NEW YORK – Cancer genomics firm Personalis is in the process of laying off up to 30 percent of its workforce, the company said in a filing with the US Securities and Exchange Commission on Wednesday.
The firm's board of directors approved the reduction on Jan. 16 as a measure to reduce operating costs and improve operating efficiency.
Personalis, based in Fremont, California, expects the layoffs to be completed on March 20, 2023, projecting that the workforce reduction will save it approximately $17 million in operating costs for the remainder of this year, or approximately $20 million on an annualized basis.
The company did not detail specific sectors or departments as targets but said that it will incur charges of approximately $3 million for severance payments and employee benefits, primarily in the first quarter of 2023. However, this number is subject to assumptions and could differ materially due to unforeseen events or other factors.
Earlier this month, the firm reported preliminary 2022 revenues of $65 million, down 24 percent from $85.5 million in 2021.
Shares of the company's stock were up about 2.5 percent at $2.50 in after-hours trade on the Nasdaq.