Multicancer early detection test maker Grail, which was divested in late June from Illumina to comply with European Union and U.S. regulatory bodies, announced that it is laying off about 350 employees and reducing planned hires for 2024, according to a form filed with the U.S. Securities and Exchange Commission (SEC).
The company estimated the workforce reduction would be approximately 30%.
The company explained in the filing that the workforce reductions are part of a restructuring that calls for reducing the firm's expenditures and "focus[ing] our resources on our core multi-cancer early detection ("MCED") priorities," significantly cutting its programs other than Galleri, its signature multicancer early detection test.
Grail said that it expected the layoffs and hiring freeze to extend its existing cash runway from the second half of 2026 into 2028. The firm noted that it anticipated that the measures would result in $27 million in savings for 2024, after anticipated severance and benefits costs.
