2seventy bio (TSVT) has released an update to notify the public and investors about termination and asset disposition expenses.
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The Company has disclosed an Asset Sale but cannot yet estimate the resulting charge or future cash expenditures, and commits to providing an amended report once such estimates are determined. Concurrently, the Company announced a 14% workforce reduction as part of a strategic restructuring after the Asset Sale. This downsizing, approved by the Board and primarily affecting the first half of 2024, is anticipated to result in about $8 million in one-time severance and related costs, with the process expected to be completed by the end of the second quarter. Costs may vary based on changing assumptions and unforeseen events linked to the restructuring.
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For a comprehensive understanding of the announcement, you can read the full document here.