AM I NEXT? NO LOVE AT RILEY POWER GROUP

Pinehurst, North Carolina-based Riley Power Group, a full-service maintenance and capital construction company specializing in mechanical, welding, and electrical services, has announced a reduction in its subcontractor force at the General Dynamics Electric Boat Quonset Point facility in North Kingstown, Rhode Island.

The reduction in force will impact 117 employees, including 48 structural welders, 29 pipefitters, 25 shipfitters, 13 electricians, and 2 press break operators. Layoffs will commence on October 21, 2024.

The company provided specialty welding services, including structural and pipe welding, for Electric Boat’s Naval submarine work out of Quonset Point since 2017.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall; why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT LYKOS THERAPEUTICS

San Jose, California-based Lykos Therapeutics, a developer of novel therapies and therapeutic approaches to treat mental health conditions, has announced a reorganization to best support the company as it works to address the resubmission of its new drug application to the FDA for midomafetamine capsules for the treatment of post-traumatic stress disorder.

The reorganization will impact 75% of the company's workforce, approximately 100 employees. The decision was driven by the FDA's rejection of the company's attempt to approve the use of MDMA (midomafetamine) capsules for the treatment of post-traumatic stress disorder ("PTSD") in adults.

According to a spokesperson, Lykos’ founder, the psychedelics advocate Rick Doblin, will be departing the company. In addition, the company will be reducing its workforce by approximately 75%, with the remaining team focused on its ongoing clinical development, medical affairs, and engagement with the FDA.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall; why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?

AM I NEXT? NO LOVE AT GRAIL

Menlo Park, California-based GRAIL, a biotechnology company specializing in the development of early cancer screening test for people who do not have symptoms, has announced a restructuring program focused on cost reduction and containment.

The cost reduction initiative will impact approximately 30% of the company's workforce, or about 350 employees.

According to an SEC filing, "Following a portfolio review, we are reducing our overall spend and focusing our resources on our core multi-cancer early detection priorities, including progress toward completion of our registrational studies and our premarket approval application submission.

As part of this restructure, we are reducing existing headcount and planned hires for 2024 by approximately 30% and substantially decreasing investment in product programs beyond Galleri.

We are also reducing the size of our commercial organization, focusing our field-based activities on the most productive provider territories and streamlining investments in our enterprise business, which includes the Company’s employer and life insurance businesses. In addition, we are making reductions in general and administrative expense to reflect the focus on our MCED opportunity. We will continue to invest in our biopharmaceutical partnerships, and are committed to working with our partners to leverage GRAIL’s proprietary methylation technology in precision oncology applications."

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. While many employees can read the writing on the wall; why do most assume it’s targeted at someone else? Are you now wondering, Am I Next?