Item 2.02 Results of Operations and Financial Condition.

On January 4, 2021, Calithera Biosciences, Inc. ("Calithera") issued a press release titled "Calithera Biosciences Reports CANTATA Study of Telaglenastat in Renal Cell Carcinoma Did Not Achieve Primary Endpoint" a copy of which is filed as Exhibit 99.1 hereto. In the press release, the Company announced that based upon information currently available as of the date of this Current Report on Form 8-K (this "Current Report"), Calithera anticipates cash, cash equivalents and investments of approximately $115 million at December 31, 2020, which management believes will be sufficient to meet its current operating plan through December 31, 2022.

The information relating to cash, cash equivalents and investments is preliminary, has not been audited and is subject to change upon completion of the audit of Calithera's financial statements as of and for the year ended December 31, 2020.

Item 2.05 Costs Associated with Exit or Disposal Activities.

On January 4, 2021, Calithera also announced in the press release a reduction in force to extend its cash runway and ensure long-term sustainability. Calithera will reduce its workforce by approximately 35% to preserve cash resources. All employees affected by the workforce reduction will be eligible to receive, among other things, severance payments based on the applicable employee's level and years of service with Calithera and the continuation of group health insurance coverage for a specified time period post-termination. Each affected employee's eligibility for the severance benefits is contingent upon such employee's execution of a separation agreement, which includes a general release of claims against Calithera.

Calithera anticipates the one-time severance-related charge associated with the workforce reduction to be approximately $1.3 million to $1.5 million, with the majority to be completed by the first quarter of 2021. The severance-related charge, which is expected to represent cash expenditures that the Company expects to incur in connection with the workforce reduction, 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 workforce reduction. If the Company subsequently determines that it will incur additional significant costs and realignment charges, it will amend this Current Report to disclose such information.




Item 8.01. Other Events.

The information contained in Item 2.02 above and the press release, dated January 4, 2021, titled "Calithera Biosciences Reports CANTATA Study of Telaglenastat in Renal Cell Carcinoma Did Not Achieve Primary Endpoint" are incorporated herein by reference.

Cautionary Statement Regarding Forward-Looking Statements

This Current Report contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding Calithera's expectations regarding our cash position as of December 31, 2020 and the estimated cash expenditures associated with termination benefits and severance-related charges.

These risks and uncertainties may be amplified by the COVID-19 pandemic, which has caused significant economic uncertainty. If any of these risks materialize or underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" and elsewhere in Calithera's most recent filings with the SEC, including Calithera's Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 and other documents Calithera has filed, or will file, with the SEC, including any subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from time to time and available at www.sec.gov. These documents can be accessed on Calithera's Investor Relations page at https://ir.calithera.com/financial-information/sec-filings by clicking on the link titled "SEC Filings."

--------------------------------------------------------------------------------

These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. The forward-looking statements included in this Current Report are made only as of the date hereof. We assume no obligation and do not intend to update these forward-looking statements, except as required by law or applicable regulation.

Item 9.01. Financial Statements and Exhibits.




(d)  Exhibits.



Exhibit
  No.                                    Description

99.1          Press Release, dated January 4, 2021, titled "Calithera Biosciences
            Reports CANTATA Study of Telaglenastat in Renal Cell Carcinoma Did Not
            Achieve Primary Endpoint"

104         Cover Page Interactive Data File (the cover page XBRL tags are
            embedded within the Inline XBRL document)

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses