Ironwood's former pipeline spinout hits another speed bump, laying off 45% and turning toward the mitochondria

To the chagrin of the sector, another biotech is conducting layoffs Thursday while making a somewhat significant turn — its second in the last 24 months.

Boston-area Cyclerion Therapeutics announced it would slash its staff by 45% as it conducts a pivot toward mitochondrial diseases. In addition to trimming the headcount to about 16 employees, execs plan to out-license and partner out a handful of pipeline programs focused on kidney and neuropsychiatric diseases.