---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-010574"
form_type: "8-K"
ticker: null
cik: "0001426332"
company_name: "NGM BIOPHARMACEUTICALS INC"
filed_at: "2023-04-04T23:59:59+00:00"
generated_at: "2026-06-17T06:26:15.805225+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# NGM Biopharmaceuticals lays off 75 employees, CSO resigns; cash runway extended to Q2 2025

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-23-010574
- form_type: 8-K
- cik: 0001426332
- company_name: NGM BIOPHARMACEUTICALS INC
- filed_at: 2023-04-04T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.05, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1426332/000162828023010574/0001628280-23-010574-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1426332/000162828023010574/ngm-20230403.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-010574
- JSON: https://secwatch.observer/filing/0001628280-23-010574.json
- Plain text: https://secwatch.observer/filing/0001628280-23-010574.txt

## Key facts
- Executive change
  Jin-Long Chen resigned as member of the Board at NGM BIOPHARMACEUTICALS INC.
  - Action: resigned
  - Role: member of the Board
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1426332/000162828023010574/0001628280-23-010574-index.htm
- Executive change
  Jin-Long Chen resigned as Chief Scientific Officer at NGM BIOPHARMACEUTICALS INC.
  - Action: resigned
  - Role: Chief Scientific Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1426332/000162828023010574/0001628280-23-010574-index.htm
- Restructurings & Charges
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1426332/000162828023010574/0001628280-23-010574-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.