KYNTRA BIO, INC. (KYNB): restructuring charge — FibroGen cuts 75% of U.S. workforce (127 employees); charges $16-18M

KYNTRA BIO, INC.

Workforce reduction of ~75% (127 U.S. employees) effective Aug 2, 2024.
Estimated non-recurring charges of $16-18M for severance, payroll, benefits.
Majority of charges expected in H2 2024; cash payments substantially complete by Q1 2025.
Restructuring follows negative pamrevlumab clinical trial data announced earlier that week.
Potential position eliminations subject to legal requirements; process may extend beyond Q1 2025.

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 $16-18 million affecting U.S. workforce (approximately 75% with 127 U.S. employees).

Type: restructuring
Charge: $16-18 million
Affected area: U.S. workforce
Headcount: approximately 75% with 127 U.S. employees

Exact text from the filing

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

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

KYNTRA BIO, INC. filing history →

Source: SEC EDGAR

accession 0000950170-24-092967

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