Item 2.05. Costs Associated with Exit or Disposal Activities.
This Current Report on Form 8-K/A amends and supplements the Current Report on
Form 8-K filed on
As previously announced, the restructuring plan includes an incremental reduction in the Company's workforce as well as additional cost-saving initiatives intended to preserve capital while the Company continues to assess potential strategic alternatives with the goal of maximizing shareholder value and seek a potential partner for the further development of Vicineum. The restructuring plan is expected to be substantially complete by the end of the fourth quarter of 2022.
The Company currently estimates that it will incur aggregate restructuring
charges in the third and fourth quarters of 2022 ranging from approximately
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This Current Report on Form 8-K/A contains forward-looking statements,
including, but not limited to, statements regarding estimated costs associated
with the restructuring plan, the expected timing of implementing and completing
the restructuring plan, the Company's ability to preserve capital while it
continues to assess potential strategic alternatives and seek a potential
partner for the further development of Vicineum, the expected timing for
incurring costs associated with the restructuring plan and the Company's ability
to negotiate refunds that may further offset the restructuring charges and
otherwise mitigate costs, which are based on the Company's current expectations
and inherently involve significant risks and uncertainties. The Company's actual
results and the timing of events could differ materially from those anticipated
in such forward-looking statements as a result of these risks and uncertainties,
including the risk that the Company may not be able to implement the
restructuring plan as currently anticipated or within the timing currently
anticipated, the impact of the workforce reduction on the Company's business,
the risk that the Company's cost saving initiatives may not be successful,
unanticipated difficulties with preserving capital, unanticipated difficulties
in terminating certain contracts and arrangements, unanticipated charges not
currently contemplated that may occur as a result of the restructuring plan, the
risk that the Company may not be successful in identifying one or more strategic
alternatives or ultimately pursuing a strategic alternative that delivers the
anticipated benefits or enhances shareholder value, and the risk that the
Company may not be successful in seeking a potential partner for further
development of Vicineum, among other risks and uncertainties. A further
description of the risks and uncertainties relating to the business of the
Company is contained in the Company's most recent annual report on Form 10-K and
the Company's quarterly reports on Form 10-Q, as well as any amendments thereto
reflected in subsequent filings with the
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