In a refreshingly transparent disclosure, NGM Bio CEO reveals what led to 33% head count reduction

NGM Bio’s webpage declares "We're Hiring!" but a peek at the investor relations section of the biotech’s website tells a different—and sobering—story.

In fact, the developer of four solid tumor candidates revealed in a Securities and Exchange Commission (SEC) filing Tuesday that its workforce would be reduced by 33%, or 75 people. Staff were told of the restructuring the same day, according to the document.