In a move to reduce expenses, Virios Therapeutics (NASDAQ:VIRI), a biotechnology company, has announced a salary reduction for all its employees, including executive officers, by 10% effective March 1, 2024. This decision was made by the company's Board of Directors on Sunday. Alongside this measure, the Board also approved a 10% cut in cash compensation for its non-employee board members.
This development comes as companies across various sectors are looking for ways to streamline operations and manage costs more effectively. The reduction applies uniformly to all employees of Virios Therapeutics, signaling a collective approach to financial adjustments within the company.
The salary adjustments are set to take place immediately at the start of next month, indicating a swift response by the company to current financial conditions.
The Board's decision to include itself in the compensation reductions reflects a broader commitment to cost management and may set a precedent for how the company intends to handle financial challenges moving forward.
Virios Therapeutics has not provided specific details regarding the financial savings expected from these salary reductions or any additional measures that might be associated with this cost-cutting strategy. The information provided in this article is based on the company's latest SEC filing, which serves as the source of these announcements.
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