8-K
filed February 3, 2023, 6:59 PM ET
CIK 0001349929
other material
confidence high
sentiment negative
materiality 0.85
Vyant Bio, Inc.: restructuring charge — Vyant Bio cuts workforce, CEO and CSO depart; CFO takes over as company seeks sale or wind-down
Vyant Bio, Inc.
- Board approved Cash Preservation Plan on Jan 31, including a reduction in force to retain only core employees.
- Estimated severance and termination costs of ~$1.4M in Q1 and Q2 2023; reductions expected by end of February.
- CEO John Roberts and CSO Robert Fremeau step down effective Feb 3; CFO Andrew LaFrence appointed President and CEO.
- Company continues to explore strategic alternatives with LifeSci Capital, including sale, merger, or orderly wind-down.
- Cash and cash equivalents ~$8.4M as of Jan 31, 2023; pre-clinical/clinical programs delayed or deferred.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Robert T. Fremeau, Jr. departed as Chief Scientific Officer at Vyant Bio, Inc..
- Action
- step down
- Role
- Chief Scientific Officer
Exact text from the filing
John A. Roberts and Robert T. Fremeau, Jr., agreed in principle that Mr. Roberts and Dr. Fremeau would step down as President and Chief Executive Officer and Chief Scientific Officer, respectively, of the Company, effective as of February 3, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
John A. Roberts departed as President and Chief Executive Officer at Vyant Bio, Inc..
- Action
- step down
- Role
- President and Chief Executive Officer
Exact text from the filing
John A. Roberts and Robert T. Fremeau, Jr., agreed in principle that Mr. Roberts and Dr. Fremeau would step down as President and Chief Executive Officer and Chief Scientific Officer, respectively, of the Company, effective as of February 3, 2023
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Andrew D.C. LaFrence changed role as President and Chief Executive Officer at Vyant Bio, Inc..
- Action
- assume
- Role
- President and Chief Executive Officer
Exact text from the filing
Andrew D.C. LaFrence, the Company’s Chief Financial Officer, will assume the role of President and Chief Executive Officer following Mr. Roberts’ departure.
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
Vyant Bio, Inc. announced a restructuring with charges of approximately $1.4 million.
- Type
- restructuring
- Charge
- approximately $1.4 million
Exact text from the filing
the Board determined on January 31, 2023 to conduct a reduction in force as soon as practical, resulting in the retention of a core group of employees required for one or more potential strategic transactions and/or to execute an orderly wind down of the Company if required. The Company estimates that it will incur approximately $1.4 million for retention, severance and other employee termination-related costs in the first and second quarters of 2023.
View on SEC.gov
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