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Saturday, Aug 13, 2022

Evolus Cuts Staff 40%, Exec Pay

Newport Beach-based Evolus Inc. reported job and expense cuts, temporary pay reductions for executives and board members, and the delay of a new product launch in Europe, according to an SEC filing Wednesday.

The aesthetics medicine maker—its flagship Jeuveau product competes with Allergan’s Botox—has “significantly reduced its operating expenses to conserve its cash resources” with moves that included

• reducing its workforce by more than 100, from 235 as of Dec. 31;

• temporarily cutting pay by 20% for board members and senior executives, including president and Chief Executive David Moatazedi

• delaying the European launch of Nuceiva, which treats frown lines near the eyebrows, until 2021.

It reported in the filing the resignation of two board members, not “as a result of any disagreement” with Evolus or its board, and a reduction in board size from nine to seven.

Evolus said in a press release it had about $100 million in cash or cash equivalents as of March 31, enough to fund operations for more than a year.

Evolus (Nasdaq: EOLS) shares closed about 3% higher today, to a $149 million market cap.

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