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

Cyteir Therapeutics, Inc.

Workforce reduced by ~70% to 15 or fewer employees; expects $2.5M-$3M severance charges in Q1 2023.
CEO Markus Renschler eligible for retention bonus of 150% of target annual bonus if employed through Dec 31, 2023.
CBO Andrew Gengos separating Feb 3, 2023; CSO Paul Secrist separating Apr 1, 2023; stock options accelerated.
Phase 2 monotherapy enrollment suspended; focus on CYT-0851 + capecitabine for platinum-resistant ovarian cancer.
Cash and cash equivalents $147M as of Dec 31, 2022 (unaudited); estimated cash runway into 2026.

item 2.02 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

Andrew Gengos

Chief Business Officer

Cyteir Therapeutics, Inc.

Effective: 2023-02-03
Filed: February 3, 2023, 6:59 PM ET

Andrew Gengos, the Company’s Chief Business Officer will separate from the Company effective February 3, 2023

Departed

Paul Secrist

Chief Scientific Officer

Cyteir Therapeutics, Inc.

Effective: 2023-04-01
Filed: February 3, 2023, 6:59 PM ET

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

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

Action: separated
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

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

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

Action: separated
Role: Chief Scientific Officer

Exact text from the filing

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 $2.5 million to $3 million (approximately 70% of the Company’s workforce).

Type: restructuring
Charge: $2.5 million to $3 million
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 0000950170-23-001771

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