ORTX - Orchard to cut ~30% workforce amid plans to refine portfolio; reports Q4 results

Orchard Therapeutics (ORTX -3.3%) reported its Q4 result and said it plans to refine its portfolio and undertake a 30% proposed workforce reduction. The company said it plans to focus its hematopoietic stem cell (HSC) gene therapy platform exclusively on severe neurometabolic diseases and early research programs. Orchard added that it plans to seek strategic alternatives for primary immunodeficiency programs, including OTL-103 in Wiskott-Aldrich syndrome. The company has proposed to reduce its current workforce by ~30%, which will result in a restructuring charge in 2022. The company noted that the actions are intended to extend its cash runway into 2024 and focus operations on the highest value programs in its portfolio. As of Dec. 31, 2021 cash, cash equivalents and investments, were ~$220.1M, with $33M of debt outstanding, compared to $191.9M and $25M of debt outstanding as of Dec. 31, 2020. The company expects R&D expenses to decline beginning in Q2 due

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Orchard to cut ~30% workforce amid plans to refine portfolio; reports Q4 results