
Founder and CEO of Theranos, Elizabeth Holmes, at TEDMED 2014. (credit: TEDMED)
On Thursday, Theranos announced that it would cut 155 jobs, or 41 percent of its workforce. For those of you at home keeping score, that leaves 220 employees.
In a brief statement published on its website Friday, the blood-testing startup that was once the darling of Silicon Valley wrote:
These are always the most difficult decisions; however, this move allows Theranos to marshal its resources most efficiently and effectively.
The restructuring follows a period of significant change at the company that has included the building out of its executive team with substantial additional regulatory, compliance and operational expertise.
The embattled biotech firm has been collapsing over the last year—within the last two months alone Walgreens sued and family members were pitted against each other.