Gritstone bio, Inc.: restructuring charge — Gritstone bio cuts workforce 40%, expects $2.5M in severance costs in H1 2024

Gritstone bio, Inc.

Workforce reduction of approximately 40% announced on February 29, 2024.
Aggregate cash costs estimated at $2.5M, primarily for employee severance and benefits.
Majority of costs expected to be incurred during the first half of 2024.
Reduction aimed at reducing costs and preserving capital.

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

Gritstone bio, Inc. announced a restructuring with charges of approximately $2.5 million (approximately 40 percent).

Type: restructuring
Charge: approximately $2.5 million
Headcount: approximately 40 percent

Exact text from the filing

On February 29, 2024, Gritstone bio, Inc. (the “Company”) announced a reduction in its workforce by approximately 40 percent intended to reduce costs and preserve capital. The Company expects to incur aggregate cash expenditures of approximately $2.5 million, primarily related to employee severance and benefit costs associated with the workforce reduction.

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Source: SEC EDGAR

accession 0001193125-24-053438

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