Recent Layoffs:
Pacific Biosciences (SF) Cuts Costs and Headcount Amid Tariffs and NIH Uncertainty
PacBio will reduce annual operating expenses by $45–$50M and restructure its commercial org to weather funding uncertainty and global tariff pressures while aiming for positive cash flow by 2027. Despite a ~5% YoY revenue dip in Q1, the company saw record recurring revenue driven by growing adoption of its Vega HiFi sequencer and increased consumables sales.
Vincerx Pharma (SF) Begins Wind-Down After Failed Merger Attempts
Vincerx has terminated its planned merger with QumulusAI, following a previously failed deal with ADC peer Oqory. The board has authorized asset monetization and wind-down activities. With only $3.9M in cash reported in February and no deals closed, the company will cease development of its pipeline, which included a next-gen ADC, small-molecule conjugate, CDK9 inhibitor, and a preclinical ADC.
FDA Approvals:
Opdivo + Yervoy Approved as 1st-Line for Liver and Certain Colorectal Cancers
The FDA approved Bristol Myers Squibb’s Opdivo + Yervoy combo as a first-line treatment for advanced liver cancer, based on CHECKMATE-9DW, which showed ~3-month survival benefit over kinase inhibitors. The combo also received approval for advanced colorectal cancer (MSI-high or dMMR) in patients 12+, and Opdivo monotherapy’s earlier accelerated approval was converted to full approval.
Other Interesting News:
Tempest Therapeutics (SF) Explores Strategic Alternatives as cash runs out for Phase 3 trial
Tempest Therapeutics is evaluating strategic options—including M&A, partnerships, or licensing deals—to advance its clinical-stage cancer programs, citing positive Phase 2 data and FDA clearance for its lead asset, amezalpat. The company engaged MTS Health Partners to support this process, noting that despite strong data, limited access to capital markets has hindered internal advancement.
FDA to Begin Phasing Out Animal Testing in Drug Development
The FDA announced plans to reduce or replace animal models in IND applications for monoclonal antibodies and select drugs using validated alternative methods (e.g., organoids, computational models, and real-world human data). A pilot program launching this year will test non-animal approaches, with future waivers granted on a case-by-case basis. The effort builds on the 2022 FDA Modernization Act 2.0, though some industry groups warn current models aren’t yet a full replacement.
Third Harmonic Bio (SF) Outlines Plans for Dissolution
Third Harmonic Bio will dissolve and liquidate its assets, including lead drug THB335, pending shareholder approval in June 2025. The biotech raised $185M in its 2022 IPO but halted development after liver toxicity concerns; it expects to return up to $255.4M in cash to shareholders this year.
Pfizer (in SD) Sells Longtime Research Campus, Moves to New Site
Pfizer sold its five-building Torrey Pines R&D campus to BioMed Realty for $255M as it transitions to a new 230K sq. ft. site in Torrey Heights, leased from Breakthrough Properties. Though unrelated to the real estate deal, Pfizer also filed a WARN notice for 56 layoffs effective June 2. The company cites broader R&D streamlining to improve productivity and focus in oncology.
