Theseus Pharmaceuticals, Inc.: restructuring charge — Theseus Pharma lays off 72% of staff, explores strategic alternatives; cash $225.4M

Theseus Pharmaceuticals, Inc.

Workforce reduction of ~72% (26 employees, including R&D President); severance costs ~$5.5M in Q4 2023.
Process to explore strategic alternatives including potential sale of company or assets to maximize shareholder value.
Cash, cash equivalents, and marketable securities total $225.4M as of September 30, 2023.
President R&D William Shakespeare terminated without cause; receives $0.5M severance, accelerated equity vesting, consulting role through June 2024.

item 2.02 item 2.05 item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

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Departed

William C. Shakespeare, Ph.D.

President of Research and Development

Theseus Pharmaceuticals, Inc.

Effective: 2023-11-09
Filed: November 13, 2023, 6:59 PM ET

the Company terminated the employment of William C. Shakespeare, Ph.D. as President of Research and Development of the Company, effective as of November 9, 2023 (the “Separation Date”), without cause.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

William C. Shakespeare, Ph.D. was terminated as President of Research and Development at Theseus Pharmaceuticals, Inc..

Action: terminated
Role: President of Research and Development

Exact text from the filing

the Company terminated the employment of William C. Shakespeare, Ph.D. as President of Research and Development of the Company, effective as of November 9, 2023 (the “Separation Date”), without cause.

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

Theseus Pharmaceuticals, Inc. announced a restructuring with charges of $5.5 million (26 full-time employees, or approximately 72% of the Company’s then-current employee base).

Type: restructuring
Charge: $5.5 million
Headcount: 26 full-time employees, or approximately 72% of the Company’s then-current employee base

Exact text from the filing

employee’s entering into an effective separation agreement, which includes a general release of claims against the Company. The reduction of workforce is expected to result in $5.5 million in severance costs. The incremental costs are expected to be incurred in the fourth quarter of 2023. --- EX-99.1 (EX-99.1) --- Theseus Pharmaceuticals Announces Process to

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Source: SEC EDGAR

accession 0001745020-23-000073

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