Business Context and Reporting Period
This Form 8-K Current Report was filed by Black Diamond Therapeutics, Inc. on November 16, 2021. The filing addresses significant changes in the Company's executive leadership, specifically the departure of the Chief Financial Officer and the appointment of interim successors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Resignation of CFO: Thomas Leggett resigned as Chief Financial Officer and principal financial officer effective immediately on November 16, 2021. He will remain employed until December 3, 2021, to assist with the transition. The resignation was not due to any disagreement with the Company.
- Appointment of Interim CFO: Effective November 19, 2021, Fang Ni, Pharm. D., was appointed as Interim Chief Financial Officer and principal financial officer. Dr. Ni previously served as Chief Business Officer since August 2020.
- Appointment of Principal Accounting Officer: Effective November 19, 2021, Erika Jones was appointed as principal accounting officer. Ms. Jones previously served as Vice President, Finance and Corporate Controller.
Management Commentary and Compensation
Dr. Fang Ni's appointment is governed by an employment agreement dated August 3, 2020. Key compensation terms include:
- Base Salary: $388,100 annually.
- Performance Bonus: Eligible for an annual cash bonus up to 40% of base salary.
- Termination Provisions: In the event of termination without Cause or for Good Reason outside a Change in Control, Dr. Ni is entitled to 100% of his annual base salary, 100% of his target annual bonus, and continued health insurance contributions. If termination occurs within a Change in Control Period, he is also entitled to full acceleration of unvested equity awards.
The filing states there are no arrangements or understandings between Dr. Ni or Ms. Jones and any other person regarding their appointments, nor are there material transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the timeline for the permanent appointment of a Chief Financial Officer to replace the interim appointee.
- Review the Company's most recent 10-K or 10-Q filings for actual financial performance metrics, as this 8-K contains none.
- Confirm the status of the transition of responsibilities from Thomas Leggett to Fang Ni and Erika Jones.
- Monitor future filings for any updates regarding the search for a permanent CFO.