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Cyclerion Therapeutics Inc (NASDAQ:CYCN) shares are trading lower by 43.33% to $0.53 during Thursday's trading session after the company announced a mitochondrial disease-focused strategy. The plan will include a 45% workforce reduction.
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Cyclerion Therapeutics says the company's workforce is being tailored to the mitochondrial disease-focused strategy, leading to a reduction of approximately 45%, to 16 full-time employees.
Cyclerion Therapeutics expects to take an aggregate charge for one-time employee-related costs of approximately $1.9 million that is expected to be incurred primarily in fourth-quarter 2022 and realize annual cash savings of approximately $4.1 million.
According to data from Benzinga Pro, Cyclerion Therapeutics has a 52-week high of $3.05 and a 52-week low of $0.46.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.