Cyteir Therapeutics, Inc.: restructuring charge — Cyteir cuts 70% of staff, focuses CYT-0851 on ovarian cancer, extends cash runway to 2026

Cyteir Therapeutics, Inc.

Workforce reduction of ~70%; expects 15 or fewer employees; charges $2.5M-$3M in Q1 2023.
Strategic focus on CYT-0851 + capecitabine for platinum-resistant ovarian cancer; Phase 2 monotherapy suspended.
Preliminary combo: 13 patients, 5 ovarian cancer patients showed responses/disease stabilization at 300-400mg doses.
Cash runway extended into 2026; $147M cash as of Dec 31, 2022 (unaudited).
CBO Gengos (Feb 3) and CSO Secrist (Apr 1) depart; CEO retention bonus 150% target if stays through Dec 31, 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

Paul Secrist

Chief Scientific Officer

Cyteir Therapeutics, Inc.

Effective: 2023-04-01
Filed: January 19, 2023, 6:59 PM ET

Andrew Gengos, the Company’s Chief Business Officer will separate from the Company effective February 3, 2023 and Paul Secrist, Ph.D., the Company’s Chief Scientific Officer will separate from the Company effective April 1, 2023.

Departed

Andrew Gengos

Chief Business Officer

Cyteir Therapeutics, Inc.

Effective: 2023-02-03
Filed: January 19, 2023, 6:59 PM ET

Andrew Gengos, the Company’s Chief Business Officer will separate from the Company effective February 3, 2023 and Paul Secrist, Ph.D., the Company’s Chief Scientific Officer will separate from the Company effective April 1, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Paul Secrist departed as Chief Scientific Officer at Cyteir Therapeutics, Inc..

Action: will separate
Role: Chief Scientific Officer

Exact text from the filing

Andrew Gengos, the Company’s Chief Business Officer will separate from the Company effective February 3, 2023 and Paul Secrist, Ph.D., the Company’s Chief Scientific Officer will separate from the Company effective April 1, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Andrew Gengos departed as Chief Business Officer at Cyteir Therapeutics, Inc..

Action: will separate
Role: Chief Business Officer

Exact text from the filing

Andrew Gengos, the Company’s Chief Business Officer will separate from the Company effective February 3, 2023 and Paul Secrist, Ph.D., the Company’s Chief Scientific Officer will separate from the Company effective April 1, 2023.

View on SEC.gov

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

Cyteir Therapeutics, Inc. announced a restructuring with charges of approximately $2.5 million to $3 million affecting Company (approximately 70% of the Company’s workforce).

Type: restructuring
Charge: approximately $2.5 million to $3 million
Affected area: Company
Headcount: approximately 70% of the Company’s workforce

Exact text from the filing

the Company expects to have 15 or fewer full-time employees. The Company estimates that, in connection with these changes, it will incur aggregate charges of approximately $2.5 million to $3 million, all of which are anticipated to result in future cash expenditures, primarily for one-time employee severance and benefit costs, the majority of which are expected

View on SEC.gov

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Source: SEC EDGAR

accession 0000950170-23-000928

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