UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of principal executive offices)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 7.01 | Regulation FD Disclosure. |
On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
SVB was the commercial bank and investment portfolio manager of CymaBay Therapeutics, Inc. CymaBay’s investment portfolio (which was managed by SVB) is held at a third-party custodian for the benefit of CymaBay. As of March 13, 2023, CymaBay had depository accounts at SVB in which it held approximately $6.3 million, which represented less than 3% of its cash, cash equivalents and investments. These depository accounts were used by CymaBay to fund short-term working capital.
According to a joint statement by the Department of the Treasury, Federal Reserve and FDIC dated March 12, 2023, depositors will have access to all of their SVB deposits starting Monday, March 13, 2023.
Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking” statements, which include, but are not limited to, the availability and timing of access to funds from depository accounts at SVB and CymaBay’s ability to recover its cash on deposit at SVB. Actual results may differ from these expectations for a number of reasons, including, but not limited to, SVB’s failure just occurred and regulatory authorities may take actions in response to the failure of SVB that CymaBay does not expect. All information provided in this Current Report on Form 8-K is as of March 13, 2023, and the Company undertakes no duty to update this information unless required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CymaBay Therapeutics, Inc. | ||
| By: | /s/ Sujal Shah | |
| Name: | Sujal Shah | |
| Title: | Chief Executive Officer | |
Dated: March 13, 2023
Document and Entity Information |
Mar. 10, 2023 |
|---|---|
| Cover [Abstract] | |
| Amendment Flag | false |
| Entity Central Index Key | 0001042074 |
| Document Type | 8-K |
| Document Period End Date | Mar. 10, 2023 |
| Entity Registrant Name | CymaBay Therapeutics, Inc. |
| Entity Incorporation State Country Code | DE |
| Entity File Number | 001-36500 |
| Entity Tax Identification Number | 94-3103561 |
| Entity Address, Address Line One | 7575 Gateway Blvd. |
| Entity Address, Address Line Two | Suite 110 |
| Entity Address, City or Town | Newark |
| Entity Address, State or Province | CA |
| Entity Address, Postal Zip Code | 94560 |
| City Area Code | (510) |
| Local Phone Number | 293-8800 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common stock, $0.0001 par value per share |
| Trading Symbol | CBAY |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
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