On December 4, 2024, Hillevax Commenced A Workforce Reduction Of 28 Employees, Constituting ~70% Of The Company's Workforce; Estimates That It Will Incur Charges Associated With The Workforce Reduction Of ~$6.1M

Benzinga2024-12-05

On December 4, 2024, HilleVax, Inc. (the "Company") commenced a workforce reduction of 28 employees, constituting approximately 70% of the Company's workforce, to reduce its operating expenses. The Company's remaining management and employees will continue to explore and evaluate the development of its norovirus vaccine candidates as well as business development-related activities for these vaccine candidates and other strategic alternatives. This workforce reduction is expected to be substantially complete by the end of January 2025.

The Company currently estimates that it will incur charges associated with the workforce reduction of approximately $6.1 million primarily related to employee severance payments, benefits and related termination costs. The Company expects the majority of related charges to be recognized in the fourth quarter of 2024.

The estimates of the charges and expenditures that the Company expects to incur in connection with the workforce reduction, and the timing thereof, are subject to several assumptions and the actual amounts incurred may differ materially from these estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the workforce reduction.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment