Dapper Labs is letting go of another 20% of its staff, the company's CEO Roham Gharegozlou said in an email to investors Wednesday.

The Block first reported the news.

In the note, Gharegozlou announced a corporate restructuring and said that “as part of this restructure, we have made the difficult decision to part ways with team members representing 20% of full-time employees," he wrote.

Gharegozlou also noted that the company is in a “strong cash position with no outstanding debt.”

Dapper had previously laid off 22% of its staff in November.

"With the right cost structure, we can think long term," Gharegozlou wrote. "Our goal is to grow our communities sustainably."

He added: "The shift we’ve undergone over the past several months has not been easy, but it was necessary to get us in fighting shape for the path ahead."

On Monday, a federal judge ruled that Dapper’s NBA “Top Shot Moments” non-fungible tokens could be considered securities. Gharegozlou wrote in his note that the case would not be going to discovery and that no "substantive decision" had been made.

UPDATE (Feb. 23, 2023, 22:51 UTC): Adds comments from Dapper Labs CEO about recent changes and court decision.