Restructurings & Charges

Notable Labs, Ltd. announced a restructuring with charges of approximately $0.1 million (approximately 65%).

“the Board of Directors also approved: (i) immediately pausing the implementation of the planned Phase 2 study of Volasertib in relapsed/refractory AML (r/r AML), and (ii) a reduction in the Company’s employee workforce and outside consultants by approximately 65%, which the Company expects to substantially complete by September 24, 2024. The Company anticipates recognizing approximately $0.1 million in total charges in connection with the reduction in force”

BioXcel Therapeutics, Inc. announced a restructuring with charges of approximately $1.4 million (15 employees, or approximately 28% of the Company’s headcount).

“On September 17, 2024, the Board of Directors (the “Board”) of BioXcel Therapeutics, Inc. (the “Company”) approved a plan to reduce its workforce by 15 employees, or approximately 28% of the Company’s headcount (the “Clinical Prioritization”), in order to extend its cash runway and prioritize investment on the clinical development of its lead neuroscience asset, BXCL501. The Company estimates that it will incur aggregate charges in connection with the Clinical Prioritization of approximately $1.4 million”

LeonaBio, Inc. announced a restructuring with charges of approximately $2.8 million (approximately 49 positions, representing approximately 70% of the Company’s workforce).

“priorities, including the continued development of ATH-1105. In connection with the Restructuring, the Company currently estimates it will incur one-time costs of approximately $2.8 million, consisting primarily of cash severance costs and termination benefits, which the Company expects to recognize in the third quarter of 2024. The Company expects to substantially”

NPK International Inc. announced a impairment with charges of approximately $200 million affecting Fluids Systems.

“the Company will recognize a pre-tax impairment charge of approximately $200 million in the third quarter of 2024”

Udemy, Inc. announced a restructuring with charges of between $16 million and $19 million (approximately 280 of the Company's global employees).

“on September 11, 2024, the Company committed to a restructuring plan that will impact approximately 280 of the Company's global employees. The Company expects to rehire approximately half of the impacted roles, primarily in lower cost geographies. As a result, the Company expects to recognize restructuring charges between $16 million and $19 million”

Oncternal Therapeutics, Inc. announced a restructuring with charges of approximately $1.0 million (approximately 10 employees, constituting approximately 37% of Oncternal’s workforce).

“Oncternal currently estimates that it will incur charges associated with the workforce reduction of approximately $1.0 million primarily related to employee severance payments, benefits and related termination costs.”

Cidara Therapeutics, Inc. announced a restructuring with charges of approximately $1.2 million (20 employees).

“its influenza product candidate. The Reduction is expected to be substantially completed by November 1, 2024. The Company estimates that it will incur charges of approximately $1.2 million for severance payments and employee benefits, primarily in the fourth quarter of 2024. Substantially all of the estimated charges are expected to result in future cash”

Under Armour, Inc. announced a restructuring with charges of approximately $140 million to $160 million of pre-tax restructuring and related charges affecting its previously disclosed fiscal year 2025 restructuring plan.

“On September 5, 2024, the Company’s Board of Directors approved a $70 million increase to the restructuring plan, resulting in a restructuring plan of approximately $140 million to $160 million of pre-tax restructuring and related charges to be incurred during fiscal years 2025 and 2026”

Bionano Genomics, Inc. announced a restructuring with charges of $0.5 million to $1.0 million (approximately 84 employees, which represents approximately 45% of its full-time employees as of September 3, 2024).

“an additional $25.0 million to $30.0 million beginning in the fourth quarter of 2024. The Company estimates that it will incur total restructuring charges of approximately $0.5 million to $1.0 million, including severance payments in connection with the Plan. Of the total charges, substantially all charges are expected to be future cash expenditures. The”

Passage BIO, Inc. announced a impairment with charges of approximately $3.5 million to $5.5 million affecting leased laboratory space in Hopewell, New Jersey.

“the Company expects to recognize impairment expenses of approximately $3.5 million to $5.5 million in the period ending September 30, 2024”

Instil Bio, Inc. announced a restructuring with charges of up to $5.5 million affecting Manchester, UK operations (eliminating its remaining UK workforce).

