LENZ Therapeutics, Inc. (LENZ): restructuring charge — Graphite Bio discontinues sickle cell gene therapy nula-cel, cuts workforce 50%, explores strategic alternatives

LENZ Therapeutics, Inc.

Discontinues development of nula-cel for sickle cell disease; exploring external continuation.
Reduces workforce by approximately 50%; expects severance costs of ~$4.9M in Q2 2023.
Chief Business Officer and Chief Scientific Officer to depart in Q2 2023.
Preliminary unaudited cash, equivalents, and marketable securities of ~$283.5M as of Dec 31, 2022.
Will continue early-stage non-genotoxic conditioning program; board approved restructuring.

item 2.05 item 5.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

LENZ Therapeutics, Inc. announced a restructuring with charges of approximately $4.9 million (approximately 50%).

Type: restructuring
Charge: approximately $4.9 million
Headcount: approximately 50%

Exact text from the filing

Under the Plan, the Company is reducing its workforce by approximately 50%. The Company expects to incur estimated severance and related costs of approximately $4.9 million, which will be recorded primarily in the second quarter of 2023.

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3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

LENZ Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-003808

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