Instil Bio Says As Result Of Workforce Reduction, Co No Longer Expects To Report Clinical Data From ITIL-306-202 Clinical Trial In 2024; In Connection With Restructuring Plan Estimates That It Will Incur Aggregate Restructuring Costs Of Up To $6.1M
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Instil Bio announced a workforce reduction that will delay the reporting of clinical data from its ITIL-306-202 clinical trial, previously expected in 2024. The company anticipates incurring up to $6.1M in restructuring costs according to an SEC filing.
January 16, 2024 | 10:19 pm
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Instil Bio's workforce reduction will postpone the ITIL-306-202 clinical trial results, affecting the company's projected timelines and incurring restructuring costs of up to $6.1M.
The delay in clinical trial results can be seen as a negative development for Instil Bio as it pushes back potential revenue from the trial's outcomes. The restructuring costs of up to $6.1M will likely impact the company's financials in the short term. Investors may react negatively to the news of delayed progress and additional costs, potentially leading to a decrease in stock price.
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