Restructurings & Charges

INTEVAC INC announced a impairment with charges of $11 million to $12 million affecting facility lease right of use asset, other intangible assets and certain equipment.

“Due to the cessation of the product development activities and resulting reduced space requirements, the Company estimates that it will also recognize non-cash impairment charges of $11 million to $12 million related to its facility lease right of use asset, other intangible assets and certain equipment.”

INTEVAC INC announced a impairment with charges of approximately $20 million affecting TRIO product inventory.

“As a result of the cessation of the development and manufacturing of its TRIO product, the Company estimates that it will recognize a non-cash charge of approximately $20 million related to inventory write downs and a cash charge of up to $1 million, of which $600,000 is purchase order cancellation fees and the remainder is related to severance and other employee-related costs.”

INTEVAC INC announced a restructuring with charges of approximately $300,000 affecting TRIO product (7 positions, representing approximately 6% of its workforce).

“action, the Company will eliminate 7 positions, representing approximately 6% of its workforce, and expects to record severance and other employee-related costs of approximately $300,000. Substantially all cash outlays in connection with this workforce reduction are expected to occur in the fourth quarter of fiscal 2024. Item 2.06 Material Impairments. The”

BLACKBAUD INC announced a impairment with charges of approximately $415 million affecting EVERFI asset group (within Corporate Sector market group).

“On December 9, 2024, the Company concluded that a material impairment charge is required related to its EVERFI asset group, which primarily includes finite-lived intangible assets and capitalized software and content development costs. The estimated pre-tax noncash charge may be up to approximately $415 million, which will be reflected in our consolidated financial statements for the fourth quarter of 2024.”

Editas Medicine, Inc. announced a restructuring with charges of approximately $14.0 million to $18.0 million (approximately 180 positions, or approximately 65%).

“The Company additionally expects to incur costs of approximately $14.0 million to $18.0 million related to the Reduction, primarily consisting of severance payments and employee benefit costs.”

Editas Medicine, Inc. announced a restructuring with charges of approximately $55.0 million to $70.0 million affecting reni-cel program.

“The Company expects to incur costs of approximately $55.0 million to $70.0 million related to the Discontinuation, as it completes the wind-down of various activities related to clinical development of reni-cel, including contract termination costs, impairment charges and non-cash charges, and may also incur additional costs not currently contemplated due to events that may occur as a result of or that are associated with the Discontinuation.”

Cellectar Biosciences, Inc. announced a restructuring with charges of approximately $1.7 million affecting overall workforce (approximately 60%).

“will decrease its annual operating costs by approximately $7.5 million. Additionally, the Company estimates that it will incur aggregate severance costs of approximately $1.7 million, which will be recorded primarily in the fourth quarter of 2024 and first quarter of 2025. The cost that the Company expects to incur in connection with the workforce reduction”

Booking Holdings Inc. announced a restructuring with charges of approximately one times the expected annual run rate saving (approximately one-third from expected workforce reductions).

“On November 8, 2024, the Company announced its intention to implement certain organizational changes that are expected to improve operating expense efficiency, increase organizational agility, free up resources that can be reinvested into further improving its offering to travelers and partners, and better position the Company for the long term (the “Program”).”

MAXCYTE, INC. announced a restructuring with charges of approximately $0.8 million affecting global workforce (a reduction of approximately 15% of the Company’s workforce globally).

“engaged through third-party employer-of-record (EOR) arrangements. ​ In connection with the Plan, the Company estimates that it will incur total pre-tax charges of approximately $0.8 million, consisting primarily of severance payments, employee benefits, and related costs. These charges include costs associated with directly employed personnel as well as”

Carisma Therapeutics Inc. announced a restructuring with charges of approximately $2.7 million (23 full-time employees (representing approximately 34% of the Company’s total workforce)).

“workforce), including certain employees engaged in research and development, manufacturing, finance and corporate activities. The Company expects to incur approximately $2.7 million in connection with the reduction in workforce, which primarily represents one-time employee termination benefits directly associated with the workforce reduction. The Company”

TOOTSIE ROLL INDUSTRIES INC announced a impairment with charges of between approximately $11 and $12 million.

