OCULAR THERAPEUTIX, INC (OCUL): restructuring charge — Ocular Therapeutix cuts 13% of workforce, 37 jobs, to prioritize AXPAXLI

OCULAR THERAPEUTIX, INC

Board approved reduction in force of 37 employees (~13% of workforce), mainly in R&D and technical operations.
Action taken to focus resources on AXPAXLI (axitinib intravitreal implant) for wet AMD clinical development.
Expects total restructuring costs of $1.0 to $2.0 million for severance and related costs in Q2/Q3 2024.
Reduction expected to be substantially completed in Q2 2024.

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

OCULAR THERAPEUTIX, INC announced a restructuring with charges of approximately $1.0 to $2.0 million affecting research and development and technical operations (37 full-time employees).

Type: restructuring
Charge: approximately $1.0 to $2.0 million
Affected area: research and development and technical operations
Headcount: 37 full-time employees

Exact text from the filing

reduction in force and to record the related restructuring charges in the second quarter of 2024. The Company anticipates incurring total restructuring costs of approximately $1.0 to $2.0 million, which includes garden leave, severance benefits and related costs and which are expected to result in cash expenditures during the second and third quarters of

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OCULAR THERAPEUTIX, INC filing history →

Source: SEC EDGAR

accession 0001104659-24-067544

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