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<p style="font-family:Times New Roman, Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>UNITED STATES<font style="font-family:Times New Roman, Times, serif;font-size:18pt;"><br>SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, D.C. 20549</b></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>Form<font style="font-family:Times New Roman, Times, serif;font-size:18pt;">&nbsp;8-K</font></b></p>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Current Report Pursuant<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><br>to Section&nbsp;13 or 15(d)&nbsp;of<br>The Securities Exchange Act of 1934</font></b></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">Date of Report (Date of earliest event reported): <font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>December 2</b><b>, 2016</b></font></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>Senomyx,<font style="font-family:Times New Roman, Times, serif;font-size:18pt;">&nbsp;Inc.</font></b></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Exact name of registrant as specified in its charter)</p>
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  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Delaware</b></p>

  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(State or other jurisdiction of incorporation)</p>


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  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>000-50791</b></p>

  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Commission File Number)</p>


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  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>33-0843840</b></p>

  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(I.R.S. Employer Identification No.)</p>


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  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>4767 Nexus Centre<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;Drive<br>San Diego, California</font></b></p>

  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Address of principal executive offices)</p>


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  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>92121</b></p>

  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">(Zip Code)</p>


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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">Registrant's telephone number, including area code:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;<b>(858)&nbsp;646-8300</b></font></p>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Not Applicable.<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><br></font></b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">(Former name or former address, if changed since last report.)</font></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Check the appropriate box below if the Form<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</font></p>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
<p style="font-family: Times New Roman; font-size: 10px; margin-top: 0px; margin-bottom: 0px; ">&nbsp;</p><DIV id=PGBK style="MARGIN-LEFT: 0pt; WIDTH: 100%; MARGIN-RIGHT: 0pt"><DIV id=PGFTR style="TEXT-ALIGN: center; WIDTH: 100%">&nbsp;</DIV><DIV id=PGNUM style="FONT-SIZE: 10pt; TEXT-ALIGN: center; WIDTH: 100%">&nbsp;</DIV><HR style="HEIGHT: 2px; PAGE-BREAK-AFTER: always; COLOR: #000000; WIDTH: 100%" noShade><DIV id=PGHDR  style="TEXT-ALIGN: left; WIDTH: 100%">&nbsp;</DIV></DIV><p style="font-family: Times New Roman; font-size: 10px; margin-top: 0px; margin-bottom: 0px;"></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>
<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>
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  <td style="width:72pt;vertical-align:top;"><p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><b>Item </b><font style="font-size:10pt;font-family:Times New Roman, Times, serif;"><b>2</b><b>.0</b><b>5</b><b></b><b></b><b></b></font></p></td><td style="vertical-align:top;"><p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><b></b><font style="font-size:10pt;font-family:Times New Roman, Times, serif;"><b></b><b></b><b></b><b></b><b>Costs Associated with Exit or Disposal Activities</b><b>.</b></font></p></td>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">On <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">December 2, 2016, Senomyx, Inc. (the "Company") implemented a restructuring plan (the &ldquo;Plan&rdquo;). Under the Plan, the Company expects to reduce the Company&#146;s work force by 17 full-time equivalent employees. The Company expects to substantially complete the Plan in the fourth quarter of 2016.</font></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Implementation of the Plan<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> reflects the shift in the Company&#146;s priorities to focus its sweet taste research and development efforts primarily on natural sweet taste modifiers and natural high intensity sweeteners. The Company will continue to invest in its salt taste program utilizing a focused research and development approach. Both the natural sweet program and salt taste program are supported by funding under collaborations. In addition, the Company will continue to invest in its commercialization initiatives including direct sales and activities supporting its collaborators&#146; commercialization of the Company&#146;s flavor ingredients.</font></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Under the Plan, with the resulting staff and other expense reductions, the Company expects to reduce its expenses by approximately <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">$4 million on an annualized basis.</font></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The Company is offering severance benefits to the affected employees, including cash severance payments, outplacement services and payment of COBRA health care coverage for specified periods. In addition, the Company has offered to accelerate the vesting of specified stock options. Each affected employee<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&#146;s eligibility for the severance benefits is contingent upon such employee&#146;s execution of a separation agreement, which includes a general release of claims against the Company.</font></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The Company expects to record restructuring-related expenses totaling approximately <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">$490,000 related to termination benefit costs and other costs associated with the Plan, most of which will be expensed and paid in the fourth quarter of 2016. </font></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The above estimated costs and charges may vary materially based on various factors, including those discussed below under the heading &ldquo;Forward-Looking Statements.&rdquo;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>&nbsp;</b></p>
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  <td style="width:72pt;vertical-align:top;"><p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><b>Item 8.01<font style="font-size:10pt;font-family:Times New Roman, Times, serif;"></font></b><font style="font-size:10pt;font-family:Times New Roman, Times, serif;"><b></b><b></b></font></p></td><td style="vertical-align:top;"><p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;"><b><font style="font-size:10pt;font-family:Times New Roman, Times, serif;"></font></b><font style="font-size:10pt;font-family:Times New Roman, Times, serif;"><b>Other Events</b><b>.</b></font></p></td>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The Company<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&#146;s previously announced financial guidance for the fourth quarter of 2016 has not been revised based on the implementation of the Plan.</font></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Forward-Looking Statements</b></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Information contained in this Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve known and unknown risks and uncertainties. Any statements that are not of historical facts may be deemed to be forward-looking statements, including statements regarding the Company<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&#146;s anticipated workforce reduction and the timing thereof, anticipated reduction in expenses, anticipated restructuring-related expenses, financial performance, research, development and business prospects and plans, and similar matters. Any such statement may be influenced by a variety of factors, many of which are beyond the control of the Company, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied herein due to a number of risks and uncertainties. Potential risks and uncertainties include, among others: possible changes in the size and components of the expected costs and charges associated with the Plan; and risks associated with the Company&#146;s ability to achieve the benefits of the Plan. All information set forth herein is current as of the date of this Current Report on Form 8-K. The Company is not under any duty to update any of the information herein. For further information regarding risks and uncertainties associated with the Company&#146;s business, please refer to the &ldquo;Risk Factors&rdquo; section of the Company&#146;s filings with the Securities and Exchange Commission, including, but not limited to, its latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.</font></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">&nbsp;</p>
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<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURE</b></p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">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.</p>
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  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>SENOMYX, INC.</b></p>


