Vital Therapies (NSDQ:VTL) is looking to lay off 88% of its employees, according to recently posed SEC filings.
The move comes shortly after the San Diego-based company announced that its ELAD cell-based liver failure treatment failed to meet its endpoints in a pivotal clinical trial and saw its stock price drop 91.3%.
Vital Therapies said it will be laying off 85 employees as of today, which is approximately 88% of the 97 employees the company claimed it had as of January 31 in its 10-K SEC filing.
The company said that it expects to pay between $2 million and $2.5 million for severance pay and expenses, with the majority of the charges hitting during the third quarter, according to an SEC filing.
