other material
confidence high
sentiment negative
materiality 0.85
Aerovate Therapeutics cuts 78% of workforce after halting AV-101 trial
Jade Biosciences, Inc.
- Reduction follows shutdown of Phase 2b/3 trial of AV-101 and long-term extension study.
- First wave terminates 39 employees (78% of workforce); nearly all remaining staff to follow.
- Estimated severance costs of $5.6 million, expected in Q3 and Q4 2024.
- Severance contingent on separation agreement with general release of claims.