Galera Therapeutics, Inc. announced on August 9, 2023, the Board of Directors of the company approved a reduction in the company's current workforce by 22 employees, or approximately 70% of the company's headcount as of August 9, 2023 (the Workforce Reduction"). The decision was based on cost-reduction initiatives intended to reduce operating expenses. The company currently estimates that it will incur charges of approximately $2.0 to $2.5 million in connection with the Workforce Reduction, primarily consisting of severance payments, employee benefits and related costs.

The company expects that the majority of these charges will be incurred in the third quarter of 2023. The Workforce Reduction and other cost savings actions being implemented are expected to extend the company's cash runway into the second quarter of 2024. The estimates of the charges and expenditures that the Company expects to incur in connection with the Workforce Reduction, and the timing thereof, are subject to several assumptions and the actual amounts incurred may differ materially from these estimates.

In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the Workforce Reduction.