majumdar)