“The adjustment to the deferred tax assets is expected to result in a non-cash tax charge between approximately $11 and $12 million in fourth quarter 2024.”

RESOURCES CONNECTION, INC. announced a restructuring with charges of $2.5 million to $3.0 million affecting global management and administrative workforce (reduction of our global management and administrative workforce).

“to result in cost savings of $4 million to $5 million in the second half of fiscal 2025, or $8 million to $10 million annually on a go-forward basis. Restructuring charges of $2.5 million to $3.0 million are expected to be recognized in the third quarter of fiscal 2025 and primarily consist of cash charges for one-time employee termination benefits. We expect the”

YIELD10 BIOSCIENCE, INC. announced a restructuring affecting wind down of operations (reduced the Company's workforce to three (3) remaining part-time employees).

“On November 20, 2024, the board of directors of Yield10 approved the Company’s wind down of operations and corresponding reduction in workforce, designed to reduce costs and reallocate resources while maintaining the minimum personnel needed to support the Company’s operations and sale of its assets. The restructuring reduced the Company’s workforce to three (3) remaining part-time employees, including its President and CEO, Vice President – Finance and Chief Accounting Officer and its Controller.”

Vincerx Pharma, Inc. announced a restructuring with charges of between $0.3 million and $0.6 million (approximately 55%).

“the Company has implemented a significant reduction in force of approximately 55%. As part of its review of potential strategic alternatives, the Company will consider options in addition to fundraising efforts, such as out-licensing, merger and acquisition opportunities, including reverse mergers, sales of assets and technologies, and other transactions. Employees affected by the workforce reduction will be offered separation benefits, including severance payments and payments to cover premiums for continuation of healthcare coverage for a limited period. As a result of this Strategic Plan, the Company estimates that it will incur between $0.3 million and $0.6 million in costs primarily related to severance costs and related expenses”

AGENUS INC announced a restructuring with charges of approximately $1.1 million affecting Agenus Inc. (excluding its independently operating subsidiaries) (reducing its workforce).

“Costs associated with the workforce reduction are primarily severance payments and are estimated at approximately $1.1 million.”

HilleVax, Inc. announced a restructuring with charges of approximately $6.1 million primarily related to employee severance payments, benefits and related termination costs (28 employees, constituting approximately 70% of the Company’s workforce).

“to be substantially complete by the end of January 2025. The Company currently estimates that it will incur charges associated with the workforce reduction of approximately $6.1 million primarily related to employee severance payments, benefits and related termination costs. The Company expects the majority of related charges to be recognized in the fourth”

General Motors Co announced a impairment with charges of $2.6–2.9 billion affecting SAIC General Motors Corporation Limited (SGM) equity interest in China JVs.

“to stabilize market share and focus on profitability, and expects to (i) record an other than temporary impairment of our equity interest in the China JVs in the range of $2.6–2.9 billion in the three months ending December 31, 2024, and (ii) recognize additional equity losses of approximately $2.7 billion resulting from the implementation of SGM’s”

Acutus Medical, Inc. announced a restructuring with charges of approximately $1.4 million to $1.8 million of pre-tax downsizing and exit-related charges affecting left-heart access manufacturing and distribution business (approximately 61 employees, representing approximately 70% of the Company's employees).

“The Company estimates it will incur approximately $1.4 million to $1.8 million of pre-tax downsizing and exit-related charges, of which approximately $0.3 million represents future cash expenditures for the payment of monetary consideration and related benefit costs, approximately $1.2 million represents future cash expenditures for the payment of retention bonuses to certain employees that will assist with the Downsizing, and potentially up to $0.3 million estimated as future cash expenditures for contract closing costs.”

General Motors Financial Company, Inc. announced a impairment with charges of approximately $400 million affecting SAIC-GMAC.