“expected to be substantially complete by the end of 2024. In connection with the Plan, the Company currently estimates that it will incur aggregate restructuring costs of up to $5.5 million, including asset impairment charges of up to $2.2 million, employee termination costs, including severance and other benefits of up to $2.0 million, and contract termination”

IN8BIO, INC. announced a restructuring with charges of approximately $0.3 million affecting all functional areas, New York City and Birmingham, Alabama sites (from 37 to 19 full-time employees).

“such employee’s execution of a separation agreement, which includes a general release of claims against the Company. The Company expects to incur one-time costs of approximately $0.3 million in connection with this workforce reduction, of which nearly all are cash expenditures related to severance. The Company communicated the workforce reduction on September 4, 2024”

Lyft, Inc. announced a restructuring with charges of $34 million to $46 million of restructuring and related charges affecting bikes and scooters transportation mode (termination of approximately 1% of the Company's employees).

“On September 4, 2024, Lyft, Inc. (the “Company”) announced a restructuring plan related to its bikes and scooters transportation mode as part of its efforts to align strategic priorities and to reduce operating costs. The plan involves the disposal of certain assets related to the bikes and scooters operations and the termination of approximately 1% of the Company’s employees. In connection with the plan, the Company estimates that it will incur approximately $34 million to $46 million of restructuring and related charges, of which $32 million to $42 million are related to asset disposal costs with the remaining costs related to employee severance and benefit costs, and advisory fees.”

ChargePoint Holdings, Inc. announced a restructuring with charges of approximately $10 million, primarily consisting of severance benefits, employee benefits and related costs affecting global workforce (approximately 15%).

“On September 4, 2024, the Company announced the reorganization of its operations including a reduction of the Company's current global workforce by approximately 15% (the “Reorganization”). The Reorganization is expected to result in estimated annualized GAAP and non-GAAP operating expense savings of approximately $41 million and $38 million, respectively, while creating efficiencies by streamlining functions across the Company. The Company estimates the aggregate restructuring costs associated with the Reorganization to be approximately $10 million, primarily consisting of severance benefits, employee benefits and related costs.”

Sensata Technologies Holding plc announced a impairment with charges of a non-cash pre-tax charge of approximately $95 million affecting Insights Business.

“In August 2024, affiliates of Sensata Technologies Holding plc (the “Company”) entered into a purchase agreement (the "Purchase Agreement") to sell its Insights Business (“Insights”) to an affiliate of Balmoral Funds, a private equity firm in Los Angeles, California, in exchange for total cash consideration of approximately $165 million, subject to working capital and other customary adjustments. The Company expects to close the sale of Insights in 2024, subject to regulatory and other closing conditions. In connection with entering into the Purchase Agreement, the Company expects to record a non-cash pre-tax charge of approximately $95 million in the third quarter of 2024.”

CONSTELLATION BRANDS, INC. announced a impairment with charges of approximately $1.5 billion to $2.5 billion affecting Wine and Spirits segment.

“Based on the aforementioned factors, on September 2, 2024, the Company concluded that it expects to incur a non-cash goodwill impairment loss of approximately $1.5 billion to $2.5 billion for the Company’s second fiscal quarter ended August 31, 2024.”

BIOMARIN PHARMACEUTICAL INC announced a restructuring with charges of approximately $30 - $35 million (approximately 225 employees).

“The Company estimates that it will incur aggregate pre-tax charges representing one-time cash expenditures for severance and other employee termination benefits of approximately $30 - $35 million, of which the majority is expected to be incurred during the second half of 2024. Impacted employees were notified by August 28, 2024, and workforce reductions are”

Repare Therapeutics Inc. announced a restructuring with charges of termination benefits affecting workforce reduction (approximately 25%).

“the Company plans to reduce its overall workforce by approximately 25%, with the majority of the headcount reductions from the Company’s preclinical group, with affected employees notified on August 28, 2024. The Company expects to recognize total charges in connection with the Plan in the range of approximately $1.5 million to $2.0 million, consisting of one-time cash charges for termination benefits.”

