By Dean Seal
CytomX Therapeutics said it would reduce its organizational headcount by about 40%, primarily affecting staff in general and administrative functions.
The oncology-focused biopharma company said Monday the job cuts are expected to extend its cash runway into the second quarter of 2026.
CytomX expects the restructuring to cost about $5 million to $6 million. The charges will be recorded in the first quarter of this year, when the layoffs are expected to be substantially completed. The costs are related to one-time termination severance payments.
The smaller workforce that remains will prioritize CX-2051, CytomX's tumor-fighting drug candidate.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 06, 2025 17:26 ET (22:26 GMT)
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