South San Francisco-based biotech firm Unity Biotechnology, once valued at $700 million, has laid off its entire workforce — including CEO Anirvan Ghosh — as it struggles to stay afloat.

In a press release and SEC filing issued Monday, the company confirmed it will let go of all remaining employees by May 15, turning instead to part-time consultants to tie up loose ends and assist in exploring “strategic alternatives.” These include selling off assets, merging with another company, or potentially shutting down completely.

Unity’s dramatic step comes amid years of downsizing and financial losses. The firm — known for its once-promising research into aging and age-related diseases — peaked with 65 employees in 2021 but had just 16 remaining by the end of 2024. As of March, Unity reported $16.9 million in cash reserves. Severance packages and related costs from this latest move are expected to cost around $3.7 million.

CEO to Stay On — Part-Time

CEO Anirvan Ghosh, along with the company’s CFO and chief legal officer, will transition into consulting roles and receive severance payments ranging from nine to 12 months of their salaries. Ghosh will remain on to help finalize data from Unity’s lead drug candidate — a treatment for diabetic macular edema — and assist with any upcoming partnerships. Full trial results are expected to be presented Wednesday.

Despite the layoff announcement, Ghosh used Monday’s statement to promote the company’s drug development prospects, suggesting that the eye disease program could still attract interest from companies with existing infrastructure in ophthalmology.

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From Anti-Aging Hype to Collapse

Unity was founded with bold ambitions: to develop therapies targeting senescent cells — cells that stop dividing but don’t die, contributing to tissue degradation and aging-related diseases. The idea drew early attention from high-profile investors like Jeff Bezos and Peter Thiel and media coverage from outlets such as Forbes and CNBC.

Back in 2018, co-founder Nathaniel David told CNBC: “The time has finally arrived that our knowledge of biology and our sophistication level is sufficient that we can attack some of these fundamental, underlying causes of aging.”

That vision never materialized. A major osteoarthritis trial failed in 2020, followed by disappointing results from an eye disease study in 2023. Despite the optimism, Unity has burned through more than $510 million in investor funds without bringing a single drug to market — a risk not uncommon in the biotech world, but a devastating blow nonetheless.

Market Cap Plunges

As of Monday, Unity’s market valuation stood at just $19 million — a far cry from its IPO valuation of $700 million in 2018. The company has not responded to media inquiries regarding its current status or future plans.

What began as a promising biotech startup aiming to redefine aging may now be nearing its final chapter. Unless Unity can strike a deal or offload its remaining assets, the once-celebrated firm may soon disappear altogether from the life sciences landscape.

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In a moment that stunned thousands of shareholders packed into an Omaha arena, Warren Buffett, the 94-year-old legendary investor and longtime chairman of Berkshire Hathaway, announced on Saturday that he will retire at the end of the year—bringing an end to one of the most iconic careers in the history of finance.

The unexpected announcement came at the close of a five-hour Q&A session during the company’s annual shareholder meeting. With no prior indication and no questions taken on the matter, Buffett quietly revealed that he will recommend Vice Chairman Greg Abel to take over as CEO starting in 2026.

“I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said, signaling a historic transition of power.

A Succession Plan Finally Activated

Though Abel has long been Buffett’s publicly identified successor, many had assumed the transition wouldn’t take place until after Buffett’s passing. Buffett had consistently stated that he had no intention of retiring.

Even Abel, who was seated beside Buffett during the announcement, had no prior warning. Only Buffett’s children, Howard and Susie, were told in advance. An hour after the surprise statement, Abel returned to the stage alone to conduct the company’s formal business meeting and briefly addressed the crowd.

“I just want to say I couldn’t be more humbled and honored to be part of Berkshire as we go forward,” Abel said.

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End of an Era, But Confidence in the Future

Warren Buffett’s six-decade leadership of Berkshire Hathaway turned a once-struggling textile mill into one of the most successful conglomerates in the world. Through disciplined investing, a long-term mindset, and plainspoken wisdom, Buffett became known as the “Oracle of Omaha,” a guiding figure for investors across generations.

While some shareholders may wonder how Berkshire will fare without Buffett’s legendary investing acumen, the man himself offered a strong endorsement of his successor.

“I have no intention — zero — of selling one share of Berkshire Hathaway,” Buffett assured shareholders. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”

Buffett’s words drew a prolonged standing ovation from the crowd, many of whom had traveled from around the world to attend what’s often called the “Woodstock for Capitalists.”

What’s Next for Berkshire Hathaway?

Greg Abel, who currently oversees all of Berkshire’s noninsurance businesses, is expected to bring a steady hand and operational expertise to the CEO role. However, some investors remain curious about how he will handle the company’s massive cash reserves and long-term investment strategy—a domain that has always been Buffett’s forte.

Still, with Buffett’s full backing and a solid leadership structure in place, the company appears poised for continuity. Buffett’s personal fortune—largely still invested in Berkshire—will eventually be donated through his philanthropic commitments, further signaling his confidence in the company’s future.

As the sun begins to set on a truly remarkable chapter in business history, one thing is clear: Warren Buffett may be retiring, but his legacy is only growing.

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Subway, still the largest restaurant chain in the U.S., is shrinking fast. In 2024, it closed 631 U.S. locations, dropping its domestic total to 19,502 — the lowest it’s been in 20 years. This marks eight straight years of decline in the U.S. market.

Despite the losses, Subway continues to grow internationally, now with over 37,000 global locations. The company says it’s taking a “strategic, data-driven” approach — closing underperforming stores while opening or relocating others to improve consistency and quality.

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The closures come months after the failure of a national promotion: the $6.99 Meal Deal, launched in November 2024, was pulled within weeks after underwhelming results.

Retail closures aren’t limited to food service. JCPenney is also shutting down stores — seven locations across the U.S. are set to close by the end of May. The company calls these closures “isolated” and unrelated to its recent merger under Catalyst Brands.

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