Instil Bio, Inc. (TIL): restructuring charge — Instil Bio to close remaining UK operations, cut workforce, incur up to $5.5M in restructuring costs

Instil Bio, Inc.

Board approved restructuring plan to close Manchester, UK operations and eliminate remaining UK workforce.
Estimated aggregate restructuring costs up to $5.5M, including asset impairment ($2.2M), severance ($2.0M), and contract termination ($1.3M).
Workforce reduction expected to be substantially complete by end of 2024.
Charges are subject to assumptions; additional costs may arise not currently contemplated.

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

Instil Bio, Inc. announced a restructuring with charges of up to $5.5 million affecting Manchester, UK operations (eliminating its remaining UK workforce).

Type: restructuring
Charge: up to $5.5 million
Affected area: Manchester, UK operations
Headcount: eliminating its remaining UK workforce

Exact text from the filing

expected to be substantially complete by the end of 2024. In connection with the Plan, the Company currently estimates that it will incur aggregate restructuring costs of up to $5.5 million, including asset impairment charges of up to $2.2 million, employee termination costs, including severance and other benefits of up to $2.0 million, and contract termination

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Instil Bio, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-039726

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