Societal CDMO, Inc. announced a strategic restructuring plan to streamline and optimize operations. Following the completion of a comprehensive review of its operations, Societal has reduced its workforce by 26 positions (9%) across all aspects of the business, effective September 20, 2023. It also has eliminated nine open positions.

These moves are expected to result in annualized savings of approximately $5.5 million. A significant majority of the cuts will impact the portion of the business supporting earlier-stage services, which are most acutely affected by the current financing environment.