Generation Bio Co.: restructuring charge — Generation Bio cuts 40% of workforce, extends cash runway to 2H 2027

Generation Bio Co.

Workforce reduction of ~40% approved Nov 27; expected cost savings of ~$120M over three years.
Cash runway extended into second half of 2027 due to reorganization and reduced operational spend.
CMO Douglas Kerr and CDO Tracy Zimmermann to depart Jan 28, 2024; severance total $0.7M plus accelerated equity.
Severance and retention costs estimated $7-8M, recognized in Q4 2023 and Q1 2024.
Company prioritizes ctLNP delivery for extrahepatic cell types and iqDNA platform for hemophilia A.

item 2.05 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Douglas Kerr

Chief Medical Officer

Generation Bio Co.

Effective: 2024-01-28
Filed: November 29, 2023, 6:59 PM ET

As part of the RIF described above in Item 2.05, the Company will terminate the employment of Douglas Kerr, M.D., Ph.D., M.B.A., the Company’s Chief Medical Officer, and Tracy Zimmermann, Ph.D., the Company’s Chief Development Officer, effective as of January 28, 2024

Departed

Tracy Zimmermann

Chief Development Officer

Generation Bio Co.

Effective: 2024-01-28
Filed: November 29, 2023, 6:59 PM ET

As part of the RIF described above in Item 2.05, the Company will terminate the employment of Douglas Kerr, M.D., Ph.D., M.B.A., the Company’s Chief Medical Officer, and Tracy Zimmermann, Ph.D., the Company’s Chief Development Officer, effective as of January 28, 2024

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Douglas Kerr was terminated as Chief Medical Officer at Generation Bio Co..

Action: terminated
Role: Chief Medical Officer

Exact text from the filing

As part of the RIF described above in Item 2.05, the Company will terminate the employment of Douglas Kerr, M.D., Ph.D., M.B.A., the Company’s Chief Medical Officer, and Tracy Zimmermann, Ph.D., the Company’s Chief Development Officer, effective as of January 28, 2024

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Tracy Zimmermann was terminated as Chief Development Officer at Generation Bio Co..

Action: terminated
Role: Chief Development Officer

Exact text from the filing

As part of the RIF described above in Item 2.05, the Company will terminate the employment of Douglas Kerr, M.D., Ph.D., M.B.A., the Company’s Chief Medical Officer, and Tracy Zimmermann, Ph.D., the Company’s Chief Development Officer, effective as of January 28, 2024

View on SEC.gov

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

Generation Bio Co. announced a restructuring with charges of approximately $7 million to $8 million (approximately 40%).

Type: restructuring
Charge: approximately $7 million to $8 million
Headcount: approximately 40%

Exact text from the filing

the Company estimates that it will incur severance-, termination- and retention-related costs of approximately $7 million to $8 million

View on SEC.gov

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Source: SEC EDGAR

accession 0001558370-23-019374

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