“On December 2, 2024, our Board of Directors concluded that a material impairment of our interest in SAIC-GMAC was required, following a determination that a material loss in value was other than temporary. We are in the process of assessing the impact of SGM’s planned restructuring actions and currently expect to record an impairment of approximately $400 million to be recognized in the three months ending December 31, 2024.”

MICROCHIP TECHNOLOGY INC announced a restructuring with charges of between $3 million and $8 million affecting Tempe, Arizona wafer fabrication facility (Fab 2) (approximately 500 employees).

“levels beginning in the March 2025 quarter. This action is expected to affect approximately 500 employees. The Company anticipates near-term restructuring costs to be between $3 million and $8 million, and it is possible that the Company could incur other restructuring and shut-down costs in the future of up to an additional $15 million. The estimates of the”

SOLAREDGE TECHNOLOGIES, INC. announced a restructuring with charges of between $81 million to $99 million affecting Energy Storage Division (approximately 500 employees).

“capacity in its solar activities. In connection with the Discontinuation, the Company expects to record aggregate pre-tax Discontinuation and asset-related charges of between $81 million to $99 million, primarily comprised of between $40 million to $49 million of asset-related and impairment charges, between $30 million to $37 million of costs related to”

Kronos Bio, Inc. announced a restructuring with charges of approximately $3.7 million (approximately 83% reduction in its workforce).

“On November 22, 2024, the Board of Directors (the “Board”) of Kronos Bio, Inc. (the “Company”) approved an approximately 83% reduction in its workforce as part of a strategic resource allocation and cost containment plan. The workforce reduction is expected to be substantially completed on December 31, 2024. In connection with the reduction in workforce, the Company expects to incur a charge of approximately $3.7 million relating to the cash-based expense of the employee severance, benefits, and related costs. The Company anticipates payments associated with the workforce reduction will be substantially complete by the end of the first quarter of 2025.”

Embecta Corp. announced a impairment with charges of approximately $10 million - $15 million of additional pre-tax non-cash charges related to asset impairments and asset write-offs affecting patch pump program.

“Additionally, the Company estimates that it will incur approximately $10 million - $15 million of additional pre-tax non-cash charges related to asset impairments and asset write-offs.”

Embecta Corp. announced a restructuring with charges of approximately $25 million - $30 million in pre-tax cash-based charges affecting patch pump program.

“its plans to manufacture and commercialize the insulin delivery system, including the previous intended limited launch. The Company estimates that it will incur approximately $25 million - $30 million in pre-tax cash-based charges primarily associated with employee severance payments and benefits related to the workforce reduction. The Company also expects that”

Alector, Inc. announced a restructuring with charges of approximately $3.9 million (approximately 41 employees).

“On November 25, 2024, Alector, Inc. (“Alector” or “the Company”) committed to a plan to reduce its workforce (the “Plan”) by approximately 17% in order to align resources with the Company's strategic priorities. Based upon the results of the Company's INVOKE-2 Phase 2 clinical trial evaluating the safety and efficacy of AL002 in early Alzheimer’s disease, the Company is stopping the long term extension of the INVOKE-2 study. The Company initiated a reduction in force impacting approximately 41 employees across the organization. The Company continues to expect that its existing cash, cash equivalents and investments will enable it to fund its operating expenses and capital expenditure requirements through 2026. One-time restructuring charges associated with the reduction in force are expected to be approximately $3.9 million, primarily consisting of personnel expenses such as salaries, one-time severance payments, and other benefits.”

LEXICON PHARMACEUTICALS, INC. announced a restructuring with charges of $9.0 million to $10.5 million affecting commercial operations and across all functions (reduce our workforce by approximately sixty percent).

“On November 22, 2024 we determined to eliminate our commercial operations and rationalize resources across all functions in order to preserve cash and focus our resources on advancing our clinical development pipeline. In connection with such determination, we intend to implement a reduction in force which will reduce our workforce by approximately sixty percent. We estimate that we will incur an aggregate of approximately $9.0 million to $10.5 million in pre-tax charges in connection with severance and other employee costs associated with the reduction in force, most of which will be paid in the first quarter of 2025 and all of which are expected to be cash expenditures.”

