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.

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