Gene therapy developer bluebird bio Inc. said on Tuesday it would reduce its workforce by roughly 30% as it seeks to save $160 million in costs over the next two years.

The company has recently faced roadblocks in its quest to get approval for its experimental treatments, leading it to flag 'going concern' doubts last month.

The cost savings are likely to help bring bluebird through crucial upcoming milestones such as pending approval decisions on its two gene therapy candidates later this year.

The U.S. Food and Drug Administration paused trials for its gene therapy for sickle cell disease in December last year.

The FDA then extended the review period for a decision on its beti-cel and eli-cel gene therapies in January to review additional clinical information on the treatments.

The company had 518 full-time employees as of Jan. 31.