Ocular Therapeutix (OCUL) cuts 13% staff

On May 29, 2024, the board of directors (the “Board”) of Ocular Therapeutix (NASDAQ: OCUL) approved a strategic reduction in force to eliminate 37 full-time employees of the Company, primarily in research and development and technical operations and representing approximately 13% of the Company’s workforce, as part of an initiative to prioritize Company resources on the clinical development of AXPAXLI™ (axitinib intravitreal implant, also known as OTX-TKI) for the treatment of wet age-related macular degeneration.

The Company currently expects to substantially complete the reduction in force and to record the related restructuring charges in the second quarter of 2024. The Company anticipates incurring total restructuring costs of approximately $1.0 to $2.0 million, which includes garden leave, severance benefits and related costs and which are expected to result in cash expenditures during the second and third quarters of 2024. The Company is continuing to review its business plan and the potential impact of the reduction in force and is unable to estimate any additional restructuring costs or charges at this time. If the Company subsequently determines that it will incur additional significant costs and restructuring charges, it will amend this Current Report on Form 8-K to disclose such information.

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