Kronos Bio Inc.
11/27/2024 | Press release | Distributed by Public on 11/27/2024 05:01
Management Change/Compensation Form 8 K
Item 2.05 Costs Associated with Exit or Disposal Activities.
On November 22, 2024, the Board of Directors (the "Board") of Kronos Bio, Inc. (the "Company") approved an approximately 83% reduction in its workforce as part of a strategic resource allocation and cost containment plan. The workforce reduction is expected to be substantially completed on December 31, 2024.
In connection with the reduction in workforce, the Company expects to incur a charge of approximately $3.7 million relating to the cash-based expense of the employee severance, benefits, and related costs. The Company anticipates payments associated with the workforce reduction will be substantially complete by the end of the first quarter of 2025.