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 $5.1 million and $1.7 million affecting fusogen platform for in vivo gene delivery (approximately 29%).
- Type
- restructuring
- Charge
- approximately $5.1 million and $1.7 million
- Affected area
- fusogen platform for in vivo gene delivery
- Headcount
- approximately 29%
Exact text from the filing
On October 10, 2023, Sana Biotechnology, Inc. (“Sana”) announced a portfolio update to increase its focus on its ex vivo cell therapy product candidates. As part of the portfolio update, Sana plans to reduce its near-term investment in its fusogen platform for in vivo gene delivery, including by delaying the investigational new drug (IND) filing for its SG299 program, and reduce its workforce by approximately 29%. Sana anticipates that the portfolio update and associated reduction in force will be substantially complete by the fourth quarter of 2023, which is expected to result in 2024 operating cash burn of less than $200.0 million. In connection with the portfolio update, Sana anticipates it will incur approximately $5.1 million and $1.7 million of cash-based expenses related to employee severance, benefits and related costs in the fourth quarter of 2023 and the first quarter of 2024, respectively.
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