Even if the science is strong, so many flash in the pan cell therapy startups just can't execute on clinical operations. They get through IPO on investor FOMO and promises of exciting times ahead but then the stock tanks tanks when the trials take forever, cost more than anticipated and no other drugs to fall back on.
Bio tech and start up style ... failing fast seems like an incompatible thing.
Bio tech seems like it often requires tons of iterations on an idea that take a very long time. Meanwhile start up land is often "nope that first shot didn't get any uptake, guess we're done".
Also BMS recently pulled out of their collaboration with Arsenal so in this case they were probably counting on more easy $$ from that partnership after burning through their previous $325m raise.
Even if the science is strong, so many flash in the pan cell therapy startups just can't execute on clinical operations. They get through IPO on investor FOMO and promises of exciting times ahead but then the stock tanks tanks when the trials take forever, cost more than anticipated and no other drugs to fall back on.
Rough market for the 127 people laid off.
Bio tech and start up style ... failing fast seems like an incompatible thing.
Bio tech seems like it often requires tons of iterations on an idea that take a very long time. Meanwhile start up land is often "nope that first shot didn't get any uptake, guess we're done".
Also BMS recently pulled out of their collaboration with Arsenal so in this case they were probably counting on more easy $$ from that partnership after burning through their previous $325m raise.