Shake Shack Inc. announced a restructuring with charges of approximately $28.0 to $30.0 million affecting nine Company-owned and operated Shacks in California, Ohio and Texas.

“The Company expects to record cumulative pretax charges in a range of approximately $28.0 to $30.0 million during the third quarter ending September 25, 2024 as a result of these Shack closures.”

UNIVERSAL LOGISTICS HOLDINGS, INC. announced a restructuring with charges of $6.0 million to $7.0 million affecting Universal Capacity Solutions, LLC (approximately 125 employees).

“On August 20, 2024, Universal Logistics Holdings, Inc. (“ULH” or the “Company”) announced that in order to best position the Company to execute on its highest priorities, it was terminating the operations of subsidiary, Universal Capacity Solutions, LLC (“UCS”), effective August 23, 2024. UCS is a provider of third-party freight brokerage services. In connection with the announcement, UCS informed a total of approximately 125 employees on August 20, 2024 in Nashville, TN of the termination of their employment. UCS terminated approximately 112 of these employees on August 20, 2024, and the Company anticipates that the remainder’s employment will terminate by September 13, 2024. The Company currently estimates that it will incur pre-tax charges in the range of $6.0 million to $7.0 million, primarily consisting of severance, related costs, goodwill impairment, and other charges, of which $2.0 million to $3.0 million are expected to be future cash expenditures.”

Purple Innovation, Inc. announced a restructuring with charges of $35 million to $45 million affecting manufacturing operations in Grantsville, Utah and Salt Lake City, Utah; headquarters in Lehi, Utah (approximate 13% net reduction of the Company's workforce).

“These actions are expected to result in an estimated range of restructuring-related costs and charges of $35 million to $45 million, beginning in the third quarter of 2024 through the second quarter of 2025 and are expected to result in an approximate 13% net reduction of the Company’s workforce.”

Whitehawk Therapeutics, Inc. announced a restructuring with charges of approximately $2.2 to $2.5 million affecting workforce reduction (22 employees, representing approximately 32% of the Company’s workforce).

“a workforce reduction of 22 employees, representing approximately 32% of the Company’s workforce. The Company estimates that it will incur non-recurring charges of approximately $2.2 to $2.5 million in connection with the workforce reduction, primarily consisting of severance payments, employee benefits contributions and related costs. The Company expects that”

FORD MOTOR CO announced a impairment with charges of about $400 million affecting product-specific manufacturing and vendor tooling assets for previously planned all-electric three-row SUVs.

“On August 19, 2024, we concluded that a material charge is required related to the write-down of certain product-specific manufacturing and vendor tooling assets intended to be utilized for previously planned all-electric three-row SUVs that we no longer intend to produce. This was based upon our decision to instead leverage hybrid technologies for our next three-row SUVs. The expected charge is estimated to be about $400 million and will be reflected in our financial statements for the third quarter of 2024.”

Five9, Inc. announced a restructuring with charges of approximately $12 million to $15 million (approximately 7% of its global full-time employees).

“On August 20, 2024, Five9, Inc. (the “Company”) announced a reduction in force plan (the “Plan”) as part of the Company’s broader efforts to drive balanced, profitable growth, further supporting our positive, long-term outlook and focus on increasing shareholder value. The Plan is expected to reduce the Company’s global full-time employees by approximately 7%. The Company estimates the aggregate costs associated with the Plan to be approximately $12 million to $15 million, primarily consisting of notice period payments, severance payments, employee benefits and related costs, all of which are cash expenditures.”

GoPro, Inc. announced a restructuring with charges of in the range of $5 million to $7 million (approximately 15% from our ending second quarter headcount of 925 full-time employees).

“On August 19, 2024, GoPro (the "Company") announced that its Board of Directors of the Company approved a restructuring plan (the “Restructuring Plan”) to help achieve that goal. The Restructuring Plan is anticipated to entail a reduction in force of approximately 15% from our ending second quarter headcount of 925 full-time employees beginning in Q3 2024 and is expected to be substantially completed by the end of 2024 (the “Reduction in Force”). The Restructuring Plan is expected to result in an estimated aggregate charge of in the range of $5 million to $7 million.”

