Restructurings & Charges

Beam Therapeutics Inc. announced a restructuring with charges of approximately $6.6 million affecting not explicitly stated per segment, but described as portfolio prioritization and strategic restructuring of Beam Therapeutics (approximately 100 positions, or about 20% of its workforce).

“the Company expects to reduce its employee headcount by approximately 100 positions, or about 20% of its workforce. The Company expects to incur one-time costs of approximately $6.6 million in the fourth quarter of 2023 in connection with the workforce reduction. These costs consist primarily of cash expenditures related to severance payments. The Company estimates”

INTERNATIONAL PAPER CO /NEW/ announced a restructuring with charges of approximately $100 million affecting Global Cellulose Fibers – #20 Fluff Pulp Machine at Riegelwood, North Carolina mill (approximately 200 employees).

“Additionally, the Company plans to permanently cease production on its #20 Fluff Pulp Machine at its Riegelwood, North Carolina mill by year end. The Company estimates that the machine shutdown will result in pre-tax noncash asset write-off and accelerated depreciation charges of approximately $100 million and pre-tax cash severance and other shutdown charges of approximately $10 million”

INTERNATIONAL PAPER CO /NEW/ announced a restructuring with charges of approximately $100 million affecting Global Cellulose Fibers – #4 Fluff Pulp Machine at Pensacola, Florida mill (approximately 100 employees).

“The Company plans to permanently cease production on its #4 Fluff Pulp Machine at its Pensacola, Florida mill. The machine had been idle since August 2023 and will not resume production. The Company estimates that the machine shutdown will result in pre-tax noncash asset write-off and accelerated depreciation charges of approximately $100 million and pre-tax cash severance and other shutdown charges of approximately $4 million”

INTERNATIONAL PAPER CO /NEW/ announced a restructuring with charges of approximately $395 million affecting Containerboard mill in Orange, Texas (approximately 565 employees).

“The Company plans to permanently close its containerboard mill in Orange, Texas. The containerboard mill will shut down in stages with all operations expected to cease by year end. The closure is expected to reduce the Company’s containerboard capacity by approximately 800,000 tons. The Company estimates that the closure will result in pre-tax noncash asset write-off and accelerated depreciation charges of approximately $395 million and pre-tax cash severance and other shutdown charges of approximately $55 million”

Cibus, Inc. announced a restructuring with charges of approximately $0.5 million affecting the Company (reduction in workforce in full time employees from 242 full-time employees as of October 17, 2023, to approximately 185).

“The Company estimates that it will incur approximately $0.5 million of one-time costs in connection with the reduction in workforce, primarily related to accrued vacation and severance payments.”

Nkarta, Inc. announced a restructuring with charges of approximately $1 million to $1.5 million affecting Reduction in force of 18 positions, representing approximately 10% of the Company's workforce (reduction of 18 positions).

“to extend the Company’s cash runway by one year into 2026. In connection with the implementation of the Reduction, the Company currently estimates it will incur approximately $1 million to $1.5 million in costs, consisting primarily of cash severance costs and transition support services for impacted employees, which the Company expects to recognize in the”

Sight Sciences, Inc. announced a restructuring with charges of approximately $1.3 million (25 employees, or approximately 10% of its global workforce).

“as a result of implementing the Plan, the Company expects to record a cash restructuring charge of approximately $1.3 million in the fourth quarter of 2023, consisting primarily of one-time employee severance and benefits contribution costs”

STREAMLINE HEALTH SOLUTIONS INC. announced a restructuring with charges of approximately $0.8 to $1.2 million (approximately 26 employees, representing approximately 24% of the Company's workforce).

“result in annual cost savings of approximately $5.8 million. The Company estimates the one-time restructuring costs associated with the workforce reduction to be approximately $0.8 to $1.2 million, which consists primarily of severance payments and related benefits to affected employees. The Company communicated the workforce reduction on October 13, 2023,”

PFIZER INC announced a restructuring with charges of approximately $3.0 billion affecting enterprise-wide.

“$2.5 billion is expected to be realized in 2024. The one-time costs to achieve the savings associated with the Cost Realignment Program are expected to be approximately $3.0 billion, of which the majority is expected to be cash. These costs will primarily include severance and implementation costs. The estimate of costs that Pfizer expects to incur, and the”

PNC FINANCIAL SERVICES GROUP, INC. announced a restructuring with charges of approximately $150 million (approximately 4 percent).

