Brief: Ovid Therapeutics Will Reduce Its Workforce By 17 People

Ovid Therapeutics

28/06/2024 22:21

June 28 (Reuters) - Ovid Therapeutics Inc  OVID.O :
    * OVID THERAPEUTICS INC - WILL REDUCE ITS WORKFORCE BY 17
PEOPLE,
OR APPROXIMATELY 43% OF COMPANY'S EXISTING HEADCOUNT
    * OVID THERAPEUTICS INC - EXPECTS THAT EXECUTION OF
WORKFORCE
REDUCTION WILL BE SUBSTANTIALLY COMPLETE BY END OF Q3 OF 2024
    * OVID THERAPEUTICS INC - MAJORITY OF CASH PAYMENTS RELATED
TO
RESTRUCTURING WILL BE SUBSTANTIALLY COMPLETE BY END OF Q2 2025.
    * OVID THERAPEUTICS INC - ANTICIPATES A ONE-TIME
SEVERANCE-RELATED
CHARGE ASSOCIATED WITH WORKFORCE REDUCTION TO BE APPROXIMATELY
$4.0 MILLION
    * OVID THERAPEUTICS -  BELIEVES THAT ITS CASH RUNWAY WILL BE
SUFFICIENT TO FUND ITS OPERATIONS INTO THE FIRST HALF OF 2026

Source text for Eikon:  ID:n0001193125-24-172225 
Further company coverage:  OVID.O 

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