KORE Group Holdings, Inc. announced a restructuring with charges of $5 million to $6 million (approximately 19% of the Company’s employee base).

“the Restructuring Plan to be substantially completed by December 31, 2024. Total costs and cash expenditures for the Restructuring Plan are estimated to be in the range of $5 million to $6 million, substantially all of which are related to employee severance and benefits costs. The Company expects to incur most of these pre-tax reduction in force charges in”

Sonos Inc announced a restructuring with charges of approximately $9 to $12 million of restructuring and related charges affecting approximately 6% of our employees (reduction in force involving approximately 6% of our employees).

“On August 14, 2024, Sonos, Inc. (the “Company”) announced a reduction in force involving approximately 6% of our employees. Decisions regarding the elimination of positions are subject to local law and consultation requirements in certain countries. The Company also committed to further reducing its real estate footprint. The foregoing actions were committed to on August 14, 2024 and are intended to improve the Company’s operating model and cost structure to set the Company up for long-term success. The Company estimates that it will incur approximately $9 to $12 million of restructuring and related charges, of which $6 to $8 million are related to employee severance and benefits costs.”

CISCO SYSTEMS, INC. announced a restructuring with charges of up to $1 billion (approximately 7 percent of Cisco’s global workforce).

“On August 14, 2024, Cisco announced a restructuring plan to allow it to invest in key growth opportunities and drive more efficiencies in its business. This restructuring plan is expected to impact approximately 7 percent of Cisco’s global workforce. Cisco currently estimates that it will recognize pre-tax charges to its GAAP financial results of up to $1 billion consisting of severance and other one-time termination benefits, and other costs.”

Velo3D, Inc. announced a restructuring with charges of approximately $1.1 to 1.7 million (approximately 63 employees globally, representing approximately 30% of the Company's workforce).

“On August 9, 2024, Velo3D, Inc. (the “Company”) announced a reduction in force plan to streamline its business operations, reduce costs and create further operating efficiencies, which is expected to affect approximately 63 employees globally, representing approximately 30% of the Company’s workforce. In connection with the reduction in force, the Company currently estimates it will incur approximately $1.1 to 1.7 million of costs, consisting primarily of personnel expenses such as wages and other benefits.”

ACELYRIN, Inc. announced a restructuring with charges of approximately $4.5 million in cash-based expenses related to employee severance payments and benefits affecting enterprise (workforce reduction associated with focus on lonigutamab clinical program) (approximately 40 people, or approximately 1/3 of the Company's existing headcount).

“the Company will focus its efforts primarily on its lonigutamab clinical program in thyroid eye disease and will implement an associated workforce reduction (the “Restructuring Plan”). As part of the Restructuring Plan, the Company’s workforce will be reduced by approximately 40 people, or approximately 1/3 of the Company’s existing headcount. The Company expects to incur charges related to the Restructuring Plan. In this regard, the Company estimates that it will incur approximately $4.5 million in cash-based expenses related to employee severance payments and benefits related to the workforce reduction.”

LL Flooring Holdings, Inc. announced a restructuring affecting 94 stores located throughout the United States.

“On August 7, 2024, the Board of Directors (the “ Board ”) of the Company determined, after considering all reasonably available options and a thorough and exhaustive review process, that it is in the best interests of its stakeholders to discontinue further financial and operational support for certain of its stores located throughout the United States. The Company has committed to a plan to conduct going-out-of-business sales at and close 94 stores.”

Eventbrite, Inc. announced a restructuring with charges of up to $7 million, pre-tax, primarily one-time employee termination and related costs in cash affecting Company-wide (approximately 11% of the Company’s workforce, or approximately 100 employees).

“the reduction in force to be substantially complete by the third quarter of 2024. The Company expects to incur total costs associated with the reduction in force of up to $7 million, pre-tax, primarily one-time employee termination and related costs in cash. The Company expects the majority of the employee termination costs to be incurred in the third”

Fastly, Inc. announced a restructuring with charges of between approximately $9.5 million to $10.0 million (approximately 11% of our global full time employees).

