Kinnate Biopharma (KNTE) to Cut 56% Staff

On January 9, 2024, Kinnate Biopharma (NASDAQ: KNTE) committed to implement a further workforce reduction (the “RIF”) pursuant to which the Company will reduce its workforce by approximately 56% to a total of 12 remaining full-time employees. The RIF is being implemented in connection with a process the Company is conducting to explore strategic alternatives in an effort to maximize shareholder value.

The Company expects to incur one-time costs of approximately $1.2 million in the first quarter of 2024 in connection with the RIF, relating to severance and related benefits. Cash payments related to these expenses will be paid out, and the RIF is expected to be completed, during the first quarter of 2024. The estimates of expenses and cash costs that the Company expects to incur, and the timing thereof, are subject to a number of assumptions and actual results may differ. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the actions described above.

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