Kronos Bio, Inc.: restructuring charge — Kronos Bio cuts 19% of workforce; expects ~$1.8M severance charges in Q4 2023

Kronos Bio, Inc.

Board approved ~19% workforce reduction; completion expected November 2, 2023.
Pre-tax cash severance charges of ~$1.8M in Q4 2023; up to ~$0.3M for COBRA over six months.
After restructuring, existing resources expected to fund planned operations into 2026.
Reduction part of strategic resource allocation and cost containment plan.

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

Kronos Bio, Inc. announced a restructuring with charges of approximately $1.8 million associated with cash severance payments and up to approximately $0.3 million in charges associated with cash payments for COBRA reimb (approximately 19% reduction of its workforce).

Type: restructuring
Charge: approximately $1.8 million associated with cash severance payments and up to approximately $0.3 million in charges associated with cash payments for COBRA reimb
Headcount: approximately 19% reduction of its workforce

Exact text from the filing

On October 30, 2023, the Board of Directors of Kronos Bio, Inc. (the “Company”) approved an approximately 19% reduction of its workforce as part of a strategic resource allocation, restructuring and cost containment plan. The workforce reduction is expected to be completed on November 2, 2023. In connection with the reduction in workforce, the Company expects to incur charges of approximately $1.8 million associated with cash severance payments in the fourth quarter of 2023, and up to approximately $0.3 million in charges associated with cash payments for COBRA reimbursement over as much as the next six months.

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Source: SEC EDGAR

accession 0001140361-23-051135

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