# EDGAR Filing Document

**Accession Number:** 0001659352
**File Stem:** 0001193125-23-079964
**Filing Date:** 2023-3
**Character Count:** 16725
**Document Hash:** 15b007d12184b965eb2fc4aafd111389
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-079964.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001193125-23-079964

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230323

**ITEM INFORMATION**: Bankruptcy or Receivership

**ITEM INFORMATION**: Cost Associated with Exit or Disposal Activities

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Codiak BioSciences, Inc.
- **CENTRAL INDEX KEY:** 0001659352
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39615
- **FILM NUMBER:** 23761751

**BUSINESS ADDRESS:**
- **STREET 1:** 35 CAMBRIDGEPARK DRIVE
- **STREET 2:** SUITE 500
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02140
- **BUSINESS PHONE:** 617-949-4100

**MAIL ADDRESS:**
- **STREET 1:** 35 CAMBRIDGEPARK DRIVE
- **STREET 2:** SUITE 500
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02140

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Codiak Biosciences, Inc.
- **DATE OF NAME CHANGE:** 20151125

?xml version="1.0" encoding="utf-8" ? 8-K

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### FORM 8-K

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#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (date of earliest event reported):

#### March 23, 2023

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## Codiak BioSciences, Inc.

#### (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-39615** | **47-4926530** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification Number)** |

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#### 35 CambridgePark Drive, Suite 500

#### Cambridge, MA 02140

#### (Address of principal executive offices and zip code)
(617) 949-4100

#### (Registrant's telephone number, including area code)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of each class** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.0001 per share CDAK | Nasdaq Global Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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|:---|:---|
| **Item 1.03.** | **Bankruptcy or Receivership.**  |

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On March 27, 2023, Codiak BioSciences, Inc. (the "Company") filed a voluntary petition (the "Bankruptcy Petition") for relief under Chapter 11 of Title 11 ("Chapter 11") of the United States Bankruptcy Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"), thereby commencing a Chapter 11 case for the Company (Case No. 23-10350). The Company continues to operate its business as a "debtor-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. The Company is seeking approval of a variety of "first day" motions containing customary relief intended to enable the Company to continue its ordinary course operations. The Company intends to sell substantially all of its assets during the bankruptcy case.

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|:---|:---|
| **Item 2.05.** | **Costs Associated with Exit or Disposal Activities.**  |

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On March 23, 2023, the board of directors (the "Board") of Codiak BioSciences, Inc. approved a restructuring of operations and corresponding reduction in workforce, designed to reduce costs and reallocate resources while maintaining the personnel needed to support the Company's key programs and refocused pipeline, including the wind down of the Company's clinical trial for exoASO<sup>™</sup>-STAT6, while the Company explores strategic alternatives (the "Restructuring"). The Restructuring reduced the Company's workforce by thirty-four (34) employees, or 69%, with the reductions in personnel expected to be completed by April 7, 2023. The Company expects to provide severance payments to the affected employees. The Company also plans to enter into retention arrangements with certain employees who are expected to remain with the Company to assist with its exploration of strategic alternatives. The Company estimates that it will incur approximately $1,120,000 of costs in connection with the reduction in workforce related to severance pay and other related termination benefits. The costs related to the Restructuring are subject to a number of assumptions, and actual results may differ materially. The Company may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the Restructuring.

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|:---|:---|
| **Item 5.02.** | **Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.**  |

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In connection with the Restructuring discussed in Item 2.05 above, the following members of the Company's executive team will be leaving the Company to pursue new opportunities: (i) Douglas E. Williams, Ph.D., President and Chief Executive Officer, (ii) Linda C. Bain, Chief Financial Officer and Treasurer, (iii) David Mauro, M.D., Ph.D., Chief Medical Officer, (iv) Sriram Sathyanarayanan, Ph.D., Chief Scientific Officer, (v) Yalonda Howze, Executive Vice President, Chief Legal and Compliance Officer and Corporate Secretary, and (iv) Nicole Barna, Senior Vice President, Human Resources. Ms. Howze notified the Company of her resignation from her position, to be effective as of April 4, 2023, on March 24, 2023. The departures of Dr. Williams, Ms. Bain, Dr. Mauro, Dr. Sathyanarayanan and Ms. Barna will be effective as of April 7, 2023. The Company plans to enter into consulting agreements with each of Dr. Williams, Ms. Bain, Dr. Mauro, Dr. Sathyanarayanan, Ms. Howze and Ms. Barna.

Dr. Williams will continue to serve as a director of the Company.

The Company would like to thank Dr. Williams, Ms. Bain, Dr. Mauro, Dr. Sathyanarayanan, Ms. Barna and Ms. Howze for their commitment and guidance to the Company.

In connection with their departures, the executives will be entitled to certain severance payments. Ms. Bain will be entitled to a severance payment of $74,254, Dr. Mauro will be entitled to a severance payment of $55,200, Dr. Sathyanarayanan will be entitled to a severance payment of $68,169, and Ms. Barna will be entitled to a severance payment of $59,119.

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| | |
|:---|:---|
| **Item 8.01.** | **Other Events.**  |

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On March 27, 2023, the Company issued a press release announcing its Bankruptcy Petition and related matters. A copy of the press release is filed as Exhibit 99.1 hereto and is incorporated herein by reference.

