The company is ceasing future development efforts on AUR200 and its pre-clinical asset AUR300. Correspondingly, the company expects to take a restructuring charge of approximately $11M-$15M in 1Q24. The company anticipates reducing employee headcount by at least 25% by the end of 1Q24. There is no planned reduction in headcount in commercial or commercial supporting roles. The charge will primarily be made up of severance costs, contract termination costs and other costs associated with terminating the programs. The company expects to recognize cost savings of approximately $50M-$55M annually, with approximately 75% of the savings being recognized in 2024 excluding the one-time restructuring charge in the first quarter of 2024, with no impact on commercial investment.
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