Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Q32 Bio Inc. announced a restructuring with charges of approximately $6.8 million (approximately 80 employees).
- Type
- restructuring
- Charge
- approximately $6.8 million
- Headcount
- approximately 80 employees
Exact text from the filing
On July 25, 2023, the Board of Directors (the “ Board ”) of Homology Medicines, Inc. (the “ Company ”) approved a reduction in the Company’s current workforce by approximately 80 employees. The decision was based on cost-reduction initiatives intended to reduce the Company’s ongoing operating expenses and maximize shareholder value as the Company plans to pursue strategic options. The reduction in force included Julie Jordan, M.D., the Company’s Chief Medical Officer and Michael Blum, the Company’s Chief Commercial Officer. The Company intends to retain Mr. Blum as a consultant. The Company currently estimates that it will incur approximately $6.8 million in charges in connection with the reduction in force, primarily consisting of severance payments, employee benefits and related costs, including tax costs and excluding noncash expenses associated with share-based awards.
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