HOOKIPA Pharma Inc. (HOOK): restructuring charge — HOOKIPA reports Roche termination of HB-700 deal, 30% workforce cut, $117.5M cash

HOOKIPA Pharma Inc.

Roche terminates collaboration for HB-700 (KRAS-mutated cancers) effective April 25, 2024; HOOKIPA regains full rights and remains eligible for IND milestone payment.
Workforce reduction of ~30% (55 employees) approved; expected severance costs ~$1.5M, non-cash impairment of GMP facility $10M-$13M.
Company to prioritize HB-200 (HPV16+ HNSCC) and Gilead-partnered infectious disease programs; pauses HB-300 and most preclinical research.
Preliminary cash and equivalents of $117.5M as of Dec 31, 2023 (unaudited); company expects to conserve resources.

item 1.02 item 2.02 item 7.01 item 2.05 item 2.06 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HOOKIPA Pharma Inc. terminated Research Collaboration and License Agreement with F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc. (effective 2024-01-25).

Action: termination
Agreement: collaboration
Counterparty: F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc.
Effective: 2024-01-25

Exact text from the filing

On January 25, 2024, HOOKIPA Pharma Inc. (“HOOKIPA”) received written notice (the “Notice”) from F. Hoffmann-La Roche Ltd. and Hoffmann-La Roche Inc. (collectively referred to as “Roche”) of their decision to terminate the Research Collaboration and License Agreement (the “Collaboration Agreement”) among Roche and Hookipa Biotech GmbH (“HOOKIPA GmbH,” and together with HOOKIPA, the “Company”), a wholly-owned subsidiary of HOOKIPA, dated October 18, 2022.

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

HOOKIPA Pharma Inc. announced a restructuring with charges of approximately $1.5 million in severance, restructuring and related costs affecting the Company (55 full-time employees, or approximately 30% of the Company's then-current employee base).

Type: restructuring
Charge: approximately $1.5 million in severance, restructuring and related costs
Affected area: the Company
Headcount: 55 full-time employees, or approximately 30% of the Company's then-current employee base

Exact text from the filing

into an effective separation agreement, which includes a general release of claims against the Company. The workforce reduction is expected to result in approximately $1.5 million in severance, restructuring and related costs. HOOKIPA expects a non-cash impairment of “assets under construction” between $10 million and $13 million from the discontinuation

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

HOOKIPA Pharma Inc. announced a impairment with charges of between $10 million and $13 million affecting GMP facility project.

Type: impairment
Charge: between $10 million and $13 million
Affected area: GMP facility project

Exact text from the filing

HOOKIPA expects a non-cash impairment of “assets under construction” between $10 million and $13 million from the discontinuation of the GMP facility project as part of the Reduction Plan.

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HOOKIPA Pharma Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-007471

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