Neurogene Inc. (NGNE): restructuring charge — Neoleukin cuts 70% of workforce, CEO to resign as company seeks strategic alternatives

Neurogene Inc.

Board approved 70% workforce reduction and re-prioritization to seek strategic alternatives to maximize shareholder value.
Estimated restructuring costs between $2.5M and $3.0M, primarily severance and benefits, with $0.3M non-cash.
CEO Jonathan Drachman resigns as President, CEO and director effective March 31, 2023; no replacement announced.
Severance includes 12-month salary continuation, 3-month target cash bonus, accelerated option vesting of August 2022 grant.
Execution of restructuring expected substantially complete by end of Q2 2023; costs incurred in first half of 2023.

item 2.05 item 5.02

Executive movements

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Departed

Jonathan G. Drachman

President, Chief Executive Officer, principal executive and financial officer

NGNE · Neurogene Inc.

Effective: 2023-03-31
Filed: March 10, 2023, 6:59 PM ET

Jonathan G. Drachman, M.D. will be resigning from his role as President, Chief Executive Officer, principal executive and financial officer, and will also be resigning as a director of the Company, all effective March 31, 2023

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Jonathan G. Drachman departed as President, Chief Executive Officer, principal executive and financial officer at Neurogene Inc..

Action: resigning
Role: President, Chief Executive Officer, principal executive and financial officer

Exact text from the filing

Jonathan G. Drachman, M.D. will be resigning from his role as President, Chief Executive Officer, principal executive and financial officer, and will also be resigning as a director of the Company, all effective March 31, 2023

View on SEC.gov

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

Neurogene Inc. announced a restructuring with charges of $2.5 million and $3.0 million (approximately 70%).

Type: restructuring
Charge: $2.5 million and $3.0 million
Headcount: approximately 70%

Exact text from the filing

On March 6, 2023, the Board of Directors of Neoleukin Therapeutics, Inc. (the "Company") approved a reduction in force of the Company's workforce by approximately 70% and a re-prioritization of the Company’s focus to seek strategic alternatives to maximize shareholder value (the "Restructuring Plan"). The Company's current best estimate of costs it will incur for the Restructuring Plan total between $2.5 million and $3.0 million

View on SEC.gov

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Neurogene Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-007432

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