“On October 6, 2023, as part of ongoing cost reduction initiatives, the Corporation committed to a workforce reduction expected to reduce its workforce by approximately 4 percent. Affected employees were informed of the workforce reduction beginning on October 6, 2023. The Corporation expects to incur one-time, pre-tax charges and costs associated with these actions of approximately $150 million, primarily related to cash severance, benefits and related termination costs.”

MariaDB plc announced a impairment with charges of Approximately $7.9 million of the impairment charge relates to goodwill with the remaining $0.9 million portion of the impairment charge relating to intangible affecting acquisitions of Clustrix/Xpand in September 2018 and CubeWerx Inc. in August 2022.

“end September 30, 2023, it would incur an impairment charge associated with its acquisitions of Clustrix/Xpand in September 2018 and CubeWerx Inc. in August 2022. Approximately $7.9 million of the impairment charge relates to goodwill with the remaining $0.9 million portion of the impairment charge relating to intangible assets. This determination was reached based”

MariaDB plc announced a restructuring with charges of approximately $3.1 million in employee severance and notice period payments, benefits, and related costs and $0.1 million in non-cash stock-based compensation e affecting core MariaDB Enterprise Server database product (84 people, or approximately 28%).

“The Plan includes a reduction of the Company's workforce by 84 people, or approximately 28%. The Company expects the Plan will result in (i) restructuring charges consisting of approximately $3.1 million in employee severance and notice period payments, benefits, and related costs and $0.1 million in non-cash stock-based compensation expense related to vesting of share-based awards”

Bionano Genomics, Inc. announced a restructuring with charges of approximately $0.8 million to $1.0 million affecting corporate reorganization plan (approximately 66 employees, which represents 17% of its full-time employees).

“in stock-based compensation, and an expected reduction in cost of goods sold of approximately $1.4 million. The Company expects to incur non-recurring charges of approximately $0.8 million to $1.0 million related to the Reduction, consisting primarily of cash severance payments, employee benefits and related costs. Of the total charges, substantially all charges”

Sana Biotechnology, Inc. announced a restructuring with charges of approximately $5.1 million and $1.7 million affecting fusogen platform for in vivo gene delivery (approximately 29%).

“On October 10, 2023, Sana Biotechnology, Inc. (“Sana”) announced a portfolio update to increase its focus on its ex vivo cell therapy product candidates. As part of the portfolio update, Sana plans to reduce its near-term investment in its fusogen platform for in vivo gene delivery, including by delaying the investigational new drug (IND) filing for its SG299 program, and reduce its workforce by approximately 29%. Sana anticipates that the portfolio update and associated reduction in force will be substantially complete by the fourth quarter of 2023, which is expected to result in 2024 operating cash burn of less than $200.0 million. In connection with the portfolio update, Sana anticipates it will incur approximately $5.1 million and $1.7 million of cash-based expenses related to employee severance, benefits and related costs in the fourth quarter of 2023 and the first quarter of 2024, respectively.”

NS Wind Down Co., Inc. announced a restructuring with charges of approximately $5 million affecting global workforce (approximately 110 positions, representing approximately 20% of the Company's global workforce).

“costs and create a more streamlined organization to support its business. In connection with the reduction in force, the Company currently estimates it will incur approximately $5 million of costs, consisting primarily of cash severance costs and transition support services for impacted employees, which the Company expects to recognize in the fourth quarter of”

Kubient, Inc. announced a restructuring with charges of approximately $320,000 (approximately 36% reduction in the Company’s workforce , or 4 people).

“in connection with the workforce reduction plan with respect to severance payments and benefits. Severance and benefit continuation charges are estimated to be approximately $320,000 and are expected to be recognized primarily in the fourth quarter of 2023. The Company expects the organizational change will reduce current annualized payroll and benefit”

uniQure N.V. announced a restructuring with charges of approximately $2.3 million affecting global workforce and research operations (approximately 28% of the Company’s global workforce).

“The Plan includes the discontinuation of more than half of the Company’s research and technology projects, the elimination of approximately 28% of the Company’s global workforce and the closure of a research lab in Lexington, MA. The Company estimates that it will incur charges of approximately $2.3 million in connection with the Plan, consisting primarily of cash expenditures related to employee severance costs.”

JUNIPER NETWORKS INC announced a impairment with charges of approximately $14 million.

“the Company approved an expansion of the restructuring plan approved during the first half of 2023 and previously disclosed in our quarterly report for the quarter ended June 30, 2023 of approximately $14 million in costs relating to asset impairments.”

JUNIPER NETWORKS INC announced a restructuring with charges of approximately $59 million (approximately 440).

