Ventyx Biosciences, Inc.: restructuring charge — Ventyx Biosciences reduces workforce by ~20%, expects $2.0M severance costs

Ventyx Biosciences, Inc.

Reduction in force impacts approximately 20% of the company's workforce.
Estimated total severance and benefit expenses of $2.0 million.
Additional charges may be incurred; details to follow in 2023 10-K.

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

Ventyx Biosciences, Inc. announced a restructuring with charges of approximately $2.0 million (approximately 20% of the Company’s workforce).

Type: restructuring
Charge: approximately $2.0 million
Headcount: approximately 20% of the Company’s workforce

Exact text from the filing

On December 5, 2023, Ventyx Biosciences, Inc. (the “Company”), committed to and implemented a reduction in force that impacted approximately 20% of the Company’s workforce. The Company expects to recognize approximately $2.0 million in total expenses for severance and related benefits for employees laid off under the reduction in force, consisting primarily of severance payments and continued healthcare benefits for a specific period of time.

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Source: SEC EDGAR

accession 0001193125-23-290726

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