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.

item 2.05 item 5.02 item 8.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Peter Fernandes

Chief Executive Officer

Bellerophon Therapeutics, Inc.

Effective: 2023-07-15
Filed: June 29, 2023, 7:59 PM ET

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

Departed

Martin Dekker

Vice President of Engineering and Manufacturing

Bellerophon Therapeutics, Inc.

Effective: 2023-07-15
Filed: June 29, 2023, 7:59 PM ET

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

Departed

Parag Shah

Vice President of Business Operations

Bellerophon Therapeutics, Inc.

Effective: 2023-07-15
Filed: June 29, 2023, 7:59 PM ET

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

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

3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Source: SEC EDGAR

accession 0001104659-23-076314

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