“Total costs currently estimated to be incurred in connection with the Plan are approximately $59 million, of which approximately $48 million are expected to result in cash expenditures. The Company expects to reduce worldwide headcount by approximately 440 and estimates that it will incur cash charges for severance and other related employee termination expenses of approximately $40 million.”

HELEN OF TROY LTD announced a restructuring with charges of approximately $60 million to $65 million affecting all operating segments and shared services.

“The Company now estimates lower total one-time pre-tax restructuring charges of approximately $60 million to $65 million over the duration of the plan.”

First Savings Financial Group, Inc. announced a restructuring with charges of approximately $2.5 million affecting the Bank's residential mortgage banking operations.

“which includes its third-party origination and retail loan production office channels. The Company estimates that it will incur total pre-tax expense of approximately $2.5 million in the first fiscal quarter ending December 2023 associated with exiting the Bank’s residential mortgage banking operations . These expenses, all of which are expected to result”

Kezar Life Sciences, Inc. announced a impairment affecting research and drug discovery activities.

“The Company may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the workforce reduction, including potential impairment charges due to the pausing of the Company’s research and drug discovery activities. However, the Company is not able to estimate the amount or range of amounts of such potential impairments as of the date of this Current Report on Form 8-K.”

Kezar Life Sciences, Inc. announced a restructuring with charges of approximately $2.9 million to $3.2 million (approximately 41%).

“will pause all research and drug discovery activities. The Company anticipates the one-time severance-related charge associated with the workforce reduction to be approximately $2.9 million to $3.2 million. The severance-related charge, which is expected to represent cash expenditures that the Company expects to incur in connection with the workforce reduction, are”

CareCloud, Inc. announced a restructuring with charges of approximately $0.5 million.

“part of software capitalization. A majority of the impacted employees will exit in the fourth quarter of 2023. The Company estimates that it will incur expenses of approximately $0.5 million related to the reduction in work force, of which approximately $0.4 million is expected to be incurred in 2023, with the remaining expenses to be incurred during 2024. These”

JABIL INC announced a restructuring with charges of approximately $300 million affecting Selling, General and Administrative ("SG&A") cost base and global footprint.

“subject to consultation with the Company’s employees and their representatives. Based on the analysis done to date, the Company currently expects to recognize approximately $300 million in pre-tax restructuring and other related costs over the course of the Company’s 2024 fiscal year. The charges relating to the 2024 Restructuring Plan are currently expected to”

SQZ Biotechnologies Co announced a impairment with charges of approximately $22 million affecting facility lease right of use asset and certain equipment.

“Due to the Workforce Reduction and resulting reduced space requirements, the Company currently estimates that it will recognize a non-cash impairment charge of approximately $22 million related to its facility lease right of use asset and certain equipment.”

SQZ Biotechnologies Co announced a restructuring with charges of approximately $1.5 million affecting workforce across the Company (approximately eighty percent).

“in its enhanced antigen presenting cell (eAPC) and activating antigen carriers (AAC) programs in HPV16+ tumors. The Company currently estimates that it will incur approximately $1.5 million in charges in connection with the Workforce Reduction, primarily consisting of employee-related benefits and related costs including continuation of group health insurance”

Syros Pharmaceuticals, Inc. announced a impairment with charges of approximately $0.3 to $0.6 million affecting laboratory equipment.

“the Company estimates that it will incur asset impairment charges of approximately $0.3 to $0.6 million relating to the retirement of laboratory equipment.”

Syros Pharmaceuticals, Inc. announced a restructuring with charges of approximately $1.8 to $2.0 million affecting the Company's employee base, excluding members of its drug discovery organization (approximately 35% of the Company's employee base).

“The Restructuring is expected to be complete by the end of 2023. As a result of the Restructuring, the Company estimates that it will incur approximately $1.8 to $2.0 million in costs in the fiscal quarter ending September 30, 2023 resulting from cash expenditures consisting of severance and benefit payments, outplacement services and related expenses (including such expenses incurred in connection with the Pfizer Agreement Termination).”

DIRTT ENVIRONMENTAL SOLUTIONS LTD announced a restructuring with charges of The Company expects to incur $0.5 million of costs in dismantling and decommissioning assets at the Rock Hill facility and expects to sell or transfer the asset affecting Rock Hill, South Carolina manufacturing facility.

“The Company expects to incur $0.5 million of costs in dismantling and decommissioning assets at the Rock Hill facility and expects to sell or transfer the assets to other DIRTT facilities.”

DIRTT ENVIRONMENTAL SOLUTIONS LTD announced a restructuring with charges of One-time, non-cash accelerated depreciation / impairment charges related to Rock Hill facility equipment is expected to be in the range of $7 to $9 million. affecting Rock Hill, South Carolina manufacturing facility.

