Damora Therapeutics, Inc. (DMRA): restructuring charge — Galecto explores strategic alternatives; cuts workforce 70%, CMO out

Damora Therapeutics, Inc.

Workforce reduction of ~29 employees (~70% of headcount) approved Sept 20, 2023.
Estimated restructuring charges of ~$2.8M mostly in Q3 2023; execution substantially complete by Q4 2023.
CMO Bertil Lindmark's position eliminated effective Oct 1, 2023; CEO Hans Schambye assumes duties.
CEO and CFO retention bonuses: CEO up to DKK 2,090,208 for milestones; CFO $183,456 target bonus.
Cash and equivalents $52.1M as of June 30, 2023; no timetable for strategic review.

item 2.05 item 8.01 item 5.02 item 9.01

Executive movements

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Departed

Bertil Lindmark

Chief Medical Officer

DMRA · Damora Therapeutics, Inc.

Effective: 2023-10-01
Filed: September 26, 2023, 7:59 PM ET

on September 21, 2023, the Company informed Bertil Lindmark, M.D., the Company’s Chief Medical Officer, that his position will be eliminated and that his duties will be assumed by Hans Schambye, M.D., Ph.D., the Company’s Chief Executive Officer.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Bertil Lindmark departed as Chief Medical Officer at Damora Therapeutics, Inc..

Action: departed
Role: Chief Medical Officer

Exact text from the filing

on September 21, 2023, the Company informed Bertil Lindmark, M.D., the Company’s Chief Medical Officer, that his position will be eliminated and that his duties will be assumed by Hans Schambye, M.D., Ph.D., the Company’s Chief Executive Officer.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

Damora Therapeutics, Inc. announced a restructuring with charges of approximately $2.8 million in restructuring charges affecting workforce reduction (29 people, or approximately 70% of the Company’s existing headcount).

Type: restructuring
Charge: approximately $2.8 million in restructuring charges
Affected area: workforce reduction
Headcount: 29 people, or approximately 70% of the Company’s existing headcount

Exact text from the filing

of the Company’s existing headcount. The Restructuring Plan was communicated to employees starting on September 20, 2023. The Company estimates that it will incur approximately $2.8 million in restructuring charges in connection with the restructuring, consisting of (i) approximately $2.6 million in cash-based expenses related to employee severance and notice period

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Damora Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-049919

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