INOVIO PHARMACEUTICALS, INC. (INO): restructuring charge — Inovio cuts 30% of workforce (58 employees) in reorganization plan; expects $2.1M charge, $9.9M annual savings

INOVIO PHARMACEUTICALS, INC.

Reduction in force of 58 employees (~30% of full-time employees) committed on July 31, 2023.
One-time pre-tax charge of ~$2.1M in Q3 2023 mainly for severance and benefits.
Expects annual cost savings of ~$9.9M from the restructuring.
Cash payments for severance expected by October 31, 2023; charges incurred by Sept 30, 2023.

item 2.05

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

INOVIO PHARMACEUTICALS, INC. announced a restructuring with charges of approximately $2.1 million (58 employees).

Type: restructuring
Charge: approximately $2.1 million
Headcount: 58 employees

Exact text from the filing

On July 31, 2023, Inovio Pharmaceuticals, Inc. (the “ Company ”) committed to and communicated a corporate reorganization plan, including a reduction in force of 58 employees (the “ Reduction ”), representing approximately 30% of its full-time employees. The Company expects to incur a one-time pre-tax charge of approximately $2.1 million in the third quarter of 2023 related to the Reduction, consisting primarily of one-time severance payments upon termination, continued healthcare benefits for a specific period of time, and outplacement services.

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Source: SEC EDGAR

accession 0001193125-23-199683

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