8-K/A filed September 22, 2023, 7:59 PM ET ticker VIVS CIK 0001497253

other material confidence high sentiment negative materiality 0.70

VivoSim Labs, INC. (VIVS): restructuring charge — Organovo cuts 24% of workforce; estimates $0.5M severance costs, $1.5M annual savings

VivoSim Labs, INC.

Workforce reduction of ~6 employees (24% of staff) effective August 25, 2023.
Estimated $0.5M cash severance through June 30, 2024; annual cost savings of $1.5M.
Former CSO Jeffrey Miner terminated; separation includes $169,250 consulting contract and 40,000 stock options (pending board approval).
Option vesting: 13,000 immediate, 13,500 at 1 year, 13,500 at 2 years.

item 2.05 item 5.02 item 9.01

Executive movements

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Departed

Jeffrey Miner

Chief Scientific Officer

VIVS · VivoSim Labs, INC.

Effective: 2023-08-25
Filed: September 22, 2023, 7:59 PM ET

Jeffrey Miner, Ph.D., the Company’s former Chief Scientific Officer, was notified that his employment with the Company would be terminated. Dr. Miner’s last day of employment was August 25, 2023.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 1.0

Jeffrey Miner was terminated as Chief Scientific Officer at VivoSim Labs, INC..

Action: terminated
Role: Chief Scientific Officer

Exact text from the filing

Jeffrey Miner, Ph.D., the Company’s former Chief Scientific Officer, was notified that his employment with the Company would be terminated. Dr. Miner’s last day of employment was August 25, 2023.

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

VivoSim Labs, INC. announced a restructuring with charges of approximately $0.5 million (approximately six employees, which represented approximately 24% of its employees).

Type: restructuring
Charge: approximately $0.5 million
Headcount: approximately six employees, which represented approximately 24% of its employees

Exact text from the filing

The Company now estimates that it will incur approximately $0.5 million of cash expenditures in connection with the reduction in force, which relate to severance pay, and are expected to be incurred through the quarter ending June 30, 2024.

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VivoSim Labs, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-049425

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