DermTech Inc. filed SEC Form 8-K: Costs Associated with Exit or Disposal Activities, Other Events, Financial Statements and Exhibits
$DMTK
Medical Specialities
Health Care
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 18, 2024
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Item 2.05. Costs Associated with Exit or Disposal Activities.
On April 18, 2024, the Board of Directors (the “Board”) of DermTech, Inc. (the “Company”) approved a restructuring plan to support the range of strategic alternatives being explored and reduce overall operating expenses to preserve cash. The restructuring includes operating expense reductions and a reduction in force (the “Reduction in Force”). The restructuring plan will include a reduction of its current workforce by approximately 100 employees, or approximately 56% of the Company’s workforce.
The Company estimates that it will incur aggregate pre-tax charges of approximately $1.6 million in connection with the Reduction in Force, primarily consisting of severance payments, employee benefits, outplacement services and related costs. The Company expects that the Reduction in Force will be complete by the end of the second quarter of 2024 and that these one-time charges will be incurred in the second quarter of 2024.
Item 8.01. Press Release.
On April 18, 2024, the Company issued a press release announcing the restructuring and Reduction in Force and the Company’s exploration of strategic alternatives. A copy of the press release is attached to this current report on Form 8‑K as Exhibit 99.1 and is incorporated by reference into this Item 8.01 of this current report on Form 8-K.
Forward-Looking Statements: This current report on Form 8-K contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on expectations and estimates of management of the Company which may differ from any actual results and consequently you should not rely on these forward‑looking statements as predictions of future events. Forward-looking statements include, without limitation, statements related to the intended benefits of the Reduction in Force, including with respect to the Company’s cash runway; the number of employees impacted by the Reduction in Force; the Company’s 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; and the prospects for the Company’s exploration of potential strategic alternatives; and the terms, timing, structure, benefits and costs of any strategic transaction and whether one will be consummated at all. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by forward-looking statements. All forward-looking statements in this current report on Form 8-K are based on information available to the Company as of the date of this filing. The Company expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
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.
| DERMTECH, INC. | ||||||||
| Date: April 18, 2024 | By: | /s/ Kevin Sun | ||||||
| Name: | Kevin Sun | |||||||
| Title: | Chief Financial Officer | |||||||