Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Sana Biotechnology, Inc. announced a restructuring with charges of approximately $7.9 million of cash-based expenses related to employee severance, benefits and related costs; and approximately $2.2 million non-cash stock-based (approximately 15%).
- Type
- restructuring
- Charge
- approximately $7.9 million of cash-based expenses related to employee severance, benefits and related costs; and approximately $2.2 million non-cash stock-based
- Headcount
- approximately 15%
Exact text from the filing
On November 29, 2022, Sana Biotechnology, Inc. (“Sana”) issued a press release announcing a portfolio prioritization and corporate restructuring designed to optimize development of its programs at or nearing clinical development, to continue investments in its core research platforms and innovation, and to maintain a strong balance sheet with an expected cash runway into 2025. As part of the prioritization and restructuring, Sana will reduce its workforce by approximately 15% by the end of 2022. In connection with the restructuring, Sana anticipates it will incur approximately $7.9 million of cash-based expenses related to employee severance, benefits and related costs, primarily in the fourth quarter of 2022, when it anticipates that the restructuring will be substantially complete. In addition, Sana expects to record a non-cash stock-based compensation charge of approximately $2.2 million related to modification of equity awards for employees impacted by the restructuring.
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