Leading biotechnology company Twist Bioscience Corporation has announced to lay off 270 people, or about 25 per cent of its workforce, as it aims to accelerate its path to profitability.
The company enables customers to succeed through its offering of high-quality synthetic DNA using its silicon platform. Twist said it will focus resources on the support of key commercial and development opportunities that have the potential to deliver significant return on investment.
“Twist conducted a comprehensive review of the business and is resizing many teams throughout the organisation and reducing its workforce by approximately 270 employees, or about 25 per cent, ” it said while delivering its fiscal second quarter 2023 financial results.
The biopharma team has been resized to focus on revenue-generating partnerships and Twist said it will moderate its investment in DNA data storage while maintaining its competitive lead.
“We reported a strong quarter overall, breaking the $60 million revenue threshold for the first time and exceeding our guidance,” said Emily M Leproust, CEO and co-founder of Twist Bioscience.