Molecular Templates Announces Resignation of Board Members and CEO, Appoints Interim Leadership

On December 31, 2024, Molecular Templates, Inc. (NASDAQ: MTEM) witnessed a significant change in its leadership as six members, including Harold E. Selick, David R. Hoffmann, Kevin M. Lalande, Eric E. Poma, Gabriela Gruia, and Corsee Sanders, resigned from the Board of Directors. This departure marked a strategic shift within the company. Furthermore, Dr. Poma stepped down from his roles as the Chief Executive Officer, Chief Scientific Officer, Treasurer, and Interim Chief Financial Officer of the organization.

Importantly, the exits were not spurred by disagreements with the Company’s Board or management, signaling an amicable transition. Dr. Poma will not be receiving severance payments or continuation of health benefits following his resignation, adhering to the terms outlined in his amended and restated executive employment agreement and the subsequent mutual release agreement between him and the company. Notably, any outstanding options of the Company’s common stock granted to Dr. Poma will continue vesting until March 31, 2025, in line with the release agreement.

To ensure a smooth transition, Dr. Poma entered into a consulting agreement with the company effective December 31, 2024. Under this agreement, he will provide transitional services as required, at a rate of $500.00 per hour, and will be reimbursed for certain out-of-pocket expenses. The Consulting Agreement, which is set for a year, can be terminated by either party upon a 10-day notice period or in cases of Dr. Poma’s permanent disability or death.

Following these developments, the Board relinquished its committees, appointing Craig Jalbert, an experienced professional with a background in distressed businesses, as the sole director, President, Chief Executive Officer, Treasurer, and Chief Financial Officer, effective January 1, 2025. Mr. Jalbert, known for his expertise in winding down business affairs, is set to help Molecular Templates navigate its next phase. His appointment includes compensation of $150,000.00 for his services, with no additional arrangements influencing his appointment.

Moreover, on December 31, 2024, the Board sanctioned the wind-down of the Company’s operations to the extent permitted by law, emphasizing the speculative and high-risk nature of trading in the Company’s securities. The Company’s cautionary note highlights the current disconnection between the trading prices of its securities and the actual potential value for investors, suggesting that the holders of its securities might not realize value from their investments.

It is crucial for investors to exercise caution given the Company’s current circumstances, as the organization does not anticipate fulfilling its reporting obligations due to resource constraints. These developments signal a turning point for Molecular Templates as it ushers in new leadership and navigates its future path.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Molecular Templates’s 8K filing here.

Molecular Templates Company Profile

Molecular Templates, Inc, a clinical stage biopharmaceutical company, focuses on the discovery and development of biologic therapeutics for the treatment of cancer and other serious diseases in the United States. The company develops therapies through its proprietary biologic drug platform technology (ETB).