Item 8.01 Other Events
On
As previously announced, the Company recently identified issues with its commercial product pipeline that impact its product delivery timeline and revenue projections for Hyaline and potentially other products in its pipeline. The Company is conducting a full assessment of its target markets and the fit of the products in its pipeline to those markets. The Company is also continuing to develop its plan to align its costs to its delayed revenue ramp.
This reduction in force is expected to result in the termination of
approximately 120 employees. The Company estimates it will incur severance and
employee-related restructuring costs of approximately
Forward Looking Statements
This current report contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements include statements regarding the Company's intentions
or current expectations concerning, among other things, the scope and costs of
its initial reduction in force and the Company's ability to align costs with its
delayed revenue ramp. Such forward-looking statements are based on the Company's
beliefs and assumptions and on information currently available to it on the date
of this report. Forward-looking statements may involve known and unknown risks,
uncertainties and other factors that may cause the Company's actual results,
performance or achievements to be materially different from those expressed or
implied by the forward-looking statements, including but not limited to risks
regarding the Company's ability to successfully commercialize and generate
revenue from its products and ability to develop and successfully implement a
new strategic plan. These and other risks are described more fully in the
Company's filings with the
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