Arsenal Biosciences Cuts 50% of Workforce Despite $325M Series C Funding Round
- Arsenal Biosciences, a South San Francisco-based cell therapy company, laid off approximately 100 employees representing 50% of its workforce just one year after raising $325 million in Series C funding.
- The layoffs affect primarily scientist and researcher roles but also include director-level executives and two vice presidents, with most terminations effective November 14, 2024.
- The company is transitioning from early-stage cancer research to clinical trials, with its lead candidate being a cell therapy focused on kidney cancer currently in clinical studies.
- Arsenal maintains collaboration programs with Bristol Myers Squibb and represents one of the few cell therapy companies that successfully raised significant capital during the sector's prolonged downturn.