Karuna reports Q2 net loss $103.2M; CFO transition, NDA for KarXT on track

Karuna Therapeutics, Inc.

2023-Q2 EPS reported -$5.55 revenue$654,000

Net loss $103.2M vs $64.9M a year ago; R&D $92.5M, G&A $27.4M.
Cash $1.4B as of June 30, 2023, sufficient to fund operations through 2026.
CFO Troy Ignelzi to depart Sept 29, 2023; succeeded by Jason Brown (SVP Finance).
Jason Brown receives base salary $505,000, target bonus 45%, equity grants $1.6M total.
NDA submission for KarXT in schizophrenia on track for Q3 2023; potential launch H2 2024.

item 2.02 item 5.02 item 9.01

Executive movements

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Appointed

Jason Brown

Chief Financial Officer

Karuna Therapeutics, Inc.

Effective: 2023-09-29
Filed: August 3, 2023, 7:59 PM ET

the Company announced that the Board of Directors of the Company has appointed Jason Brown to succeed Mr. Ignelzi as Chief Financial Officer of the Company, effective as of September 29, 2023.

Departed

Troy Ignelzi

Chief Financial Officer

Karuna Therapeutics, Inc.

Effective: 2023-09-29
Successor: Jason Brown
Filed: August 3, 2023, 7:59 PM ET

the Company and Troy Ignelzi, the Company's Chief Financial Officer, mutually agreed that Mr. Ignelzi will depart from the Company effective September 29, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Karuna Therapeutics, Inc. reported the second quarter ended June 30, 2023 results: net income net loss of $103.2 million.

Period: the second quarter ended June 30, 2023
Net income: net loss of $103.2 million
Result: reported results

Exact text from the filing

On August 3, 2023, Karuna Therapeutics, Inc. (the "Company") announced its financial results and general corporate updates for the second quarter ended June 30, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Jason Brown was appointed as Chief Financial Officer at Karuna Therapeutics, Inc..

Action: appointed
Role: Chief Financial Officer

Exact text from the filing

the Company announced that the Board of Directors of the Company has appointed Jason Brown to succeed Mr. Ignelzi as Chief Financial Officer of the Company, effective as of September 29, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Troy Ignelzi departed as Chief Financial Officer at Karuna Therapeutics, Inc..

Action: depart
Role: Chief Financial Officer

Exact text from the filing

the Company and Troy Ignelzi, the Company's Chief Financial Officer, mutually agreed that Mr. Ignelzi will depart from the Company effective September 29, 2023.

View on SEC.gov

13 earnings releases filed in the last 30 days. Browse all earnings releases →

Source: SEC EDGAR

accession 0000950170-23-037552

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