“headcount by approximately 11% of our global full time employees. In connection with the Plan, the Company currently estimates it will incur a charge of between approximately $9.5 million to $10.0 million in the third quarter of 2024, which consists primarily of cash expenditures for severance payments, employee benefits, and related costs for the reduction in”

Cerence Inc. announced a restructuring with charges of approximately $18 to $22 million.

“and development investments on its generative AI roadmap and innovation across its platform. The Company estimates that it will incur cash restructuring charges of approximately $18 to $22 million in connection with the Plan, primarily consisting of severance payments, payments in lieu of notice, employee benefits and related costs. The Company expects to”

Ginkgo Bioworks Holdings, Inc. announced a restructuring with charges of $18.0 million to $22.0 million affecting Cell Engineering segment (35% of the workforce).

“The Company currently estimates the costs for the reduction in force to range from $18.0 million to $22.0 million primarily in the Cell Engineering segment and consist of one-time cash severance and related costs.”

AN2 Therapeutics, Inc. announced a restructuring with charges of approximately $2-$3 million (approximately 50% of the Company's employee workforce).

“On August 7, 2024, the Board of Directors of AN2 Therapeutics, Inc. (the “Company”) approved a reduction in force that is intended to result in the termination of approximately 50% of the Company’s employee workforce.”

LEGALZOOM.COM, INC. announced a restructuring with charges of approximately $5.0 million (approximately 15% of its employees).

“On August 1, 2024, LegalZoom committed to a restructuring plan as part of its re-alignment of its business and cost structure. The restructuring plan will reduce the size of LegalZoom’s workforce by approximately 15% of its employees as compared to its headcount as of June 30, 2024. LegalZoom expects to incur charges of approximately $5.0 million in connection with the restructuring plan, which consist primarily of severance and termination benefits offered to the impacted employees.”

PACIFIC BIOSCIENCES OF CALIFORNIA, INC. announced a restructuring with charges of approximately $27 million affecting Pacific Biosciences of California, Inc..

“the Company expects to incur charges related to the Expense Reduction Plan to be approximately $27 million in fiscal 2024”

KYNTRA BIO, INC. announced a restructuring with charges of $16-18 million affecting U.S. workforce (approximately 75% with 127 U.S. employees).

“in the progress we have made, and continue to make, in science and the biotechnology industry. The Company estimates that it will incur non-recurring charges in the range of $16-18 million in connection with the Plan, primarily consisting of severance payments, notice pay, accrued vacation, payroll tax and employee benefits contributions. The Company”

Heliogen, Inc. announced a restructuring with charges of $3.4 million to $4.0 million of asset write-off costs, including impairment charges; $0.6 million to $0.8 million of employee transition, severance payments and affecting manufacturing facility in Long Beach, California.

“The Company now estimates it will incur the following charges in connection with the targeted plan, including reorganization and other related costs: • $3.4 million to $4.0 million of asset write-off costs, including impairment charges; • $0.6 million to $0.8 million of employee transition, severance payments and related benefits; and • $0.2 million to $2.0 million of costs associated with closing the manufacturing facility, including lease termination costs and other related costs.”

WK Kellogg Co announced a restructuring with charges of between $230 and $270 million affecting manufacturing network - Omaha, Nebraska plant and Memphis, Tennessee facility.

“plan are expected to be substantially completed by the end of fiscal year 2026. These actions are expected to result in cumulative restructuring pretax charges of between $230 and $270 million, including between $30 and $40 million in cash costs for severance and other termination benefits and between $30 and $40 million in other cash restructuring”

Thoughtworks Holding, Inc. announced a restructuring.

“On August 2, 2024, the Company’s Audit Committee, pursuant to authority delegated to it by the Board, approved and committed to a further structural reorganization.”

TERADATA CORP /DE/ announced a restructuring with charges of $20 to $25 million (approximately 9% to 10% of the Company's global workforce).

