Pliant Therapeutics Inc.
05/01/2025 | Press release | Distributed by Public on 05/01/2025 14:14
Reorganization, Management Change/Compensation (Form 8-K)
| Item 2.05 |
Costs Associated with Exit or Disposal Activities. |
On May 1, 2025, Pliant Therapeutics, Inc. (the "Company") announced a reduction in its workforce that will impact approximately 45% of its current employees. The Company expects to substantially complete the workforce reduction by the end of the second quarter of 2025.
The Company expects to recognize approximately $3.6 million in total for severance and related benefits for employees laid off under the reduction in force. These charges are primarily one-timetermination benefits and are primarily cash charges. The Company may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the workforce reduction.
Additional details will be provided in the Company's Quarterly Report on Form 10-Qfor the period ending June 30, 2025.
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 1, 2025, the Company announced that in connection with the workforce reduction, the employment of Mike Ouimette, the Company's Chief Legal and Compliance Officer and Corporate Secretary, would terminate effective May 1, 2025.
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