Quantum-Si Inc announced a restructuring with charges of approximately $2.3 million in 2024 and another $0.3 million in the first six months of 2025 (approximately 23% of its 187-employee workforce).

“On November 21, 2024, Quantum-Si Incorporated (the “Company”) committed to an organizational restructuring program designed to streamline and focus its overall corporate resources, as well as align required resources to focus on future product development objectives, including its recently announced Proteus TM platform. As a result, the Company is terminating approximately 23% of its 187-employee workforce. In connection with the restructuring, the Company expects that it will recognize one-time cash charges related to severance and other benefits of approximately $2.3 million in 2024 and another $0.3 million in the first six months of 2025. In addition, the Company expects to recognize non-cash expense over the remainder of 2024 in the amount of approximately $0.2 million related to stock option modifications.”

Trinseo PLC announced a restructuring with charges of $76 million to $97 million affecting Engineered Materials, Plastics Solutions and Polystyrene businesses; Stade, Germany polycarbonate plant (a reduction in workforce of supporting functions).

“In connection with the Stade Shutdown and the 2024 Restructuring Plan, the Company expects to record total pre-tax restructuring charges of $76 million to $97 million, principally comprised of approximately $21 million to $26 million related to decommissioning and demolition costs, approximately $27 million to $31 million of contract terminations and other costs, and approximately $25 million to $26 million related to severance and related benefit costs. Additionally, asset-related charges of approximately $3 million to $14 million will also be incurred as determined by the outcome of the Deepak transaction.”

Syros Pharmaceuticals, Inc. announced a restructuring (approximately 94%).

“On November 12, 2024, the Company’s authorized officers, with the endorsement of the Company’s Board of Directors, committed to implementing a reduction in workforce by approximately 94%.”

INSTEEL INDUSTRIES INC announced a restructuring with charges of approximately $1.9 million affecting Warren, Ohio facility (up to 35 positions).

“Insteel expects to incur a restructuring charge of approximately $1.9 million related to the facility's closure.”

FUELCELL ENERGY INC announced a restructuring with charges of approximately $1.7 million to $2.0 million in cash costs affecting U.S., Canada and Germany (approximately 13% or 75 employees).

“2025. ​ In connection with the restructuring plan and workforce reduction, the Company estimates it will incur aggregate restructuring-related costs and charges of approximately $1.7 million to $2.0 million in cash costs related to severance payments and other employee termination benefits. These charges are expected to be recorded in the first quarter of fiscal year”

ADVANCE AUTO PARTS INC announced a restructuring with charges of approximately $350 million to $750 million affecting approximately 500 stores, approximately 200 independent locations and four distribution centers.

“centers, including asset-related charges, lease termination fees and other incremental costs to exit facilities. The Company currently estimates that it will incur approximately $350 million to $750 million of total costs, including (a) cash costs consisting of (i) approximately $45 million of involuntary and voluntary severance costs and benefits, (ii) a range of”

Oncternal Therapeutics, Inc. announced a restructuring with charges of approximately $2.4 million (workforce reduction of its remaining employees).

“Oncternal currently estimates that it will incur charges associated with the workforce reduction of all of its remaining employees of approximately $2.4 million primarily related to employee severance payments, benefits and related termination costs”

TFF Pharmaceuticals, Inc. announced a restructuring with charges of approximately $1.8 million (substantially all of its employees).

“On November 14, 2024, in connection with the planned wind down of the Company’s operations, the Board of the Company unanimously approved a reduction-in-force (the “Reduction in Force”) of substantially all of its employees to be effective on November 15, 2024. The Company expects to incur one-time charges and cash expenditures associated with the workforce reduction of approximately $1.8 million”

Adaptimmune Therapeutics PLC announced a restructuring with charges of pre-tax costs of such reduction in workforce relating to employee severance and other employee-related costs may be in the region of $9-11 million affecting workforce reduction of approximately 33% (33% reduction in workforce).

