Applied Molecular Transport Inc.: restructuring charge — Applied Molecular Transport lays off 57% of workforce, appoints Shawn Cross CEO, initiates strategic review

On March 21, 2023, the Board appointed Mr. Cross to serve as a Class I director on the Board for a term expiring at the 2024 annual meeting of the Company’s stockholders.

On March 24, 2023, Tahir Mahmood departed from his position as the Company’s Chief Executive Officer.

On March 21, 2023, the Board approved the appointment of Shawn Cross, age 55, as Chief Executive Officer of the Company and Chair of the Board.

On March 21, 2023, the board of directors (the “ Board ”) of Applied Molecular Transport Inc. (the “ Company ”) approved a reduction of the Company’s workforce by 35 employees across all functional areas of the Company, resulting in a total of 26 remaining full-time employees (the “ Workforce Reduction ”). The Workforce Reduction is intended to preserve capital by reducing the Company’s operating expenses. Affected employees will be offered customary separation benefits, including one time severance payments and payments to cover premiums for the continuation of healthcare coverage for a limited period of time. As a result of the Workforce Reduction, the Company estimates that it will incur approximately $3 million in costs primarily related to severance costs and related expenses and expects that the payments of these costs will be made through the end of the second quarter of 2023.