Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Third Harmonic Bio, Inc. announced a restructuring with charges of approximately $2.3 million (approximately 27 employees, representing an approximate 50%).
- Type
- restructuring
- Charge
- approximately $2.3 million
- Headcount
- approximately 27 employees, representing an approximate 50%
Exact text from the filing
On February 11, 2025, the Board of Directors of the Company approved, and management began implementing, a restructuring plan (the “ Restructuring Plan ”) to reduce operating costs and better align its workforce with the needs of its strategic research and development strategy. The implementation of the Restructuring Plan should be substantially complete by the end of the second quarter 2025. Under the Restructuring Plan, the Company is reducing its overall workforce by approximately 27 employees, representing an approximate 50%. Impacted employees are eligible to receive severance benefits. These severance benefits are contingent upon an impacted employee’s execution (and non-revocation) of a severance agreement, which includes a general release of claims against the Company. The Company expects that it will incur approximately $2.3 million of aggregate severance and exit costs in connection with the Restructuring Plan, which will be recorded primarily in the first and second quarters
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