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  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">By:</p>


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  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">/S/ ANTONY ROGERS</p>


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  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Antony Rogers</p>


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  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>Senior Vice</i><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;<i>President and Chief Financial Officer</i></font></p>


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  <p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date: <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">December 5, 2016</font></p>


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snmx20161202_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
8-K
Current Report Pursuant
to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 2
, 2016
Senomyx,
Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
000-50791
(Commission File Number)
33-0843840
(I.R.S. Employer Identification No.)
4767 Nexus Centre
Drive
San Diego, California
(Address of principal executive offices)
92121
(Zip Code)
Registrant's telephone number, including area code:
(858) 646-8300
Not Applicable.
(Former name or former address, if changed since last report.)
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 (see General Instruction A.2. below):
☐
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))
Item
2
.0
5
Costs Associated with Exit or Disposal Activities
.
On
December 2, 2016, Senomyx, Inc. (the "Company") implemented a restructuring plan (the "Plan"). Under the Plan, the Company expects to reduce the Company's work force by 17 full-time equivalent employees. The Company expects to substantially complete the Plan in the fourth quarter of 2016.
Implementation of the Plan
reflects the shift in the Company's priorities to focus its sweet taste research and development efforts primarily on natural sweet taste modifiers and natural high intensity sweeteners. The Company will continue to invest in its salt taste program utilizing a focused research and development approach. Both the natural sweet program and salt taste program are supported by funding under collaborations. In addition, the Company will continue to invest in its commercialization initiatives including direct sales and activities supporting its collaborators' commercialization of the Company's flavor ingredients.
Under the Plan, with the resulting staff and other expense reductions, the Company expects to reduce its expenses by approximately
$4 million on an annualized basis.
The Company is offering severance benefits to the affected employees, including cash severance payments, outplacement services and payment of COBRA health care coverage for specified periods. In addition, the Company has offered to accelerate the vesting of specified stock options. 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 the Company.
The Company expects to record restructuring-related expenses totaling approximately
$490,000 related to termination benefit costs and other costs associated with the Plan, most of which will be expensed and paid in the fourth quarter of 2016.
The above estimated costs and charges may vary materially based on various factors, including those discussed below under the heading "Forward-Looking Statements."
Item 8.01
Other Events
.
The Company
's previously announced financial guidance for the fourth quarter of 2016 has not been revised based on the implementation of the Plan.
Forward-Looking Statements
Information contained in this Current Report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve known and unknown risks and uncertainties. Any statements that are not of historical facts may be deemed to be forward-looking statements, including statements regarding the Company
's anticipated workforce reduction and the timing thereof, anticipated reduction in expenses, anticipated restructuring-related expenses, financial performance, research, development and business prospects and plans, and similar matters. Any such statement may be influenced by a variety of factors, many of which are beyond the control of the Company, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied herein due to a number of risks and uncertainties. Potential risks and uncertainties include, among others: possible changes in the size and components of the expected costs and charges associated with the Plan; and risks associated with the Company's ability to achieve the benefits of the Plan. All information set forth herein is current as of the date of this Current Report on Form 8-K. The Company is not under any duty to update any of the information herein. For further information regarding risks and uncertainties associated with the Company's business, please refer to the "Risk Factors" section of the Company's filings with the Securities and Exchange Commission, including, but not limited to, its latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
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.
SENOMYX, INC.
By:
/S/ ANTONY ROGERS
Antony Rogers
Senior Vice
President and Chief Financial Officer
Date:
December 5, 2016