Galera Therapeutics, Inc. (GRTX): restructuring charge — Galera Therapeutics receives FDA CRL for avasopasem; cuts workforce by 70% to extend cash runway

Galera Therapeutics, Inc.

FDA issued CRL for avasopasem NDA; Phase 3 ROMAN + GT-201 data not sufficiently persuasive; additional trial required.
Workforce reduced by 22 employees (~70%); estimated restructuring charges of $2.0M to $2.5M.
Preliminary cash, equivalents, and short-term investments of $38.8M as of June 30, 2023; cash runway extended into Q2 2024.
Mark Bachleda, Chief Commercial Officer, position eliminated in workforce reduction.
Company intends to request Type A FDA meeting and explore strategic alternatives including partnering.

item 2.02 item 2.05 item 5.02 item 8.01 item 9.01

Executive movements

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Departed

Mark Bachleda

Chief Commercial Officer

GRTX · Galera Therapeutics, Inc.

Filed: August 10, 2023, 7:59 PM ET

On August 9, 2023, Mark Bachleda, Pharm.D., the Company’s Chief Commercial Officer, was informed that his position was being eliminated in connection with the Workforce Reduction.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Galera Therapeutics, Inc. reported preliminary financial results for the three months ended June 30, 2023.

Period: the three months ended June 30, 2023
Result: preliminary results

Exact text from the filing

Preliminary Financial Results - Cash Balance as of June 30, 2023 On August 9, 2023, Galera Therapeutics, Inc. (the “Company”) announced that, based upon preliminary estimates and information available to the Company, it expects to report that it had cash, cash equivalents and short-term investments of approximately $38.8 million as of June 30, 2023.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Mark Bachleda departed as Chief Commercial Officer at Galera Therapeutics, Inc..

Action: eliminated
Role: Chief Commercial Officer

Exact text from the filing

On August 9, 2023, Mark Bachleda, Pharm.D., the Company’s Chief Commercial Officer, was informed that his position was being eliminated in connection with the Workforce Reduction.

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

Galera Therapeutics, Inc. announced a restructuring with charges of approximately $2.0 to $2.5 million affecting the Company’s current workforce (22 employees, approximately 70% of headcount) (22 employees, or approximately 70% of the Company’s headcount).

Type: restructuring
Charge: approximately $2.0 to $2.5 million
Affected area: the Company’s current workforce (22 employees, approximately 70% of headcount)
Headcount: 22 employees, or approximately 70% of the Company’s headcount

Exact text from the filing

The decision was based on cost-reduction initiatives intended to reduce operating expenses. The Company currently estimates that it will incur charges of approximately $2.0 to $2.5 million in connection with the Workforce Reduction, primarily consisting of severance payments, employee benefits and related costs. The Company expects that the majority

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36 earnings releases filed in the last 30 days. Browse all earnings releases →

Galera Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-208137

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