“of 2025. The Company estimates that the pre-tax costs of such reduction in workforce relating to employee severance and other employee-related costs may be in the region of $9-11 million with the majority of such costs being incurred in the first quarter of 2025. The Company will provide further updates as it progresses through the restructuring”

VerifyMe, Inc. announced a restructuring with charges of approximately $1.8 million affecting Trust Codes Global Limited business.

“On November 8, 2024, the Board of Directors approved closing the Trust Codes Global Limited (“TCGL”) business by the end of November 2024, unless the Company can find a purchaser for the TCGL business prior to the end of November 2024. The Company recorded an aggregate charge associated with decision to sell or close the TCGL business of approximately $1.8 million in the third quarter of 2024 consisting of an intangible asset impairment charge of $901 thousand and a goodwill impairment charge of $1,351 thousand, partially offset by a gain in contingent consideration of $475 thousand.”

Neuronetics, Inc. announced a restructuring with charges of approximately $0.4 million (approximately 10%).

“will also improve operational efficiency, with anticipated post-reorganization annualized cash savings of more than $3.5 million. The Company expects to recognize approximately $0.4 million in total expenses for severance and related benefits for employees impacted by the reduction in force, consisting primarily of severance payments and related benefits. The”

CHEGG, INC announced a restructuring with charges of approximately $22 million to $26 million (319 employees, or approximately 21% of our current workforce).

“are negatively impacting our business, including increased competition and student adoption of generative AI products. We estimate that we will incur charges of approximately $22 million to $26 million in connection with these actions, of which $18 million to $22 million is expected to result in future cash expenditures, primarily consisting of expenditures for”

Enphase Energy, Inc. announced a restructuring with charges of approximately $17 million to $20 million affecting global workforce and contract manufacturing operations (approximately 17% of its global workforce - approximately 500 employees and contractors).

“7.25 million microinverter units per quarter, of which approximately 5 million units of capacity is in the United States. The Company estimates that it will incur approximately $17 million to $20 million in restructuring and asset impairment charges, of which approximately $14 million are expected to be incurred in the fourth quarter of 2024, and approximately $11”

IGM Biosciences, Inc. announced a restructuring with charges of total restructuring charges between $11.7 million and $14.4 million.

“As a result of the 2024 Restructuring, the Company estimates it will incur total restructuring charges between $11.7 million and $14.4 million”

Aurinia Pharmaceuticals Inc. announced a restructuring with charges of $15 to $19 million affecting the Company (approximately 45%).

“cash equivalents, restricted cash, and investments of $348.7 million as of September 30, 2024 • Anticipates a one-time restructuring charge in the fourth quarter of 2024 of $15 to $19 million and estimates post-restructuring annualized cash-based operating expense savings of more than $40 million • Reiterates 2024 net product revenue guidance range of”

Viracta Therapeutics, Inc. announced a restructuring with charges of approximately $0.7 million in total expenses for severance and related benefits for employees impacted by the reduction in force affecting Workforce reduction affecting approximately 42% of the Company's workforce (approximately 42% of the Company's workforce).

“On October 31, 2024, Viracta Therapeutics, Inc. (the “Company”), committed to and implemented a reduction in force that impacted approximately 42% of the Company’s workforce. The Company expects to recognize approximately $0.7 million in total expenses for severance and related benefits for employees impacted by the reduction in force, consisting primarily of severance payments and related benefits.”

Freshworks Inc. announced a restructuring with charges of between approximately $11 million and $13 million (approximately 660 employees globally, representing approximately 13% of the Company's global workforce).

“On November 5, 2024, the Board of Directors of the Company committed the Company to a restructuring plan (the “Plan”) to better align the Company’s talent with its strategic priorities and to improve operating efficiency. The Plan is expected to affect approximately 660 employees globally, representing approximately 13% of the Company’s global workforce. In connection with the Plan, the Company currently estimates it will incur a charge of between approximately $11 million and $13 million in the fourth quarter of 2024, which consists primarily of cash expenditures for severance payments, employee benefits, and related costs.”

