UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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 2.05. Costs Associated with Exit or Disposal Activities.
On April 11, 2024, the Board of Directors of Molecular Templates, Inc. (the “Company” or “Molecular Templates”) approved a reduction in force (the “Reduction in Force”) in order to extend its resources to better position the organization and to allow the Company to continue to support its clinical studies for MT-6402, MT-8421 and MT-0169. The Reduction in Force would reduce the Company’s current workforce by approximately 30%.
The Company estimates that it will incur aggregate pre-tax charges of approximately $0.1 million in connection with the Reduction in Force, primarily consisting of legal fees and other related termination costs.
The Company expects that this Reduction in Force will be complete by the end of April 2024 and that these one-time charges will be incurred in the second quarter of 2024.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective April 30, 2024 and in connection with the Reduction in Force, Maurizio Voi, M.D. will cease to serve as the Company’s Chief Medical Officer.
Forward-Looking Statements
This Form 8-K contains forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995 (the “Act”). Molecular Templates disclaims any intent or obligation to update these forward-looking statements and claims the protection of the Act’s Safe Harbor for forward-looking statements. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. In addition, when or if used in this Form 8-K, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to Molecular Templates may identify forward-looking statements. Examples of such statements include but are not limited to expectations regarding the intended benefits of the Reduction in Force, including with respect to Molecular Templates’ expectations regarding the estimated costs and cost savings, the timing of such costs and cost savings; and the timing of completion of the Reduction in Force. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual events or results may differ materially from those discussed in the forward-looking statements as a result of various factors including, but not limited to those risks identified under the heading “Risk Factors” in Molecular Templates’ filings with the Securities and Exchange Commission. Any forward-looking statements contained in this Form 8-K speak only as of the date hereof, and Molecular Templates specifically disclaims any obligation to update any forward-looking statement, whether because of new information, future events or otherwise.
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SIGNATURE
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.
| Molecular Templates, Inc. | ||||||
| Date: April 12, 2024 | By: | /s/ Eric E. Poma, Ph.D. | ||||
| Eric E. Poma, Ph.D. | ||||||
| Chief Executive Officer | ||||||
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Document and Entity Information |
Apr. 11, 2024 |
|---|---|
| Cover [Abstract] | |
| Security Exchange Name | NASDAQ |
| Amendment Flag | false |
| Entity Central Index Key | 0001183765 |
| Document Type | 8-K |
| Document Period End Date | Apr. 11, 2024 |
| Entity Registrant Name | Molecular Templates, Inc. |
| Entity Incorporation State Country Code | DE |
| Entity File Number | 001-32979 |
| Entity Tax Identification Number | 94-3409596 |
| Entity Address, Address Line One | 9301 Amberglen Blvd |
| Entity Address, Address Line Two | Suite 100 |
| Entity Address, City or Town | Austin |
| Entity Address, State or Province | TX |
| Entity Address, Postal Zip Code | 78729 |
| City Area Code | (512) |
| Local Phone Number | 869-1555 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, $0.001 Par Value |
| Trading Symbol | MTEM |
| Entity Emerging Growth Company | false |