BenevolentAI lays off 30% of staff, exits US site as funding gap looms
Summary
Eleven months after restructuring, the AI-enabled drug developer is pulling another pivot, axing plans to launch software products, laying off another 30% of staff and closing its U.S. office. BenevolentAI last reset in May 2023, when it laid off up to 180 staff, reduced its lab footprint, paused some programs and dropped its lead candidate in the aftermath of the failure of a midphase eczema clinical trial. The biotech exited the restructuring focused on two business units: an AI software product group and a drug development wing. Investors have soured on the company, causing its share price to languish below 1 euro ($1) for much of 2024 and limiting its ability to raise money. The company will retain “key skills, experience and capabilities” and maintain its ability to support new and existing collaborations after the latest layoffs.