EQRx, Inc.: restructuring charge — EQRx Q4 net loss $22.2M, full year $169.1M; cuts headcount 18% to ~300 employees

EQRx, Inc.

2022-FY EPS reported -$0.36

Net loss Q4 2022 $22.2M vs net income $1.2M in Q4 2021; full year net loss $169.1M vs $100.0M in 2021.
Cash, cash equivalents and short-term investments $1.4B at Dec 31, 2022; runway into 2028.
2023 cash used in operations expected <$275M.
Restructuring: 18% headcount reduction to ~300 employees by end of Q1 2023; expected annualized cash savings ~$18M; one-time costs ~$4M.
Pipeline: MAAs for aumolertinib and sugemalimab accepted by MHRA and EMA; Phase 3 trial for lerociclib in endometrial cancer expected 1H 2023.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

EQRx, Inc. reported the fourth quarter ended December 31, 2022 results: net income $22.2 million.

Period: the fourth quarter ended December 31, 2022
Net income: $22.2 million
Result: reported results

Exact text from the filing

Net loss totaled $22.2 million for the fourth quarter of 2022, as compared to net income of $1.2 million for the same period in 2021

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

EQRx, Inc. announced a restructuring with charges of approximately $4.0 million (an 18% decrease in headcount by the end of the first quarter of 2023 to approximately 300 employees).

Type: restructuring
Charge: approximately $4.0 million
Headcount: an 18% decrease in headcount by the end of the first quarter of 2023 to approximately 300 employees

Exact text from the filing

On February 19, 2023, the board of directors of EQRx approved a restructuring plan (the Plan) to further increase EQRx’s operational efficiencies and streamline expenses, including an 18% decrease in headcount by the end of the first quarter of 2023 to approximately 300 employees, resulting from a reduction in force as well as not filling positions following departures. These efforts are expected to result in approximately $18.0 million in annualized cash savings. One-time payments associated with the reduction in force are expected to be approximately $4.0 million.

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Source: SEC EDGAR

accession 0001104659-23-024512

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