2023-04-04 17:43:11 ET
- NGM Biopharmaceuticals ( NASDAQ: NGM ) on Tuesday said it would cut about 33% of its workforce.
- The company in a regulatory filing said its headcount would be reduced by 75 people and that it expects to incur about $5M in restructuring charges.
- NGM expects to incur the majority of the restructuring charges in Q2 2023 and expects the workforce reduction to be complete by the end of Q2.
- After implementing the restructuring, the company expects its existing cash, cash equivalents and short-term marketable securities to be sufficient to fund its operations into Q2 2025.
- NGM also said its chief scientific officer Jin-Long Chen had resigned.
- NGM stock earlier closed -4.6% at $3.96.
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NGM Biopharmaceuticals to cut workforce by 33%, incur restructuring charges of ~$5M