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Posted 28 December, 2023

Alaunos Therapeutics, Inc. appointed new CEO

CEO Change detected for ticker Nasdaq:TCRT in a 8-K filed on 28 December, 2023.


  On December 22, 2023, Alaunos Therapeutics, Inc. (the "Company") entered into a Separation and Release Agreement, effective December 22, 2023, with Kevin S. Boyle, Sr. (the "Separation Agreement"), the Company's Chief Executive Officer, in connection with Mr. Boyle's termination. Pursuant to the terms of his employment agreement, upon his termination Mr. Boyle was deemed to automatically resign from the Company's board of directors.  

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Overview of Alaunos Therapeutics, Inc.
Health Care/Life Sciences • Biotechnology
Alaunos Therapeutics, Inc. is a biopharmaceutical company and clinical-stage oncology-focused cell therapy company, which engages in the development of adoptive TCR engineered T-cell therapies, or TCR-T, designed to treat multiple solid tumor types in large cancer patient populations with unmet clinical needs. Its pipeline includes Library TCR-T cell and mblL-15 TCR-T cell Therapy. The company was founded in 2003 and is headquartered in Houston, TX.
Market Cap
$30.5M
View Company Details
Alaunos Therapeutics, Inc. by TradingView
Relevant filing section
Item 5.02. 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On December 22, 2023, Alaunos Therapeutics, Inc. (the "Company") entered into a Separation and Release Agreement, effective December 22, 2023, with Kevin S. Boyle, Sr. (the "Separation Agreement"), the Company's Chief Executive Officer, in connection with Mr. Boyle's termination. Pursuant to the terms of his employment agreement, upon his termination Mr. Boyle was deemed to automatically resign from the Company's board of directors. 

Pursuant to the terms of the Separation Agreement, and subject to customary conditions, the Company has agreed to pay Mr. Boyle a one-time separation payment in an amount equal to six months of Mr. Boyle's base salary and the cost of six months of COBRA premiums for Mr. Boyle, or approximately $331,990 less all applicable income and payroll taxes, deductions and withholdings. Mr. Boyle has agreed to make himself reasonably available to the Company to provide information related to his transition out of the Company. The Separation Agreement also provides for a customary mutual release of all claims by the Company and Mr. Boyle against one another. 

The Company and Mr. Boyle also entered into a consulting agreement (the "Consulting Agreement"), effective January 1, 2024, pursuant to which Mr. Boyle will continue providing strategic and advisory services to the Company. The Consulting Agreement will continue for a period of six months. The Consulting Agreement provides for compensation at a fixed rate of $15,000 per month and reimbursement by the Company for any usual and customary expenses incurred by Mr. Boyle in connection with performing services pursuant to the Consulting Agreement. 

The foregoing descriptions of the Separation Agreement and the Consulting Agreement do not purport to be complete and are qualified in their entirety by reference to the full texts of such agreements, which will be filed as exhibits to the Company's Annual Report on Form 10-K for the year ending December 31, 2023.