Gritstone bio, Inc.: going-concern / distress — Gritstone bio files Chapter 11 bankruptcy; ~$40M cash; seeks stalking horse bidder

Gritstone bio, Inc.

Filed voluntary Chapter 11 on Oct. 10, 2024 in Delaware Bankruptcy Court, case #24-12305; intends to continue operations as debtor-in-possession.
Unaudited cash, cash equivalents and marketable securities of ~$40.0M as of Aug. 31, 2024; financial closing procedures pending.
Chapter 11 filing triggered default and accelerated obligations under loan agreements (Hercules Capital, SVB); enforcement automatically stayed.
Expects Nasdaq delisting notice under Rule 5110(b); will not appeal; common stock likely delisted but reporting obligations unchanged.
Press release states discussions with party to act as stalking horse bidder or plan sponsor; agreement may be presented to court as early as next week.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Gritstone bio, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2024-10-10).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2024-10-10

Exact text from the filing

On October 10, 2024 (the “Petition Date”), Gritstone bio, Inc. (the “Company”) filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), commencing a chapter 11 case (the “Chapter 11 Case”). The case number is 24-12305

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Source: SEC EDGAR

accession 0001193125-24-235637

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