HilleVax, Inc.: restructuring charge — HilleVax cuts 70% of workforce (28 employees) and three officers depart; expects $6.1M severance charges

HilleVax, Inc.

Workforce reduction of 28 employees (approx. 70% of workforce) effective Dec 4, 2024; substantially complete by end of Jan 2025.
Estimated charges of ~$6.1M for severance, benefits, and termination costs; majority recognized in Q4 2024.
COO Sean McLoughlin, CMO Astrid Borkowski, and CBO Aditya Kohli cease officer roles Dec 19; McLoughlin and Kohli become consultants, Borkowski non-executive employee.
Company to continue evaluating norovirus vaccine candidates and exploring business development and strategic alternatives.

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

HilleVax, Inc. announced a restructuring with charges of approximately $6.1 million primarily related to employee severance payments, benefits and related termination costs (28 employees, constituting approximately 70% of the Company’s workforce).

Type: restructuring
Charge: approximately $6.1 million primarily related to employee severance payments, benefits and related termination costs
Headcount: 28 employees, constituting approximately 70% of the Company’s workforce

Exact text from the filing

to be substantially complete by the end of January 2025. The Company currently estimates that it will incur charges associated with the workforce reduction of approximately $6.1 million primarily related to employee severance payments, benefits and related termination costs. The Company expects the majority of related charges to be recognized in the fourth

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Source: SEC EDGAR

accession 0000950170-24-133668

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