Autolus Therapeutics to cut about 13% of workforce, expects about $8 million in charges

Autolus Therapeutics plc (Nasdaq: AUTL) said its Board of Directors approved a plan to cut about 13% of its workforce. The company disclosed the plan in a Form 8-K filed April 29, 2026, under the item covering costs tied to exit or disposal activities. The company estimates total charges of approximately $8 million, consisting of severance and termination-related costs, and expects a significant portion to be recorded in the first half of 2026.

The 8-K says those estimates "are subject to a number of assumptions and actual results may differ." It also warns that the company may incur costs it has not yet contemplated.

Savings and the revenue guidance

The company expects the actions to reduce operating expenses by about $15 million a year on an annualized basis, starting in 2027. The press release says the initiative is focused on gross profit margin and on a path to profitability for the acute lymphoblastic leukemia business. Implementation is expected to be substantially complete by the third quarter of 2026.

Autolus reiterated its projection of $120 million to $135 million in 2026 net product revenue for AUCATZYL, compared with $74 million in 2025, and it expects a shift to positive gross margin in 2026. The same release says the company will reduce headcount while doubling manufacturing for commercial and clinical trial patients this year. The guidance requires a large increase over 2025 sales, and the release gives no quarterly figures that would show whether the ramp is on track.

Losses, cash and the Blackstone obligation

The annual report on Form 10-K, filed March 27, 2026, reports a net loss of $287.5 million for 2025, up from $220.7 million in 2024. Cash used in operations was $283.6 million in 2025, compared with $206.3 million a year earlier. Research and development expense was $117.7 million, down from $138.4 million. The 2025 net loss sits against an accumulated deficit of $1,386.8 million.

At December 31, 2025, the company had cash and cash equivalents of $104.1 million and marketable securities of $196.6 million. The 10-K says those resources should cover planned operating expenses and capital expenditure through at least the next twelve months from the date of the report. The release's runway, into the fourth quarter of 2027, rests on current operating plans that include anticipated AUCATZYL net revenues. The $15 million in annual savings is small against the operating cash outflow the 10-K reports for 2025.

The 10-K also warns that a default under the Blackstone collaboration agreement would require liquidated damage payments in excess of the development payment Blackstone made, which would seriously harm the business and its ability to continue as a going concern.

The pipeline and the one approved product

The 10-K describes Autolus as an early commercial-stage company developing next-generation T cell therapies for cancer and autoimmune diseases. It also says the company has established clinical proof of concept for only one product, AUCATZYL, which has received FDA, MHRA and European Commission approval for relapsed or refractory B-cell acute lymphoblastic leukemia. The manufacturing site, called the Nucleus, is in Stevenage, U.K., and covers 70,000 square feet.

The release lists three clinical programs and says they are on track: CATULUS, a pivotal Phase 2 trial in pediatric relapsed or refractory acute lymphoblastic leukemia; LUMINA, a pivotal Phase 2 trial in lupus nephritis; and BOBCAT, an exploratory Phase 1 trial in progressive multiple sclerosis. The release gives no data from any of them.

Chief Executive Officer Christian Itin, who signed the 8-K, said: "We recognize the impact on the employees affected by these changes and are grateful for their meaningful contributions to our mission." The statement does not address the 2025 loss or the funding plan that the cuts are meant to support.

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