x

Posted 10 March, 2023

Neoleukin Therapeutics, Inc. appointed new CEO

CEO Change detected for ticker Nasdaq:NLTX in a 8-K filed on 10 March, 2023.


  In connection with the Restructuring Plan, Jonathan G. Drachman, M.D. will be resigning from his role as President, Chief Executive Officer, principal executive and financial officer, and will also be resigning as a director of the Company, all effective March 31, 2023 ("Separation Date").  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of Neoleukin Therapeutics, Inc.
Health Care/Life Sciences • Biotechnology
Neoleukin Therapeutics, Inc. operates as a biopharmaceutical company, which computational methods to design de novo protein therapeutics. The firm address significant medical needs in oncology, inflammation, and autoimmunity. Its lead product candidate, NL-201, is a combined IL-2 and IL-15 agonist designed to eliminate alpha receptor binding. The company was founded by Daniel-Adriano Silva, Carl Walkey, and Umut Ulge in December 2003 and is headquartered in Seattle, WA.
Market Cap
$478M
View Company Details
Neoleukin Therapeutics, Inc. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers

In connection with the Restructuring Plan, Jonathan G. Drachman, M.D. will be resigning from his role as President, Chief Executive Officer, principal executive and financial officer, and will also be resigning as a director of the Company, all effective March 31, 2023 ("Separation Date"). Dr. Drachman's resignation was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices. In connection with his resignation, Dr. Drachman and the Company entered into a Separation Agreement and Release ("Separation Agreement"), pursuant to which, if the Separation Agreement becomes effective pursuant to its terms, Dr. Drachman will receive (i) his base salary and continued standard benefits until the Separation Date, (ii) cash severance payments equivalent to his base salary on the Separation Date for 12 months following the Separation Date in the form of salary continuation payments, payable in accordance with the Company's standard payroll practices, (iii) premium payments for continued healthcare coverage for 12 months following the Separation Date, (iv) a lump-sum cash payment equivalent to three months' worth of Dr. Drachman's target cash bonus for 2023, (v) accelerated vesting of 100% of the option grant awarded to Dr. Drachman on August 2, 2022 ("August 2022 Grant"), such that the August 2022 Grant shall be fully vested and exercisable on the Separation Date, and (vi) extension of the post-termination exercise period in which Dr. Drachman may exercise all vested and exercisable option awards for 18 months following the Separation Date. 

The foregoing summary of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the Separation Agreement, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2023.