Jade Biosciences, Inc. (JBIO): restructuring charge — Aerovate Therapeutics to reduce nearly all workforce after ending AV-101 trial

Jade Biosciences, Inc.

On June 25, 2024, Aerovate began workforce reduction after ending AV-101 clinical program.
First wave: 39 employees (78% of workforce) terminated; nearly all remaining staff to be let go.
Estimated $5.6 million in severance costs, mostly one-time, to be incurred in Q3 and Q4 2024.
Severance contingent on separation agreements with general release of claims.

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

Jade Biosciences, Inc. announced a restructuring with charges of approximately $5.6 million (39 individuals, or 78% of the Company's workforce).

Type: restructuring
Charge: approximately $5.6 million
Headcount: 39 individuals, or 78% of the Company's workforce

Exact text from the filing

against the Company. In connection with the Workforce Reduction Plan, the Company estimates that it will be incurring costs (in consideration of releases) of approximately $5.6 million, which are primarily one-time severance benefits. These costs are expected to be incurred in the third and fourth quarter of 2024. Cautionary Note Regarding Forward-Looking

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2 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Jade Biosciences, Inc. filing history →

Source: SEC EDGAR

accession 0001798749-24-000039

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