---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-087947"
form_type: "8-K"
ticker: null
cik: "0001394319"
company_name: "Tracon Pharmaceuticals, Inc."
filed_at: "2024-07-30T23:59:59+00:00"
generated_at: "2026-05-31T15:09:22.000135+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# TRACON Pharmaceuticals to wind down operations, terminate employees, seek dissolution

## Summary
- Board approves reduction-in-force of substantially all employees effective July 31, 2024; expects ~$1.7M in severance costs.
- Board approves Plan of Dissolution and liquidation, subject to stockholder vote at a special meeting.
- All directors resign; CEO Charles Theuer and CFO Scott Brown depart on July 31, 2024.
- Appoints Craig R. Jalbert as President, CEO, Secretary, Treasurer, and sole Board member to oversee wind-down.
- Jalbert, a distressed-business specialist, will receive $10K/month until dissolution vote, then $50K/year for 3 years.

## SEC filing metadata
- accession: 0000950170-24-087947
- form_type: 8-K
- cik: 0001394319
- company_name: Tracon Pharmaceuticals, Inc.
- filed_at: 2024-07-30T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 2.05, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/tcon-20240726.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-087947
- JSON: https://secwatch.observer/filing/0000950170-24-087947.json
- Plain text: https://secwatch.observer/filing/0000950170-24-087947.txt

