8-K filed November 30, 2022, 6:59 PM ET CIK 0001604477

other material confidence high sentiment neutral materiality 0.90

SQZ Biotechnologies Co: restructuring charge — SQZ Biotechnologies Focuses on eAPC Program, Cuts Workforce 60%, CEO Sharei Steps Down

SQZ Biotechnologies Co

Workforce reduction of approximately 60%, expected to be substantially completed in January 2023.
Estimated restructuring costs of $5 million for severance and employee-related benefits.
CEO Armon Sharei stepped down effective Nov 30, 2022; Howard Bernstein appointed Interim CEO.
CFO Micah Zajic to step down Dec 31, 2022; Richard Capasso named principal financial officer.
Company pauses first-generation APC, AAC, TAC programs to focus on eAPC; data readout expected mid-2023.

item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed (interim)

Armon Sharei

Chief Executive Officer

SQZ Biotechnologies Co

Effective: 2022-11-30
Successor: Howard Bernstein
Filed: November 30, 2022, 6:59 PM ET

Armon Sharei, Ph.D., Chief Executive Officer and principal executive officer of the Company, has agreed to a separation of service with the Company, effective November 30, 2022

Appointed (interim)

Howard Bernstein

Interim Chief Executive Officer

SQZ Biotechnologies Co

Effective: 2022-11-30
Filed: November 30, 2022, 6:59 PM ET

Opn November 30, 2022, the Board appointed Howard Bernstein, M.D., Ph.D., a member of the Board and the former Chief Scientific Officer of the Company, as the Company’s Interim Chief Executive Officer, effective upon the November Separation Date.

Departed

Micah Zajic

Chief Financial Officer

SQZ Biotechnologies Co

Effective: 2022-12-31
Filed: November 30, 2022, 6:59 PM ET

Micah Zajic, Chief Financial Officer and principal financial officer of the Company, has also agreed to a separation of service with the Company, effective December 31, 2022

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Armon Sharei resigned as Chief Executive Officer at SQZ Biotechnologies Co.

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

Armon Sharei, Ph.D., Chief Executive Officer and principal executive officer of the Company, has agreed to a separation of service with the Company, effective November 30, 2022

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Howard Bernstein was appointed as Interim Chief Executive Officer at SQZ Biotechnologies Co.

Action: appointed
Role: Interim Chief Executive Officer

Exact text from the filing

Opn November 30, 2022, the Board appointed Howard Bernstein, M.D., Ph.D., a member of the Board and the former Chief Scientific Officer of the Company, as the Company’s Interim Chief Executive Officer, effective upon the November Separation Date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Micah Zajic resigned as Chief Financial Officer at SQZ Biotechnologies Co.

Action: resigned
Role: Chief Financial Officer

Exact text from the filing

Micah Zajic, Chief Financial Officer and principal financial officer of the Company, has also agreed to a separation of service with the Company, effective December 31, 2022

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

SQZ Biotechnologies Co announced a restructuring with charges of total expenses of approximately $5 million (workforce reduction of approximately 60 percent).

Type: restructuring
Charge: total expenses of approximately $5 million
Headcount: workforce reduction of approximately 60 percent

Exact text from the filing

As part of the prioritization decision, the SQZ Biotechnologies Board of Directors approved a restructuring plan which includes a workforce reduction of approximately 60 percent. The company expects to incur total expenses of approximately $5 million as a result of the restructuring plan

View on SEC.gov

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Source: SEC EDGAR

accession 0000950170-22-025877

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