8-K
filed June 29, 2023, 7:59 PM ET
CIK 0001600132
other material
confidence high
sentiment negative
materiality 0.85
Bellerophon Therapeutics, Inc.: restructuring charge — Bellerophon ends Phase 3 REBUILD trial, lays off substantially all staff, explores strategic alternatives
Bellerophon Therapeutics, Inc.
- Phase 3 REBUILD trial of INOpulse for fibrotic ILD failed primary endpoint; secondary endpoints not statistically significant.
- Company terminates trial and withdraws patients from all INOpulse programs.
- Reduction-in-force of substantially all employees, including CEO Peter Fernandes and other executives; departures effective July 15, 2023.
- Severance and termination costs estimated at ~$2M, to be recorded in Q2 2023.
- Board to explore strategic alternatives including merger, sale, or liquidation; no set timeline.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Peter Fernandes departed as Chief Executive Officer at Bellerophon Therapeutics, Inc..
- Action
- separation of employment
- Role
- Chief Executive Officer
Exact text from the filing
the Company intends to enter into separation and/or transition agreements with each of Peter Fernandes, the Company’s Chief Executive Officer, Parag Shah, the Company’s Vice President of Business Operations, and Martin Dekker, the Company’s Vice President of Engineering and Manufacturing, which are expected to provide for their separation of employment, effective July 15, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Martin Dekker departed as Vice President of Engineering and Manufacturing at Bellerophon Therapeutics, Inc..
- Action
- separation of employment
- Role
- Vice President of Engineering and Manufacturing
Exact text from the filing
the Company intends to enter into separation and/or transition agreements with each of Peter Fernandes, the Company’s Chief Executive Officer, Parag Shah, the Company’s Vice President of Business Operations, and Martin Dekker, the Company’s Vice President of Engineering and Manufacturing, which are expected to provide for their separation of employment, effective July 15, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Parag Shah departed as Vice President of Business Operations at Bellerophon Therapeutics, Inc..
- Action
- separation of employment
- Role
- Vice President of Business Operations
Exact text from the filing
the Company intends to enter into separation and/or transition agreements with each of Peter Fernandes, the Company’s Chief Executive Officer, Parag Shah, the Company’s Vice President of Business Operations, and Martin Dekker, the Company’s Vice President of Engineering and Manufacturing, which are expected to provide for their separation of employment, effective July 15, 2023
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Bellerophon Therapeutics, Inc. announced a restructuring with charges of approximately $2 million (substantially all of the Company’s employees).
- Type
- restructuring
- Charge
- approximately $2 million
- Headcount
- substantially all of the Company’s employees
Exact text from the filing
including severance payments along with temporary healthcare coverage assistance. The Company estimates that the severance and termination-related costs will be approximately $2 million and expects to record these costs in the second quarter of 2023. The Company’s estimate of costs and the expected timing for recording and paying those costs are subject to a
View on SEC.gov
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