## Key facts
- Executive change
  Craig R. Jalbert was appointed as President, Chief Executive Officer, Secretary, Treasurer, and sole member of the Board at Tracon Pharmaceuticals, Inc..
  - Action: appointed
  - Role: President, Chief Executive Officer, Secretary, Treasurer, and sole member of the Board
  source text: On July 30, 2024, the Board appointed Craig R. Jalbert, age 62, as the Company’s President, Chief Executive Officer, Secretary, Treasurer, and sole member of the Board, effective July 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm
- Executive change
  Carol C. Lam resigned as Director at Tracon Pharmaceuticals, Inc..
  - Action: resigned
  - Role: Director
  source text: On July 30, 2024, in connection with the planned wind down of the Company’s operations, Charles P. Theuer, M.D., Ph.D., Lisa Johnson-Pratt, M.D., Carol C. Lam. J.D., William R. LaRue, Martin A. Mattingly, Pharm.D., Saundra Pelletier, J. Rainer Twiford, J.D., Ph.D. and Stephen T. Worland, Ph.D., each notified the Company of their respective resignations as members of the Board and all committees thereof, effective July 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm
- Executive change
  Scott B. Brown departed as Chief Financial Officer and Secretary at Tracon Pharmaceuticals, Inc..
  - Action: ceased serving
  - Role: Chief Financial Officer and Secretary
  source text: In connection with the Reduction in Force, Scott B. Brown, CPA, Chief Financial Officer and Secretary will cease serving as an officer of the Company effective July 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm
- Executive change
  Lisa Johnson-Pratt resigned as Director at Tracon Pharmaceuticals, Inc..
  - Action: resigned
  - Role: Director
  source text: On July 30, 2024, in connection with the planned wind down of the Company’s operations, Charles P. Theuer, M.D., Ph.D., Lisa Johnson-Pratt, M.D., Carol C. Lam. J.D., William R. LaRue, Martin A. Mattingly, Pharm.D., Saundra Pelletier, J. Rainer Twiford, J.D., Ph.D. and Stephen T. Worland, Ph.D., each notified the Company of their respective resignations as members of the Board and all committees thereof, effective July 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm
- Executive change
  Saundra Pelletier resigned as Director at Tracon Pharmaceuticals, Inc..
  - Action: resigned
  - Role: Director
  source text: On July 30, 2024, in connection with the planned wind down of the Company’s operations, Charles P. Theuer, M.D., Ph.D., Lisa Johnson-Pratt, M.D., Carol C. Lam. J.D., William R. LaRue, Martin A. Mattingly, Pharm.D., Saundra Pelletier, J. Rainer Twiford, J.D., Ph.D. and Stephen T. Worland, Ph.D., each notified the Company of their respective resignations as members of the Board and all committees thereof, effective July 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm
- Executive change
  Charles P. Theuer resigned as Director at Tracon Pharmaceuticals, Inc..
  - Action: resigned
  - Role: Director
  source text: On July 30, 2024, in connection with the planned wind down of the Company’s operations, Charles P. Theuer, M.D., Ph.D., Lisa Johnson-Pratt, M.D., Carol C. Lam. J.D., William R. LaRue, Martin A. Mattingly, Pharm.D., Saundra Pelletier, J. Rainer Twiford, J.D., Ph.D. and Stephen T. Worland, Ph.D., each notified the Company of their respective resignations as members of the Board and all committees thereof, effective July 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm
- Executive change
  J. Rainer Twiford resigned as Director at Tracon Pharmaceuticals, Inc..
  - Action: resigned
  - Role: Director
  source text: On July 30, 2024, in connection with the planned wind down of the Company’s operations, Charles P. Theuer, M.D., Ph.D., Lisa Johnson-Pratt, M.D., Carol C. Lam. J.D., William R. LaRue, Martin A. Mattingly, Pharm.D., Saundra Pelletier, J. Rainer Twiford, J.D., Ph.D. and Stephen T. Worland, Ph.D., each notified the Company of their respective resignations as members of the Board and all committees thereof, effective July 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm
- Executive change
  Stephen T. Worland resigned as Director at Tracon Pharmaceuticals, Inc..
  - Action: resigned
  - Role: Director
  source text: On July 30, 2024, in connection with the planned wind down of the Company’s operations, Charles P. Theuer, M.D., Ph.D., Lisa Johnson-Pratt, M.D., Carol C. Lam. J.D., William R. LaRue, Martin A. Mattingly, Pharm.D., Saundra Pelletier, J. Rainer Twiford, J.D., Ph.D. and Stephen T. Worland, Ph.D., each notified the Company of their respective resignations as members of the Board and all committees thereof, effective July 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm
- Executive change
  Martin A. Mattingly resigned as Director at Tracon Pharmaceuticals, Inc..
  - Action: resigned
  - Role: Director
  source text: On July 30, 2024, in connection with the planned wind down of the Company’s operations, Charles P. Theuer, M.D., Ph.D., Lisa Johnson-Pratt, M.D., Carol C. Lam. J.D., William R. LaRue, Martin A. Mattingly, Pharm.D., Saundra Pelletier, J. Rainer Twiford, J.D., Ph.D. and Stephen T. Worland, Ph.D., each notified the Company of their respective resignations as members of the Board and all committees thereof, effective July 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm
- Executive change
  Charles P. Theuer resigned as President and Chief Executive Officer at Tracon Pharmaceuticals, Inc..
  - Action: resigned
  - Role: President and Chief Executive Officer
  source text: On July 30, 2024, Charles P. Theuer, M.D., Ph.D., tendered his resignation as the Company’s President and Chief Executive Officer, to be effective as of July 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm
- Executive change
  William R. LaRue resigned as Director at Tracon Pharmaceuticals, Inc..
  - Action: resigned
  - Role: Director
  source text: On July 30, 2024, in connection with the planned wind down of the Company’s operations, Charles P. Theuer, M.D., Ph.D., Lisa Johnson-Pratt, M.D., Carol C. Lam. J.D., William R. LaRue, Martin A. Mattingly, Pharm.D., Saundra Pelletier, J. Rainer Twiford, J.D., Ph.D. and Stephen T. Worland, Ph.D., each notified the Company of their respective resignations as members of the Board and all committees thereof, effective July 31, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm
- Restructurings & Charges
  Tracon Pharmaceuticals, Inc. announced a restructuring with charges of approximately $1.7 million (substantially all of its employees).
  - Type: restructuring
  - Charge: approximately $1.7 million
  - Headcount: substantially all of its employees
  source text: On July 26, 2024, the Board of Directors (the “Board”) of TRACON Pharmaceuticals, Inc. (the “Company”) unanimously approved a reduction-in-force (the “Reduction in Force”) of substantially all of its employees to be effective on July 31, 2024, in connection with the planned wind down of the Company’s operations. The Company expects to incur one-time charges and cash expenditures associated with the workforce reduction of approximately $1.7 million, primarily related to employee wages and severance payments, benefits and related termination costs.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1394319/000095017024087947/0000950170-24-087947-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.