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#### Cautionary Note Regarding Forward-Looking Statements
This report, including the exhibits hereto, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, among other things, statements regarding the expected cost-savings from the Restructuring and the expecting timing for incurring costs associated with the Restructuring, the expected timing of implementing and completing the Restructuring and the Bankruptcy Petition, the Company's plans to retain certain individuals as employees or consultants to assist in this process, and the potential for and timing of the consummation of sales of the Company's assets or other strategic alternatives. Any forward-looking statements in this report, including the exhibits hereto, are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements, including, but not limited to, the risk that the Company may not be able to implement the Restructuring or the exploration of strategic alternatives under the Bankruptcy Petition as currently anticipated or within the timing currently anticipated, the impact of the workforce reduction on the Company's business, the risk that the Company's cost saving initiatives may not be successful, unanticipated difficulties with preserving capital, unanticipated difficulties in terminating certain contracts and arrangements, unanticipated charges not currently contemplated that may occur as a result of the Restructuring, and the risk that the Company may not be successful in identifying one or more strategic alternatives or ultimately pursuing a strategic alternative that delivers the anticipated benefits. For a discussion of these risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and in subsequent filings with the Securities and Exchange Commission ("SEC"), as well as discussions of potential risks, uncertainties and other important factors in the Company's subsequent filings with the SEC. All information in this report, including the exhibits hereto, is current as of the date of this report, and the Company undertakes no duty to update this information unless required by law.

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|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.**  |

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(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 99.1 | [Press release, dated March 27, 2023, issued by Codiak BioSciences, Inc.](d467120dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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#### SIGNATURE
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.

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| | | |
|:---|:---|:---|
| Date: March 27, 2023 | **Codiak BioSciences, Inc.** | **Codiak BioSciences, Inc.** |
|  | **By:** | /s/ Douglas E. Williams |
|  | **Name:** | Douglas E. Williams, Ph.D. |
|  | **Title:** | Chief Executive Officer and President |

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## Exhibit 99.1

**Exhibit 99.1**![LOGO](g467120g0327065712313.jpg)

**Codiak BioSciences to Pursue Asset Sale through Voluntary Chapter 11 Process** 

CAMBRIDGE, Mass., March 27, 2023 — Codiak BioSciences, Inc. (NASDAQ: CDAK), a clinical-stage biopharmaceutical company pioneering the development of exosome-based therapeutics as a new class of medicines, today announced that the Company has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware and will seek to pursue a sale process for its assets which is intended to maximize the value of the Company.

The Company began a marketing process ahead of the Chapter 11 filing to determine the level of market interest and is in ongoing discussions with several parties. The Company expects to consummate a sale of the entire business or its core assets as soon as reasonably practicable.

"The Board and management team have thoroughly assessed all of our strategic options and believe that this structured process represents the best possible solution for Codiak, taking into account our financial needs and the stage of our clinical and research programs," said Douglas E. Williams, Ph.D., President and Chief Executive Officer of Codiak.

In connection with the filing, Codiak has appointed Paul Huygens, Principal at Province, LLC, as Chief Restructuring Officer. Mr. Huygens will oversee the business and its restructuring process, working to execute the Company's business strategy and conduct a value-maximizing sale process. Mr. Huygens brings deep experience in managing complex financial and operational restructurings, including providing interim management services to preserve and maximize value.

The Company's executive management team, including Dr. Williams, Linda C. Bain (Chief Financial Officer and Treasurer), David Mauro, M.D., Ph.D. (Chief Medical Officer), Sriram Sathyanarayanan, Ph.D. (Chief Scientific Officer), and Nicole Barna (Senior Vice President, Human Resources), will be departing the Company effective April 7; Dr. Williams will remain on the Board. Yalonda Howze (Executive Vice President, Chief Legal and Compliance Officer and Corporate Secretary) will be departing the Company on April 4. Konstantin Konstantinov, Ph.D. (Chief Technology Officer) will remain with the Company.

The Company will be filing various "First-Day" motions with the Bankruptcy Court requesting customary relief that will enable the Company to transition into Chapter 11 without disruption to its ordinary course operations. Codiak expects these motions to be approved within the first few days of the case.

Codiak is represented in this matter by Young Conaway Stargatt & Taylor, LLP as legal advisors, and Province, LLC as financial advisor and provider of interim management services.

**About Codiak BioSciences** 

Codiak is a clinical-stage biopharmaceutical company pioneering the development of exosome-based therapeutics, a new class of medicines with the potential to transform the treatment of a wide spectrum of diseases with high unmet medical need. By leveraging the biology of exosomes as natural intercellular transfer mechanisms, Codiak has developed its proprietary engEx<sup>®</sup> Platform to expand upon the innate properties of

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exosomes to design, engineer and manufacture novel exosome therapeutic candidates. Codiak has utilized its engEx<sup>®</sup> Platform to generate a pipeline of engineered exosomes aimed at treating a broad range of disease areas, spanning oncology, infectious disease and rare disease.

**Forward-Looking Statements** 

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, among other things, statements concerning the Company's ability to consummate a sale of the entire business or its core assets. Any forward-looking statements in this press release are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. For a discussion of these risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in Codiak's Annual Report on Form 10-K for the year ended December 31, 2021, as well as discussions of potential risks, uncertainties and other important factors in Codiak's subsequent filings with the Securities and Exchange Commission (SEC). All information in this press release is current as of the date of this report, and Codiak undertakes no duty to update this information unless required by law.

**Contact:** 

Christopher Taylor

Codiak BioSciences

E: <u>investor@codiakbio.com</u>

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