Hookipa Pharma Inc (HOOK) has released an update to notify the public and investors about termination and asset disposition expenses.
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HOOKIPA has decided to focus on developing HB-200 for HPV16+ head and neck cancers and its Gilead-partnered infectious disease programs, halting HB-300 development and most preclinical research. Consequently, it plans to cut its workforce by 55 employees, about 30% of its staff, aligning costs with the new R&D focus. The Reduction Plan will cost around $1.5 million in severance and related charges, with expected non-cash asset impairments of $10-13 million and recognition of $20 million in deferred payments due to Roche’s agreement termination. These estimates are subject to change, and further unforeseen costs may arise.
For further insights into HOOK financials, check out TipRanks’ Financials page.
