Molecular Templates (MTEM) to Cut 30% Staff

On April 11, 2024, the Board of Directors of Molecular Templates (NASDAQ: MTEM)) approved a reduction in force (the “Reduction in Force”) in order to extend its resources to better position the organization and to allow the Company to continue to support its clinical studies for MT-6402, MT-8421 and MT-0169. The Reduction in Force would reduce the Company’s current workforce by approximately 30%.

The Company estimates that it will incur aggregate pre-tax charges of approximately $0.1 million in connection with the Reduction in Force, primarily consisting of legal fees and other related termination costs.

The Company expects that this Reduction in Force will be complete by the end of April 2024 and that these one-time charges will be incurred in the second quarter of 2024.

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