GreenLight Biosciences Holdings PBC on Wednesday said that it would reduce its staff as part of a continuing cost-cutting plan aimed at improving its balance sheet and adjusting its operations to current market conditions.
The biotechnology company said it would cut about 25% of its staff to improve efficiency toward the research, development and commercialization of its plant-health and human-health pipelines.
The company’s main goal is to integrate GreenLight’s platform team into the respective teams for human health and plant health, it said.
“The integration and streamlining of teams will help extend our runway and allow us to better focus on our near-term value drivers for human health and plant health,” Chief Executive Andrey Zarur said.
“This realignment comes following a range of cost cutting measures instituted earlier this year and will help us better position GreenLight for longer-term growth,” Mr. Zarur said.