Ginkgo Bioworks Layoffs
Industry Healthcare · Location Boston · United States · Subscribe (RSS)
Ginkgo Bioworks has 2 publicly reported layoff rounds on record between June 20, 2024 and June 24, 2024. A total of about 400 employees were affected across these rounds.
Layoff history
Ginkgo Bioworks disclosed a workforce reduction affecting its Boston operations in June 24, 2024.
Source: biospace.com
Ginkgo Bioworks announced in June 2024 that it would cut at least 35% of its workforce, affecting roughly 400 of approximately 1,200 employees at the Boston-based synthetic biology company. The reductions followed a sharp revenue decline: Q1 2024 revenue fell 53% year-over-year to $38 million, and the company lowered its full-year forecast by about 20% to $170-190 million. CEO Jason Kelly called the situation one requiring "decisive action" and took personal responsibility, writing that "this was the hardest change we've made at Ginkgo and it's on myself and leadership for the decisions that led up to it." Labor costs were expected to drop by at least 25%, and the company planned to consolidate operations and potentially sublease excess office space at its Seaport district headquarters. Ginkgo closed Q1 with $850 million in cash and no significant debt, but its stock had fallen to 32 cents per share and NYSE had threatened delisting.
Reason: Sharp revenue decline and cost restructuring
Source: bostonglobe.com
Data for Ginkgo Bioworks is compiled from public WARN Act filings and reporting linked above. See our methodology.