“is pursuing a sublease arrangement. One-time, non-cash accelerated depreciation / impairment charges related to Rock Hill facility equipment is expected to be in the range of $7 to $9 million. The estimate of costs and charges that the Company expects to incur, and the timing thereof, are subject to a number of assumptions, and actual results may differ”

Utz Brands, Inc. announced a restructuring affecting Carlisle Street Plant, Hanover, Pennsylvania (No job loss will occur due to the Carlisle Plant closure.).

“Announced that the Company’s lowest-volume manufacturing plant in Hanover, Pennsylvania (the “Carlisle Street Plant”) will cease operations in the first quarter of 2024;”

Utz Brands, Inc. announced a restructuring with charges of approximately $11 million affecting Bluffton, Indiana manufacturing facility (Buyer has offered all Company employees at the Facility employment within Buyer’s continuing business at the Facility).

“Subject to the terms of the Purchase Agreements, Buyer has offered all Company employees at the Facility employment within Buyer’s continuing business at the Facility. The Company currently expects to incur pre-tax charges of approximately $11 million in connection with the Transactions in fiscal year 2023, substantially all of which are non-cash charges from the loss on sale of assets.”

PTC THERAPEUTICS, INC. announced a restructuring with charges of approximately $21.0 million affecting early-stage research and gene therapy manufacturing and associated selling, general and administrative functions in the United States (approximately 25%).

“On September 28, 2023, PTC Therapeutics, Inc. (the “Company”) announced further strategic prioritization following the continued review of its portfolio that the Company began in May 2023. In connection with the strategic prioritization, on September 28, 2023, the Company committed to a reduction in workforce of approximately 25%, which will primarily affect employees in the United States, including those employees involved in early-stage research and gene therapy manufacturing and associated selling, general and administrative functions. The Company plans to substantially complete the reduction in workforce by January 15, 2024. Affected employees will be offered separation benefits, including severance payments along with temporary healthcare coverage assistance and other benefits. The Company estimates that the employee severance and benefit costs along with required pre-termination associated payments and benefits will be approximately $21.0 million, substantially all of which are e”

Damora Therapeutics, Inc. announced a restructuring with charges of approximately $2.8 million in restructuring charges affecting workforce reduction (29 people, or approximately 70% of the Company’s existing headcount).

“of the Company’s existing headcount. The Restructuring Plan was communicated to employees starting on September 20, 2023. The Company estimates that it will incur approximately $2.8 million in restructuring charges in connection with the restructuring, consisting of (i) approximately $2.6 million in cash-based expenses related to employee severance and notice period”

GOODYEAR TIRE & RUBBER CO /OH/ announced a restructuring with charges of between $55 million and $65 million affecting Asia Pacific (approximately 700 positions).

“quarter. The Company expects to substantially complete this rationalization plan by the end of 2024 and estimates total pre-tax charges associated with this action to be between $55 million and $65 million, of which $40 million to $50 million are expected to be cash charges primarily for associate-related and lease exit costs, with the remainder primarily”

VivoSim Labs, INC. announced a restructuring with charges of approximately $0.5 million (approximately six employees, which represented approximately 24% of its employees).

“The Company now estimates that it will incur approximately $0.5 million of cash expenditures in connection with the reduction in force, which relate to severance pay, and are expected to be incurred through the quarter ending June 30, 2024.”

O-I Glass, Inc. /DE/ announced a restructuring with charges of approximately $60 million affecting Waco, Texas glass container plant (approximately 300 people).

“On September 19, 2023, O-I Glass, Inc. (the “Company”) approved the closure of its Waco, Texas glass container plant. The closure is expected to occur on or after October 16, 2023. The Company intends to facilitate the closure in a respectful manner for the approximately 300 people impacted at the Waco plant. Current customers of the plant will be served by other domestic plants in the Company’s network. The Company remains strongly focused on optimizing the overall efficiency of, and investments in, its regional plant network, and the decision to close the Waco plant is consistent with the Company’s previously communicated initiatives to improve performance across its operations. Subject to finalization of certain estimates, the Company expects to record a charge associated with the Waco closure of approximately $60 million in the third quarter of 2023.”

Molekule Group, Inc. announced a restructuring with charges of approximately $150,000 to $200,000 (approximately 15%).

“Reduction is part of the Company’s cost-reduction efforts intended to reduce operating expenses. The Company expects that it will incur non-recurring costs of approximately $150,000 to $200,000 as a result of this action, principally in severance expenses. The Company expects that the majority of these costs will be incurred in the third quarter of 2023 and”

Societal CDMO, Inc. announced a restructuring with charges of approximately $1 million (26 current employees and nine open positions).

