OTONOMY, INC.: restructuring charge — Otonomy board approves liquidation and dissolution; all employees terminated

OTONOMY, INC.

Board approved Plan of Liquidation and Dissolution on Dec 13, 2022, subject to stockholder approval.
Workforce eliminated effective Dec 15, 2022; all employees including officers terminated.
Estimated $5.0M severance and termination costs in Q4 2022.
CEO David Weber remains on board; CFO Paul Cayer appointed President and continues on consulting basis.
Company will seek stockholder approval at special meeting in Q1 2023, then delist and distribute remaining cash.

item 2.05 item 5.02 item 8.01 item 9.01

Executive movements

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

Role change

Paul E. Cayer

President

OTONOMY, INC.

Effective: 2022-12-15
Filed: December 19, 2022, 6:59 PM ET

Mr. Cayer continues to serve as Chief Financial and Business Officer and Secretary, was appointed President effective December 15, 2022

Departed

Alan C. Foster

Chief Scientific Officer

OTONOMY, INC.

Effective: 2022-12-15
Filed: December 19, 2022, 6:59 PM ET

and Alan C. Foster, Ph.D., Chief Scientific Officer, terminated employment with the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.9

Paul E. Cayer was appointed as President at OTONOMY, INC..

Action: appointed President
Role: President

Exact text from the filing

Mr. Cayer continues to serve as Chief Financial and Business Officer and Secretary, was appointed President effective December 15, 2022

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Alan C. Foster departed as Chief Scientific Officer at OTONOMY, INC..

Action: terminated employment
Role: Chief Scientific Officer

Exact text from the filing

and Alan C. Foster, Ph.D., Chief Scientific Officer, terminated employment with the Company.

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

OTONOMY, INC. announced a restructuring with charges of aggregate charges of approximately $5.0 million for severance and other employee termination-related costs affecting all employees (termination of all employees).

Type: restructuring
Charge: aggregate charges of approximately $5.0 million for severance and other employee termination-related costs
Affected area: all employees
Headcount: termination of all employees

Exact text from the filing

the Company has reduced its workforce, including the termination of all employees, effective as of December 15, 2022 (the “Reduction”). The Company estimates that it will incur aggregate charges of approximately $5.0 million for severance and other employee termination-related costs in the fourth quarter of 2022.

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Source: SEC EDGAR

accession 0001193125-22-308465

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