Evelo Biosciences, Inc.: restructuring charge — Evelo Biosciences cuts 45% workforce; Phase 2 atopic dermatitis trial fails primary endpoint

Evelo Biosciences, Inc.

Workforce reduction of 48 employees (45% of headcount); estimated $2.7M charges, cash runway extended into Q3 2023.
Phase 2 trial of EDP1815 in atopic dermatitis failed primary endpoint (EASI-50) in three cohorts due to high placebo rates; fourth cohort data expected Q2 2023.
Positive regulatory feedback from FDA, EMA, MHRA for Phase 3 plans of EDP1815 in psoriasis; clear path to global registration.
Dosing started for Phase 1 of EDP2939 (EV product) in psoriasis; Phase 2a dosing planned Q1 2023; data H2 2023.
CFO Marella Thorell appointed principal accounting officer after CAO departure; CEO search halted, Simba Gill remains.

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.

Role change

Marella Thorell

Principal Accounting Officer

Evelo Biosciences, Inc.

Filed: February 2, 2023, 6:59 PM ET

On the same date, the Board appointed Marella Thorell, the Company’s Chief Financial Officer, Senior Vice President, Treasurer and principal financial officer, as the Company’s principal accounting officer effective upon Mr. Carriere’s departure.

Departed

Stephen J. Carriere

Chief Accounting Officer

Evelo Biosciences, Inc.

Effective: 2023-03-31
Successor: Marella Thorell
Filed: February 2, 2023, 6:59 PM ET

On January 31, 2023, Stephen J. Carriere, the Company’s Chief Accounting Officer, was informed that his position was being eliminated in connection with the Workforce Reduction.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Marella Thorell was appointed as Principal Accounting Officer at Evelo Biosciences, Inc..

Action: appointed
Role: Principal Accounting Officer

Exact text from the filing

On the same date, the Board appointed Marella Thorell, the Company’s Chief Financial Officer, Senior Vice President, Treasurer and principal financial officer, as the Company’s principal accounting officer effective upon Mr. Carriere’s departure.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Stephen J. Carriere departed as Chief Accounting Officer at Evelo Biosciences, Inc..

Action: departed
Role: Chief Accounting Officer

Exact text from the filing

On January 31, 2023, Stephen J. Carriere, the Company’s Chief Accounting Officer, was informed that his position was being eliminated in connection with the Workforce Reduction.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 1.0

Evelo Biosciences, Inc. announced a restructuring with charges of aggregate charges in connection with the Workforce Reduction of approximately $2.7 million, which relate primarily to severance payments and related continuatio affecting workforce (48 employees, or approximately 45% of the Company's headcount as of January 31, 2023).

Type: restructuring
Charge: aggregate charges in connection with the Workforce Reduction of approximately $2.7 million, which relate primarily to severance payments and related continuatio
Affected area: workforce
Headcount: 48 employees, or approximately 45% of the Company's headcount as of January 31, 2023

Exact text from the filing

and prioritize investment in its core clinical programs. The Company estimates that it will incur aggregate charges in connection with the Workforce Reduction of approximately $2.7 million, which relate primarily to severance payments and related continuation of benefits costs, all of which are anticipated to result in future cash expenditures, along with the

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Source: SEC EDGAR

accession 0001193125-23-022876

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