Management Change/Compensation Form 8 K

Item 2.05 Costs Associated with Exit or Disposal Activities.

On September 4, 2024, Bionano Genomics, Inc. (the "Company") committed to a reorganization plan (the "Plan"), including a reduction in force (the "Reduction") intended to decrease expenses and maintain a streamlined organization to support key programs and customers, and that is expected to conserve cash. The Plan will refocus the Company's efforts on the current installed base of optical genome mapping ("OGM") systems with less emphasis on new placements of OGM systems and more emphasis on ensuring customers are able to maximize their utilization of the OGM systems. As part of the Reduction, the Company expects to reduce its overall headcount by approximately 84 employees, which represents approximately 45% of its full-time employees as of September 3, 2024. These cost-saving measures from the Plan are incremental to the cost saving initiatives previously announced in May 2023, October 2023, and March 2024 and are expected to reduce annual operating expenses by approximately an additional $25.0 million to $30.0 million beginning in the fourth quarter of 2024. The Company estimates that it will incur total restructuring charges of approximately $0.5 million to $1.0 million, including severance payments in connection with the Plan. Of the total charges, substantially all charges are expected to be future cash expenditures. The Company expects the Reduction will be substantially completed by October 1, 2024.

The estimates of the charges that the Company expects to incur in connection with the Reduction, and the timing thereof, are subject to a number of assumptions and actual amounts may differ materially from 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 Reduction.