HilleVax Inc. filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities
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SECURITIES AND EXCHANGE COMMISSION
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Item 2.05 Costs Associated with Exit or Disposal Activities.
On July 31, 2024, HilleVax, Inc. (the “Company”) announced a workforce reduction of approximately 41 employees, constituting approximately 40% of the Company’s workforce. The Company is taking this action to reduce its operating expenses while maintaining core capabilities as the Company explores the potential for continued development of its HIL-214 and HIL-216 norovirus vaccine candidates as well as business development-related activities for these vaccine candidates. The workforce reduction was approved by the Company’s board of directors on July 26, 2024.
The Company currently estimates that it will incur charges associated with the workforce reduction of approximately $3.4 million primarily related to employee severance payments, benefits and related termination costs. The Company expects that the reduction in force will be substantially complete with the majority of related charges recognized in the third quarter of 2024.
The estimates of the charges and expenditures that the Company expects to incur in connection with the workforce reduction, and the timing thereof, are subject to several assumptions and the actual amounts incurred may differ materially from these estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the workforce reduction.
Forward-Looking Statements
The Company cautions you that statements contained in this report regarding matters that are not historical facts are forward-looking statements. The forward-looking statements are based on the Company’s current beliefs and expectations and include, but are not limited to: the timing and scope of the workforce reduction, the amount and timing of the related charges and costs, and intended objectives and benefits of the workforce reduction; and the Company’s plan to explore the potential for continued development of its HIL-214 and HIL-216 norovirus vaccine candidates as well as business development-related activities for these vaccine candidates. Actual results may differ from those set forth in this report due to the risks and uncertainties inherent in the Company’s business, including, without limitation: the preliminary nature of the Company’s estimates of the charges and cash expenditures to be incurred in connection with the workforce reduction; the Company may not realize the benefits expected from the workforce reduction, including the Company’s ability to conserve cash; the Company’s ability to retain key personnel; to date the Company has depended primarily on the success of HIL-214, and the Company may be unable to identify a viable development path forward for HIL-214 or HIL-216; the Company may be unable to secure partnerships or other strategic collaborations on acceptable terms or at all; and other risks described in the Company’s filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in the Company’s annual report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HilleVax, Inc. |
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Date: July 31, 2024 |
By: |
/s/ Paul S. Bavier |
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Name: |
Paul S. Bavier |
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Title: |
General Counsel and Chief Administrative Officer |
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