NGM BIOPHARMACEUTICALS INC: restructuring charge — NGM Biopharmaceuticals lays off 75 employees, CSO resigns; cash runway extended to Q2 2025

NGM BIOPHARMACEUTICALS INC

Workforce reduced by 75 (~33% of headcount); restructuring charges estimated at $5M (majority in Q2 2023).
Founder and CSO Jin-Long Chen resigns, effective Apr 4; Dan Kaplan appointed as new CSO.
Company expects existing cash to fund operations into Q2 2025 (extended cash runway).
Restructuring includes separation packages (≥3 months salary, healthcare through July, outplacement).
Restructuring driven by difficulty raising capital after CATALINA trial data did not support financing.

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

Jin-Long Chen

member of the Board

NGM BIOPHARMACEUTICALS INC

Effective: 2023-04-04
Filed: April 4, 2023, 7:59 PM ET

On April 3, 2023, Jin-Long Chen, Ph.D. resigned as Chief Scientific Officer of the Company, and as a member of the Board, in each case effective as of April 4, 2023.

Departed

Jin-Long Chen

Chief Scientific Officer

NGM BIOPHARMACEUTICALS INC

Effective: 2023-04-04
Filed: April 4, 2023, 7:59 PM ET

On April 3, 2023, Jin-Long Chen, Ph.D. resigned as Chief Scientific Officer of the Company, and as a member of the Board, in each case effective as of April 4, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 1.0

Jin-Long Chen resigned as member of the Board at NGM BIOPHARMACEUTICALS INC.

Action: resigned
Role: member of the Board

Exact text from the filing

On April 3, 2023, Jin-Long Chen, Ph.D. resigned as Chief Scientific Officer of the Company, and as a member of the Board, in each case effective as of April 4, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Jin-Long Chen resigned as Chief Scientific Officer at NGM BIOPHARMACEUTICALS INC.

Action: resigned
Role: Chief Scientific Officer

Exact text from the filing

On April 3, 2023, Jin-Long Chen, Ph.D. resigned as Chief Scientific Officer of the Company, and as a member of the Board, in each case effective as of April 4, 2023.

View on SEC.gov

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

NGM BIOPHARMACEUTICALS INC announced a restructuring with charges of approximately $5.0 million (75 people, or approximately 33% of the Company's existing headcount).

Type: restructuring
Charge: approximately $5.0 million
Headcount: 75 people, or approximately 33% of the Company's existing headcount

Exact text from the filing

approximately 33% of the Company’s existing headcount. The restructuring was communicated to employees on April 4, 2023. The Company estimates that it will incur approximately $5.0 million in restructuring charges in connection with the restructuring, consisting of (i) approximately $4.5 million in cash-based expenses related to employee severance and notice period

View on SEC.gov

Browse all restructurings & charges →

Source: SEC EDGAR

accession 0001628280-23-010574

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.