By Kailyn Rhone
Oncternal Therapeutics plans to cut its workforce by Dec. 2, leaving only four employees in part-time roles as the company explores strategic options.
As of March 1, the clinical-stage biopharmaceutical company had 27 full-time employees, three part-time employees, and several consultants. The decision to reduce its jobs was approved by its board on Nov. 13.
The San Diego-based company expects to incur around $2.4 million in costs related to severance, benefits and termination expenses. The charges will be primarily recorded in the fourth quarter.
Oncternal anticipates to complete the job reduction by year-end.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
November 14, 2024 18:15 ET (23:15 GMT)
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