Bicycle Therapeutics is laying off 25% of its workforce.

The company cited the “evolving macroeconomic environment and the importance of preserving capital” as driving its decision.

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The biotech — which has locations in the United Kingdom and Massachusetts — announced the job cuts as part of its second-quarter earnings . Bicycle is working on a number of cancer medicines, with its most advanced program in a Phase 2/3 trial being tested as a treatment for metastatic urothelial cancer.

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