01:55 PM EDT, 07/22/2024 (MT Newswires) -- RAPT Therapeutics ( RAPT ) will cut about 47 jobs or about 40% of its existing headcount to conserve cash resources, the company said in a regulatory filing.

The company expects to incur $900,000 in restructuring charges for workforce reduction, which has already been approved by its board.

Affected employees will be eligible to get severance payments, among other things, RAPT said in the filing Friday.

The job cuts and the majority of the cash payments related to the restructuring are anticipated to be substantially completed by the end of Q3, the company said.

RAPT shares were down 3% in recent Monday trading.

Price: 3.19, Change: -0.10, Percent Change: -3.04