“The Company estimates that it will incur approximately $1 million of one-time costs, most of which are expected to be cash expenditures, primarily in connection with the reduction in workforce related to severance pay and other related termination benefits. The Company communicated the workforce reduction on September 20, 2023”

Scorpius Holdings, Inc. announced a restructuring with charges of approximately $0.2 million to $0.3 million affecting research and development efforts (approximately 13 employees).

“research and development efforts. The Company expects to substantially complete the employee reduction immediately and estimates that it will incur a total of approximately $0.2 million to $0.3 million in charges in connection with the workforce reduction, all of which is expected to be incurred in the third quarter of 2023. These charges consist primarily of”

Gentherm Inc announced a restructuring with charges of between $14 million and $18 million affecting Greenville, South Carolina facility; Monterrey, Mexico.

“organization best positioned to deliver on its key financial and operational priorities. In connection with the Plan, the Company expects to incur total costs of between $14 million and $18 million, of which between $14 million and $17 million are expected to be cash expenditures. The total expected costs include employee severance, retention and termination”

Revance Therapeutics, Inc. announced a impairment with charges of between an estimated $80 million and $100 million affecting goodwill and other assets.

“the Company currently estimates the total non-cash impairment charges from goodwill and other assets to be between an estimated $80 million and $100 million.”

Revance Therapeutics, Inc. announced a restructuring with charges of up to $7.0 million affecting OPUL® payments business (reduction in OPUL® personnel headcount).

“to execute on the Company’s loyalty and practice partnership priorities. The Company expects to record a restructuring charge in connection with such activities of up to $7.0 million, primarily consisting of severance and other related costs. This amount excludes charges related to the material impairment charges described in Item 2.06 below. The Company”

Kinnate Biopharma Inc. announced a restructuring with charges of approximately $2.0 million (approximately 70%).

“Kinnjiu Biopharma. The Company initiated the Plan effective September 18, 2023. In connection with this Plan, the Company expects to incur one-time costs of approximately $2.0 million, primarily in the third quarter of 2023, relating to severance and related benefits. Cash payments related to these expenses will be paid out, and the Plan is expected to be”

Canopy Growth Corp announced a impairment with charges of the Company expects to incur an asset impairment charge of between approximately CDN$100-$130 million in the second quarter of fiscal year 2024 under generally affecting BioSteel Entities.

“In conjunction with the CCAA process, the Company expects to incur an asset impairment charge of between approximately CDN$100-$130 million in the second quarter of fiscal year 2024 under generally accepted accounting principles.”

Canopy Growth Corp announced a restructuring with charges of The Company expects to incur charges of between CDN$15-20 million, of which the Company expects approximately CDN$3.7 million will consist of payroll-related ch affecting BioSteel Sports Nutrition Inc. and its affiliates (terminating, effective, as applicable, commencing September 14, 2023 and on an ongoing basis, 181 employees who were emp).

“the entire workforce thereof was employed by the Company and will receive termination benefits and severance, as applicable. The Company expects to incur charges of between CDN$15-20 million, of which the Company expects approximately CDN$3.7 million will consist of payroll-related charges to be paid by the Company or Canopy Growth USA. The remaining”

HAIN CELESTIAL GROUP INC announced a restructuring with charges of $90-$100 million affecting the Company's operating segments and Corporate.

“Implementation of the 2024 Hain Reimagined Program, which is expected to be completed by the end of the 2027 fiscal year, is projected to result in cumulative pretax restructuring charges totaling $90-$100 million”

Akili, Inc. announced a restructuring with charges of approximately $2.3 – $2.8 million affecting the Company (approximately 40%).

“of 2023. Affected employees will be offered severance and other benefits, and the Company estimates that these severance and termination-related costs will be approximately $2.3 – $2.8 million and expects to record these charges in the third quarter of 2023. The Company also expects that payments of most of these costs will be made in 2023. As a result of”

2seventy bio, Inc. announced a restructuring with charges of approximately $9 million (approximately 40% of its workforce).

“On September 12, 2023, 2seventy bio, Inc. (the “Company”) announced a strategic restructuring, including plans to reduce its workforce by approximately 40%. The Company expects this workforce reduction and restructuring will preserve its cash runway into 2026 and will be substantially completed by the fourth quarter of 2023. In connection with this workforce reduction and restructuring, the Company expects to incur one-time costs of approximately $9 million, primarily in the third quarter of 2023, relating to severance and retention packages and related benefits.”