- Inovio ( NASDAQ: INO ) on Tuesday said it would implement a corporate reorganization which would include a reduction in its workforce by 18% and its contractors by 86%.
- The biotech company said the reorganization is expected to reduce operating expenses by about 30% over the next 18 months.
- The reorganization is also expected to extend Inovio's ( INO ) cash runway into Q3 2024.
- INO said it will record a one-time restructuring charge of ~$1.6M in Q3 2022.
- INO stock was up 1.1% at $1.86 after the opening bell.
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Inovio to cut workforce by 18% as part of corporate reorganization