KYNTRA BIO, INC. (KYNB): restructuring charge — FibroGen cuts US workforce 32% (104 employees); expects $13-15M charges

KYNTRA BIO, INC.

Workforce reduction of ~32% (104 U.S. employees) approved July 14, 2023.
Non-recurring charges of $13-15M for severance, notice pay, vacation, benefits.
Plan expected to generate $30-35M in annual cost savings.
Majority of charges in Q3 2023; reduction substantially complete by Q1 2024.
Company expects existing cash, equivalents, investments to fund ops into 2026.

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

KYNTRA BIO, INC. announced a restructuring with charges of $13-15 million affecting U.S. workforce (approximately 32% (or 104 employees)).

Type: restructuring
Charge: $13-15 million
Affected area: U.S. workforce
Headcount: approximately 32% (or 104 employees)

Exact text from the filing

The Company estimates that it will incur non-recurring charges in the range of $13-15 million in connection with the Plan, primarily consisting of severance payments, notice pay, accrued vacation, and employee benefits contributions.

View on SEC.gov

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

KYNTRA BIO, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-033458

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