Werewolf Therapeutics announced a major downsizing plan that includes terminating 64% of its workforce to streamline operations. According to a company filing, the biotech firm expects to incur a one-time charge of approximately $4.1 million during the first quarter. These costs are primarily tied to severance packages and related separation benefits for the departing employees.
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Werewolf Therapeutics Slashes 64% of Staff as Top Executives Exit
Werewolf Therapeutics is undergoing a sweeping restructuring, cutting nearly two-thirds of its workforce and announcing the immediate departures of its finance and medical chiefs. The clinical-stage biopharmaceutical company expects to record a multi-million dollar charge as it drastically reduces its headcount to preserve capital.
Leadership Overhaul and Transition
The downsizing coincides with the high-profile resignations of Chief Financial Officer Tim Trost and Chief Medical Officer Randi Isaacs, both effective this Friday. Trost joined the company in 2021, while Isaacs had served in her role since 2020. Under the terms of their departure, both executives are entitled to severance benefits equivalent to nine months of their base salary.To fill the leadership void, the company appointed Michael Urban as its principal financial and accounting officer. Urban previously served as the vice president of finance and corporate controller. This aggressive pivot comes as clinical-stage biotech firms face increasing pressure to extend cash runways and prioritize core pipeline assets.
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