Cidara Therapeutics Inc.
09/12/2024 | Press release | Distributed by Public on 09/12/2024 14:19
Material Event Form 8 K
Item 2.05 Costs Associated with Exit or Disposal Activities.
On September 9, 2024, management of Cidara Therapeutics, Inc. (the "Company"), as authorized by the Board of Directors of the Company, approved a reduction in the Company's workforce (the "Reduction") of 20 employees, which represents approximately 30% of the Company's workforce as of the date of this Current Report on Form 8-K. The Reduction reflects the Company's focus on the clinical development of CD388, its influenza product candidate. The Reduction is expected to be substantially completed by November 1, 2024.
The Company estimates that it will incur charges of approximately $1.2 million for severance payments and employee benefits, primarily in the fourth quarter of 2024. Substantially all of the estimated charges are expected to result in future cash expenditures. The estimated charges that the Company expects to incur are subject to a number of assumptions, and actual results may differ materially from these estimates. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the Reduction.