Galera Therapeutics board approves dissolution; CFO and CLO positions eliminated

Galera Therapeutics, Inc.

Board unanimously approved Plan of Liquidation and Dissolution; special stockholder meeting on or around Oct 17, 2024.
Workforce reduced to 3 employees; CFO Chris Degnan and CLO Jennifer Evans Stacey positions cut effective Aug 31, 2024.
Q2 2024 net loss $4.1M ($0.07 per share) vs $20.7M ($0.48) in Q2 2023; R&D expenses fell to $1.4M.
Cash and equivalents $10.7M as of June 30, 2024; expects to fund dissolution costs for at least 12 months.
No suitable strategic alternatives found; may still sell pipeline assets, proceeds to be distributed to stockholders.

item 2.02 item 5.02 item 8.01 item 9.01

Executive movements

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Departed

Christopher Degnan

Chief Financial Officer

GRTX · Galera Therapeutics, Inc.

Effective: 2024-08-31
Filed: August 14, 2024, 7:59 PM ET

On August 8, 2024, the Company notified Christopher Degnan, the Company’s Chief Financial Officer and principal financial officer, that his position is being eliminated, effective August 31, 2024, in order to save costs as the Company moves forward with the dissolution of the Company, as described below.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Christopher Degnan departed as Chief Financial Officer at Galera Therapeutics, Inc..

Action: position eliminated
Role: Chief Financial Officer

Exact text from the filing

On August 8, 2024, the Company notified Christopher Degnan, the Company’s Chief Financial Officer and principal financial officer, that his position is being eliminated, effective August 31, 2024, in order to save costs as the Company moves forward with the dissolution of the Company, as described below.

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Galera Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-200220

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