Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Verrica Pharmaceuticals Inc. announced a restructuring with charges of approximately $1.0 million, including a one-time charge totaling approximately $0.7 million in connection with one-time employee termination costs, including se (reduction of its workforce by 47 employees).
- Type
- restructuring
- Charge
- approximately $1.0 million, including a one-time charge totaling approximately $0.7 million in connection with one-time employee termination costs, including se
- Headcount
- reduction of its workforce by 47 employees
Exact text from the filing
On October 1, 2024, Verrica Pharmaceuticals Inc. (the “Company”) announced a reduction of its workforce by 47 employees, which the Company expects to be substantially completed by October 1, 2024. The Board of Directors of the Company approved these actions on September 23, 2024 in order to streamline operations, reduce costs, and preserve capital. As a result, the Company expects to incur total expenses of approximately $1.0 million, including a one-time charge totaling approximately $0.7 million in connection with one-time employee termination costs, including severance and other benefits, and an estimated deemed loss on vehicle sales of $0.3 million.
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