Ironwood Pharmaceuticals Appoints New CFO

TL;DR

Ironwood Pharma gets a new CFO, Michael L. Smith, starting July 1st. Big pharma exec.

AI Summary

Ironwood Pharmaceuticals, Inc. announced on June 20, 2024, the appointment of Michael L. Smith as Chief Financial Officer, effective July 1, 2024. Smith previously served as Executive Vice President and Chief Financial Officer at Alkermes plc. He will receive an annual base salary of $475,000 and is eligible for an annual bonus and equity awards.

Why It Matters

The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.

Risk Assessment

Risk Level: low — This filing primarily concerns a routine executive appointment and does not indicate significant financial or operational risks.

Key Numbers

• $475,000 — Annual Base Salary (For the new Chief Financial Officer, Michael L. Smith.)

Key Players & Entities

• Ironwood Pharmaceuticals, Inc. (company) — Registrant
• Michael L. Smith (person) — Newly appointed Chief Financial Officer
• July 1, 2024 (date) — Effective date of appointment
• Alkermes plc (company) — Previous employer of new CFO
• $475,000 (dollar_amount) — Annual base salary for new CFO

FAQ

Key Financial Figures

• $0.001 — hich registered Class A common stock, $0.001 par value IRWD Nasdaq Global Select M
• $200 million — eir maturity and repayment, there was a $200 million aggregate principal amount of 2024 Conv
• $50 million — 024 Convertible Notes were repaid using $50 million of cash on hand and $150 million withdr
• $150 million — d using $50 million of cash on hand and $150 million withdrawn from the Company's $500 milli
• $500 million — 50 million withdrawn from the Company's $500 million secured revolving facility that it ente
• $425 million — ce of the Revolving Credit Facility was $425 million. The Company currently expects to have
• $100 million — currently expects to have approximately $100 million of cash and cash equivalents as of June

Filing Documents

• tm2417654d1_8k.htm (8-K) — 28KB
• 0001104659-24-073391.txt ( ) — 199KB
• irwd-20240620.xsd (EX-101.SCH) — 3KB
• irwd-20240620_lab.xml (EX-101.LAB) — 33KB
• irwd-20240620_pre.xml (EX-101.PRE) — 22KB
• tm2417654d1_8k_htm.xml (XML) — 4KB

02 Departure of Directors or Certain Officers; Election

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 18, 2024, the Board of Directors of Ironwood Pharmaceuticals, Inc. (the "Company") appointed Sravan K. Emany, age 46, the Company's Senior Vice President, Chief Financial Officer, to the position of Senior Vice President, Chief Operating Officer and Chief Financial Officer, effective immediately. Mr. Emany has served as the Company's Senior Vice President, Chief Financial Officer since December 6, 2021. For more information regarding Mr. Emany's background, please see Mr. Emany's biography set forth in the Company's Definitive Proxy Statement on Schedule 14A for its 2024 Annual Meeting of Stockholders, filed with the Securities and Exchange Commission on April 25, 2024. There is no arrangement or understanding between Mr. Emany and any other person pursuant to which Mr. Emany was appointed as the Company's Chief Operating Officer and Chief Financial Officer. There is no family relationship between Mr. Emany and any director, executive officer, or person nominated or chosen by the Company to become a director or executive officer of the Company. Mr. Emany is not and has not been a participant in any transaction involving the Company, and is not and has not been a participant in any proposed transaction with the Company, required to be disclosed pursuant to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

01. Other Events

Item 8.01. Other Events. On June 17, 2024, the Company repaid in full its 0.75% Convertible Senior Notes due 2024 (the "2024 Convertible Notes") upon maturity. Prior to their maturity and repayment, there was a $200 million aggregate principal amount of 2024 Convertible Notes outstanding. The 2024 Convertible Notes were repaid using $50 million of cash on hand and $150 million withdrawn from the Company's $500 million secured revolving facility that it entered into in May 2023 (the "Revolving Credit Facility"). Following the repayment of the 2024 Convertible Notes, the outstanding principal balance of the Revolving Credit Facility was $425 million. The Company currently expects to have approximately $100 million of cash and cash equivalents as of June 30, 2024. This estimate is preliminary and is subject to change pending the actual results of, and completion of, the Company's condensed consolidated financial statements for the quarter ending June 30, 2024. This Current Report on Form 8-K contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including such statement. Applicable risks and uncertainties include that the Company may incur unanticipated expenses or generate lower than anticipated cash from operations, and the risks listed under the heading "Risk Factors" and elsewhere in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in its subsequent Securities and Exchange Commission filings. These forward-looking

SIGNATURES

SIGNATURES 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. Ironwood Pharmaceuticals, Inc. Dated: June 20, 2024 By: /s/ Thomas McCourt Name: Thomas McCourt Title: Chief Executive Officer

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View this 8-K filing on SEC EDGAR