Instil Bio, Inc. (TIL): restructuring charge — Instil Bio discontinues ITIL-168, cuts 60% of U.S. workforce, COO departs

Instil Bio, Inc.

Discontinuing ITIL-168 (unmodified TIL) programs; prioritizing CoStAR-TIL platform (ITIL-306) in Phase 1 for NSCLC, ovarian, RCC.
U.S. workforce reduced by ~60%; restructuring expected substantially complete in February 2023.
Estimated aggregate restructuring costs up to $20 million; COO Timothy Moore departing Dec 8, 2022, consulting 3 months.
Initial ITIL-306 Phase 1 data expected in 2023; first patient dosed in 2022.

item 2.05 item 5.02 item 9.01

Executive movements

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Departed

Timothy Moore

Chief Operating Officer

TIL · Instil Bio, Inc.

Effective: 2022-12-08
Filed: December 8, 2022, 6:59 PM ET

Timothy Moore, the Company’s Chief Operating Officer, will separate from the Company, effective December 8, 2022.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 1.0

Timothy Moore departed as Chief Operating Officer at Instil Bio, Inc..

Action: will separate
Role: Chief Operating Officer

Exact text from the filing

Timothy Moore, the Company’s Chief Operating Officer, will separate from the Company, effective December 8, 2022.

View on SEC.gov

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

Instil Bio, Inc. announced a restructuring with charges of up to $20 million affecting ITIL-168 development program and U.S. workforce (approximately 60%).

Type: restructuring
Charge: up to $20 million
Affected area: ITIL-168 development program and U.S. workforce
Headcount: approximately 60%

Exact text from the filing

As part of the Plan, the Company’s ITIL-168 development program will be discontinued. In addition, as part of the Plan, the Company will reduce its US workforce by approximately 60%. This workforce reduction is expected to be substantially completed in February 2023. In connection with the Plan, the Company estimates that it will incur aggregate restructuring costs of up to $20 million.

View on SEC.gov

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Instil Bio, Inc. filing history →

Source: SEC EDGAR

accession 0001789769-22-000102

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