TCR2 THERAPEUTICS INC.: restructuring charge — TCR2 Therapeutics cuts workforce ~40%, prioritizes gavo-cel ovarian cancer & second-gen programs

TCR2 THERAPEUTICS INC.

Workforce reduced ~40%; $3M pre-tax severance/termination charges expected in Q1 2023.
gavo-cel Phase 2 now focused solely on ovarian cancer cohort; durability data expected 2H 2023.
Second-gen TC-510 (PD-1:CD28 switch) Phase 1 ongoing; objective response data expected 2H 2023.
Cash runway extended into early 2025 due to cost savings from restructuring.
TC-520 (anti-CD70 with IL-15 enhancements) advancing to IND.

item 2.05 item 7.01 item 9.01

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

TCR2 THERAPEUTICS INC. announced a restructuring with charges of approximately $3 million (approximately 40%).

Type: restructuring
Charge: approximately $3 million
Headcount: approximately 40%

Exact text from the filing

On January 5, 2023, TCR 2 Therapeutics Inc. (the “Company”) announced a reprioritization of the Company’s clinical and research priorities and a corresponding reduction in workforce and adjustment to the Company’s manufacturing network, designed to reduce costs and reallocate resources while maintaining the personnel needed to support the Company’s key programs and refocused pipeline (the “Restructuring”). The Restructuring would reduce the Company’s workforce by approximately 40%, with the reductions in personnel expected to be substantially completed by the end of January 2023. The Company estimates that it will incur aggregate pre-tax charges of approximately $3 million in connection with the Restructuring, which includes one-time employee severance and termination payments and other disposal and restructuring charges.

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Source: SEC EDGAR

accession 0001193125-23-002029

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