Freenome Layoffs
Industry Healthcare · Location SF Bay Area · United States · Subscribe (RSS)
Freenome has 1 publicly reported layoff round on record (most recent April 23, 2024). A total of about 100 employees were affected across these rounds.
Layoff history
Freenome cut just over 100 jobs, about 20% of its roughly 530-person staff, on April 23, 2024, weeks after clinical trial data for its colorectal cancer blood test came in below expectations. Results showed sensitivity rates trailing both Exact Sciences' Cologuard and Guardant Health's Shield test; Baird analysts described the data as "lackluster." The South San Francisco biotech said it was "restructuring its organization to align with strategic priorities" and to preserve resources for the long term. The cuts spanned multiple job functions. Freenome had raised $254 million in February 2024, led by Roche with participation from Quest Diagnostics, bringing its total funding to $1.3 billion since its 2014 founding. The company said transitional support would be provided to affected workers but did not specify terms.
Reason: strategic realignment after disappointing clinical trial results
Source: sfchronicle.com
Data for Freenome is compiled from public WARN Act filings and reporting linked above. See our methodology.