Akili, Inc.: restructuring charge — Akili cuts 46% of workforce, amends Shionogi deal for $10.5M upfront, explores strategic alternatives

Akili, Inc.

Shionogi amendment provides $10.5M upfront payment, cancels $5M bond; Akili eligible for up to $7.5M in additional payments.
Workforce reduced by 46%, eliminating marketing and medical affairs teams; severance costs estimated at $2.3-2.8M.
Board initiates process to evaluate strategic alternatives, including a potential sale or other transaction.
Q1 2024 financial results to be released May 14; no earnings conference call will be held.
Akili will continue to support existing EndeavorRx and EndeavorOTC users and pursue FDA marketing authorization for EndeavorOTC.

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

Akili, Inc. amended Shionogi Amendment with Shionogi & Co., Ltd. valued at $10.5 million within 30 business days of the Amendment Effective Date (effective 2024-04-26).

Action: amendment
Agreement: collaboration
Counterparty: Shionogi & Co., Ltd.
Value: $10.5 million within 30 business days of the Amendment Effective Date
Effective: 2024-04-26

Exact text from the filing

On April 26, 2024, the Company and Shionogi entered into a further amendment (the “Shionogi Amendment”, and such date the “Amendment Effective Date”) to the Shionogi Agreement

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

Akili, Inc. announced a restructuring with charges of approximately $2.3 – $2.8 million affecting Company's workforce across different areas and functions, including eliminating the Company's marketing and medical affairs teams (approximately 46%).

Type: restructuring
Charge: approximately $2.3 – $2.8 million
Affected area: Company's workforce across different areas and functions, including eliminating the Company's marketing and medical affairs teams
Headcount: approximately 46%

Exact text from the filing

On April 26, 2024, the Board of Directors of the Company (the "Board") approved a revised operating plan and budget for the remainder of 2024 and a related restructuring that will result in a reduction of the Company's operating expenses. As part of this plan, the Company's workforce will be reduced by approximately 46% across different areas and functions, including eliminating the Company's marketing and medical affairs teams. This workforce reduction was communicated to employees on April 30, 2024 and is expected to be completed by the end of the second quarter of 2024. Affected employees will be offered severance and other benefits, and the Company estimates that these severance and restructuring-related costs will be approximately $2.3 – $2.8 million and expects to record these charges in the second quarter of 2024.

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Source: SEC EDGAR

accession 0001193125-24-123749

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