Corteva, Inc. announced a restructuring with charges of $650 million to $700 million affecting Crop Protection network of manufacturing and external partners (Pittsburg, California site and select manufacturing lines at other locations).

“Management of the Company amended the Crop Protection Operations Strategy Restructuring Program to include revisions to its previous estimates and decommissioning and demolition costs associated with the ceasing of operations, primarily at the Pittsburg, California site. The Company now expects to record aggregate pre-tax restructuring and asset related charges of $650 million to $700 million”

WOLFSPEED, INC. announced a restructuring with charges of restructuring-related costs affecting facility closure and consolidation plan to optimize cost structure and accelerate transition from 150mm to 200mm silicon carbide devices.

“Wolfspeed incurred $87.1 million of restructuring-related costs in the first quarter of fiscal 2025, of which $34.3 million were recognized in cost of revenue, net and $52.8 million were expensed as operating expense in the statement of operations.”

WOLFSPEED, INC. announced a restructuring with charges of severance and employee benefit costs, voluntary termination benefits and other facility closure-related costs affecting facility closure and consolidation plan to optimize cost structure and accelerate transition from 150mm to 200mm silicon carbide devices.

“During the first quarter of fiscal 2025, Wolfspeed initiated a facility closure and consolidation plan to optimize its cost structure and accelerate its transition from 150mm to 200mm silicon carbide devices. The costs incurred as a result of this restructuring plan include severance and employee benefit costs, voluntary termination benefits and other facility closure-related costs.”

WOLFSPEED, INC. announced a restructuring with charges of asset-related charges and fixed manufacturing costs that will be eliminated as a result of this plan and other incremental costs to exit facilities affecting closure of the Company's 150mm device fabrication facility in Durham, North Carolina.

“Additionally, the Company has incurred, and over the next 12 months will continue to incur, additional facility closure-related costs related to these activities, including asset-related charges and fixed manufacturing costs that will be eliminated as a result of this plan and other incremental costs to exit facilities.”

WOLFSPEED, INC. announced a restructuring with charges of severance and employee benefit costs, voluntary termination benefits, and other exit costs affecting closure of the Company's 150mm device fabrication facility in Durham, North Carolina; realignment of related activities across geographic regions; optimization of resources across various functional g (total headcount reduction of approximately 20% over the next six months to one year).

“During the first quarter of fiscal 2025, the Company initiated a headcount reduction and facility closure and consolidation plan intended to optimize its cost structure as the Company accelerates its transition from 150mm to 200mm silicon carbide devices (the 2025 Restructuring Plan). The actions taken under the 2025 Restructuring Plan will ultimately result in the closure of the Company's 150mm device fabrication facility in Durham, North Carolina as well as a realignment of related activities across the geographic regions in which the Company operates. The Company is also taking steps to optimize the allocation of resources across various functional groups. The Company expects these actions will result in a total headcount reduction of approximately 20% over the next six months to one year. The Company began to notify affected employees on November 6, 2024.”

IROBOT CORP announced a restructuring with charges of approximately $5.3 million (approximately 105 employees, which represents 16% of the Company’s global workforce as of September 28, 2024).

“On November 5, 2024, iRobot Corporation (the “Company”) announced it will implement an operational restructuring plan that is expected to include an overall reduction of approximately 105 employees, which represents 16% of the Company’s global workforce as of September 28, 2024. In connection with this workforce reduction, the Company expects to record restructuring charges of approximately $5.3 million primarily relating to severance packages and related benefits, with the majority of the restructuring charges anticipated in the fourth quarter of 2024.”

BRC Group Holdings, Inc. announced a impairment with charges of approximately $120 million in the aggregate affecting Freedom VCM Investment and the Vintage Loan Receivable.

“On November 4, 2024, the Company concluded that it is required to record an additional impairment with respect to the Freedom VCM Investment and the Vintage Loan Receivable. The Company expects that the non-cash impairments of the Freedom VCM Investment and the Vintage Loan Receivable will be approximately $120 million in the aggregate.”