--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-079964" form_type: "8-K" ticker: null cik: "0001659352" company_name: "Codiak BioSciences, Inc." filed_at: "2023-03-27T23:59:59+00:00" generated_at: "2026-06-17T15:05:07.148943+00:00" event_type: "other_material" sentiment: "negative" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # Codiak BioSciences files Chapter 11, seeks asset sale, cuts 69% of staff, top executives exit ## Summary - Filed voluntary Chapter 11 petition in Delaware on March 27, 2023; intends to sell substantially all assets through a court-supervised process. - Reduced workforce by 34 employees (69%); estimates ~$1.12M in severance and termination costs. - CEO Douglas Williams, CFO Linda Bain, CMO David Mauro, CSO Sriram Sathyanarayanan, Chief Legal Officer Yalonda Howze, and VP HR Nicole Barna departing in early April 2023; Williams remains on board. - Appointed Paul Huygens of Province, LLC as Chief Restructuring Officer to manage the sale process and operations during Chapter 11. ## SEC filing metadata - accession: 0001193125-23-079964 - form_type: 8-K - cik: 0001659352 - company_name: Codiak BioSciences, Inc. - filed_at: 2023-03-27T23:59:59+00:00 - event_type: other_material - sentiment: negative - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 1.03, 2.05, 5.02, 8.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1659352/000119312523079964/0001193125-23-079964-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1659352/000119312523079964/d467120d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-079964 - JSON: https://secwatch.observer/filing/0001193125-23-079964.json - Plain text: https://secwatch.observer/filing/0001193125-23-079964.txt ## Key facts - Distress & Bankruptcy Codiak BioSciences, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-03-27). - Proceeding: chapter 11 - Court: United States Bankruptcy Court for the District of Delaware - Petition: 2023-03-27 source text: On March 27, 2023, Codiak BioSciences, Inc. (the “Company”) filed a voluntary petition (the “Bankruptcy Petition”) for relief under Chapter 11 of Title 11 (“Chapter 11”) of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), thereby commencing a Chapter 11 case for the Company (Case No. 23-10350). evidence_url: https://www.sec.gov/Archives/edgar/data/1659352/000119312523079964/0001193125-23-079964-index.htm - Executive change David Mauro departed as Chief Medical Officer at Codiak BioSciences, Inc.. - Action: will be leaving - Role: Chief Medical Officer source text: The departures of Dr. Williams, Ms. Bain, Dr. Mauro, Dr. Sathyanarayanan and Ms. Barna will be effective as of April 7, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/1659352/000119312523079964/0001193125-23-079964-index.htm - Executive change Nicole Barna departed as Senior Vice President, Human Resources at Codiak BioSciences, Inc.. - Action: will be leaving - Role: Senior Vice President, Human Resources source text: The departures of Dr. Williams, Ms. Bain, Dr. Mauro, Dr. Sathyanarayanan and Ms. Barna will be effective as of April 7, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/1659352/000119312523079964/0001193125-23-079964-index.htm - Executive change Yalonda Howze resigned as Executive Vice President, Chief Legal and Compliance Officer and Corporate Secretary at Codiak BioSciences, Inc.. - Action: resigned - Role: Executive Vice President, Chief Legal and Compliance Officer and Corporate Secretary source text: Ms. Howze notified the Company of her resignation from her position, to be effective as of April 4, 2023, on March 24, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/1659352/000119312523079964/0001193125-23-079964-index.htm - Executive change Douglas E. Williams departed as President and Chief Executive Officer at Codiak BioSciences, Inc.. - Action: will be leaving - Role: President and Chief Executive Officer source text: The departures of Dr. Williams, Ms. Bain, Dr. Mauro, Dr. Sathyanarayanan and Ms. Barna will be effective as of April 7, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/1659352/000119312523079964/0001193125-23-079964-index.htm - Executive change Sriram Sathyanarayanan departed as Chief Scientific Officer at Codiak BioSciences, Inc.. - Action: will be leaving - Role: Chief Scientific Officer source text: The departures of Dr. Williams, Ms. Bain, Dr. Mauro, Dr. Sathyanarayanan and Ms. Barna will be effective as of April 7, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/1659352/000119312523079964/0001193125-23-079964-index.htm - Executive change Linda C. Bain departed as Chief Financial Officer and Treasurer at Codiak BioSciences, Inc.. - Action: will be leaving - Role: Chief Financial Officer and Treasurer source text: The departures of Dr. Williams, Ms. Bain, Dr. Mauro, Dr. Sathyanarayanan and Ms. Barna will be effective as of April 7, 2023. evidence_url: https://www.sec.gov/Archives/edgar/data/1659352/000119312523079964/0001193125-23-079964-index.htm - Restructurings & Charges Codiak BioSciences, Inc. announced a restructuring with charges of approximately $1,120,000 (thirty-four (34) employees, or 69%). - Type: restructuring - Charge: approximately $1,120,000 - Headcount: thirty-four (34) employees, or 69% source text: The Company estimates that it will incur approximately $1,120,000 of costs in connection with the reduction in workforce related to severance pay and other related termination benefits. evidence_url: https://www.sec.gov/Archives/edgar/data/1659352/000119312523079964/0001193125-23-079964-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.