Maravai LifeSciences Holdings Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Costs Associated with Exit or Disposal Activities, Leadership Update, Financial Statements and Exhibits
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Biotechnology: Pharmaceutical Preparations
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): August 7, 2025
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Item 2.02. Results of Operations and Financial Condition.
On August 11, 2025, Maravai LifeSciences Holdings, Inc. issued a press release announcing its financial results for the second quarter of 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 2.02 of this Form 8-K and the Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 2.05. Costs Associated with Exit or Disposal Activities.
On August 11, 2025, the Company announced an organizational restructuring, including a workforce reduction, to reduce operating costs. The workforce reduction, which is being implemented as part of a strategic cost-reduction initiative, was committed to by management on August 8, 2025 and is expected to impact approximately 25% of the Company’s workforce. In connection with the workforce reduction, the Company currently estimates it will incur restructuring and related costs in the range of $8.0 million to $9.0 million, consisting primarily of employee severance and benefits costs, the majority of which the Company expects to recognize in the second half of 2025.
The estimated range of costs that the Company expects to incur in connection with the workforce reduction represents the Company’s current estimate only and is subject to a number of assumptions and actual results may differ materially from the estimated range. The Company may incur additional costs not currently contemplated due to events that may occur as a result of, or in connection with, the workforce reduction.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 7, 2025, the Company’s Board of Directors eliminated the positions held by Rebecca Buzzeo, Executive Vice President and Chief Commercial Officer of the Company, and Pete Leddy, Ph.D., Executive Vice President and Chief Administrative Officer of the Company. As a result, Ms. Buzzeo’s last day of employment with the Company is expected to be September 2, 2025, and Dr. Leddy’s last day of employment with the Company is expected to be October 2, 2025.
Both Ms. Buzzeo’s and Dr. Leddy’s departures from the Company constitute a termination by the Company without “cause” under their respective Amended and Restated Employment Agreements, effective as of May 8, 2023, and each of Ms. Buzzeo and Dr. Leddy will be entitled to receive the payments and benefits pursuant to Section 1(f)(i) thereof, which amounts are reflected in the estimated restructuring costs reflected in Item 2.05 above of this Form 8-K, subject in each case to her or his timely execution and non-revocation of a separation agreement and customary release of claims.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description of Exhibit | |||||||
| 99.1* | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
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| * | Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing. | ||||
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.
| MARAVAI LIFESCIENCES HOLDINGS, INC. | ||||||||
Date: August 11, 2025 | By: | /s/ Rajesh Asarpota | ||||||
| Name: | Rajesh Asarpota | |||||||
| Title: | Chief Financial Officer | |||||||