“benefits, transition support, and other employee-related costs. The Company expects that it will incur total charges related to the Restructuring in the range of approximately $ 20 to $25 million. The Company expects to recognize these charges in 2024 and 2025, with the majority recorded in 2024. Cash expenditures related to these actions are estimated at”

ORRSTOWN FINANCIAL SERVICES INC announced a restructuring with charges of approximately $534 thousand affecting branch network (Lancaster, PA (Oregon Pike); Camp Hill, PA; Mechanicsburg, PA (Bethany Village); Spring Grove, PA (Jefferson); Lancaster, PA (Centerville); Parkton, MD (Hereford)).

“intends to close six branch locations (the “Branch Closures”). The Branch Closures will result in a one-time pre-tax charge of approximately $534 thousand.”

WW INTERNATIONAL, INC. announced a restructuring with charges of $12.0 million to $15.0 million affecting worldwide (elimination of certain positions).

“On July 27, 2024, in connection with the strategic streamlining of its operational structure to optimize its clinical and behavioral product portfolio and its cost-savings initiative, the Company committed to a plan of reduction in force that will result in the elimination of certain positions and the termination of employment for certain employees worldwide (the "Restructuring Plan"). The Company anticipates recording restructuring charges that it currently estimates will range between $12.0 million to $15.0 million in the aggregate with respect to employee termination benefit costs, which are expected to consist primarily of general and administrative expenses.”

Vir Biotechnology, Inc. announced a restructuring with charges of $11 million to $13 million affecting the Company's overall operations, including phasing out programs in influenza, COVID-19, and T cell-based viral vector platform (approximately 25% of the Company’s workforce, or approximately 140 employees).

“believes is appropriate to support its streamlined portfolio and strategic priorities. As a result of these changes, the Company expects to incur restructuring charges between $11 million to $13 million, primarily related to employee severance cash expenditures. The Company anticipates recognizing these expenses through the fourth quarter of 2024, resulting in”

Ingevity Corp announced a restructuring with charges of aggregate charges of approximately $100 million affecting Performance Chemicals segment; Crossett, Arkansas manufacturing plant.

“As a result of these actions, Ingevity expects to incur aggregate charges of approximately $100 million, consisting of approximately $65 million in asset-related charges, approximately $10 million in severance and other employee-related costs and approximately $25 million in other restructuring costs, which include decommissioning, dismantling and removal charges and contract termination costs.”

HilleVax, Inc. announced a restructuring with charges of workforce reduction of approximately 41 employees affecting entire company (approximately 41 employees, constituting approximately 40% of the Company’s workforce).

“On July 31, 2024, HilleVax, Inc. (the “Company”) announced a workforce reduction of approximately 41 employees, constituting approximately 40% of the Company’s workforce.”

DENTSPLY SIRONA Inc. announced a restructuring with charges of between $40 million and $50 million in non-recurring restructuring charges affecting global workforce (net reduction in the Company's global workforce of approximately 2% to 4%).

“On July 29, 2024, the Board of Directors of the Company approved a plan to restructure the Company’s business to improve operational performance and drive shareholder value creation. The restructuring plan anticipates a net reduction in the Company’s global workforce of approximately 2% to 4%. The proposed changes are subject to co-determination processes with employee representative groups in countries where required. The Company expects to incur between $40 million and $50 million in non-recurring restructuring charges under the plan, primarily related to employee transition, severance payments and employee benefits, which are expected to be expensed and paid in cash in 2024 and 2025.”

CRESCENT BIOPHARMA, INC. announced a restructuring with charges of approximately $3.6 million (reduction in the Company's workforce by 26 employees, or approximately 80% of its headcount).

“in connection with the streamlined operating plan approved by the Board, on July 24, 2024, the authorized officers of the Company committed the Company to a corporate restructuring that includes a reduction in the Company's workforce by 26 employees, or approximately 80% of its headcount. The Company expects to substantially complete the reduction by July 31, 2024. The Company anticipates recognizing approximately $3.6 million in total charges in connection with the headcount reduction”