---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-076314"
form_type: "8-K"
ticker: null
cik: "0001600132"
company_name: "Bellerophon Therapeutics, Inc."
filed_at: "2023-06-29T23:59:59+00:00"
generated_at: "2026-06-13T14:53:35.897502+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Bellerophon ends Phase 3 REBUILD trial, lays off substantially all staff, explores strategic alternatives

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-076314
- form_type: 8-K
- cik: 0001600132
- company_name: Bellerophon Therapeutics, Inc.
- filed_at: 2023-06-29T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.05, 5.02, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1600132/000110465923076314/0001104659-23-076314-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1600132/000110465923076314/tm2320161d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-076314
- JSON: https://secwatch.observer/filing/0001104659-23-076314.json
- Plain text: https://secwatch.observer/filing/0001104659-23-076314.txt

## Key facts
- Executive change
  Peter Fernandes departed as Chief Executive Officer at Bellerophon Therapeutics, Inc..
  - Action: separation of employment
  - Role: Chief Executive Officer
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1600132/000110465923076314/0001104659-23-076314-index.htm
- Executive change
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1600132/000110465923076314/0001104659-23-076314-index.htm
- Executive change
  Parag Shah departed as Vice President of Business Operations at Bellerophon Therapeutics, Inc..
  - Action: separation of employment
  - Role: Vice President of Business Operations
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1600132/000110465923076314/0001104659-23-076314-index.htm
- Restructurings & Charges
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1600132/000110465923076314/0001104659-23-076314-index.htm

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