Century Therapeutics Inc. filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities, Leadership Update
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| Item 2.05 | Costs Associated with Exit or Disposal Activities |
On July 1, 2025, the Board of Directors (the “Board”) of Century Therapeutics, Inc. (the “Company”) approved a reduction in force as part of a broader effort to right size the organization to focus on programs with the highest potential for transformational value. The Company expects to implement a net reduction of its employee headcount by approximately 51% (the “RIF”). As part of the RIF, the Company estimates that it will incur charges of approximately $3.7 million for severance and other employee termination-related costs. These costs consist primarily of cash expenditures related to severance payments. The Company estimates that the workforce reduction will be substantially completed by the end of the third quarter of 2025.
The estimate of costs that the Company expects to incur, and the timing thereof are subject to a number of assumptions and actual results may differ. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the actions described above.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements |
Departure of Chief Financial Officer and Chief Development Officer
In connection with the RIF, on July 1, 2025, the Board approved the departure of Morgan Conn, Ph.D. from his position as the Company’s Chief Financial Officer, effective July 11, 2025 and Adrienne Farid, Ph.D. from her position as the Company’s Chief Development Officer, effective July 31, 2025. Each such departure will be a termination without Cause as defined in the executive Employment Agreement between the Company and each executive, dated September 20, 2024 and May 26, 2021, respectively.
Appointment of Interim Principal Financial Officer
Following the effectiveness of Dr. Conn’s departure from the Company, Douglas Carr, the Company’s Senior Vice President, Finance, will serve as interim Principal Financial Officer.
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.
| CENTURY THERAPEUTICS, INC. | ||
| By: | /s/ Brent Pfeiffenberger, Pharm.D. | |
| Name: | Brent Pfeiffenberger, Pharm.D. | |
| Title: | President and Chief Executive Officer | |
Date: July 7, 2025