Ginkgo Bioworks, which began companywide layoffs last week, has disclosed that it plans to let at least 35% of its employees go.
Boston-based synthetic biology and biosecurity firm Ginkgo filed a form with the U.S. Securities and Exchange Commission (SEC) in which it wrote that its management team had approved a plan on May 9 for “restructuring actions” which will include “an expected reduction in labor expenses of at least 25% and a planned consolidation of certain of its facilities.” The firm then said that it began implementing the layoff on June 17, “which the Company expects to result in a total reduction of at least 35% of the workforce when all impacted employees have departed.”
Ginkgo reported having 1,218 employees in total at the end of 2023.
The company added that it expects the layoff to be completed in 2025, and that the initial June layoffs will result in costs of at least $12 million in severance and related costs to the firm. Ginkgo also noted that it will provide more details during its earnings call for the second quarter of 2024.
