The biotech workforce is currently facing unprecedented volatility, underscoring the challenges within the industry.

In 2023, several biotech companies emerged with significant funding, including ReNAgade Therapeutics, which launched with $300 million to develop RNA-based therapies, Tome Biosciences, which raised $213 million for gene editing technologies, and Aera Therapeutics, securing $193 million for gene therapy delivery solutions.

As investors increasingly focus on narrowly defined biotech companies, these firms are pressured to rapidly achieve milestones to either attract acquisition by larger pharmaceutical companies or risk failure and the return of capital to shareholders.

However, by the end of 2024, the landscape shifted dramatically as ReNAgade experienced layoffs due to a corporate merger, Tome Biosciences transitioned from 130 employees to closure, and Aera cut 25% of its workforce, highlighting a troubling trend in the sector.

The high costs and complexities associated with drug development further exacerbate this volatile environment, resulting in a continuous cycle of change and turnover among biotech employees.