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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):
June 27, 2025
Applied DNA Sciences, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation) |
001-36745
(Commission File Number) |
59-2262718
(IRS Employer
Identification No.) |
50 Health Sciences Drive
Stony Brook, New York
(Address of principal executive offices; zip code)
Registrant’s telephone number, including
area code:
631-240-8800
N/A
(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:
¨ |
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)) |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.001 par value |
|
APDN |
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The Nasdaq Stock Market |
Item 2.05 Costs Associated with Exit or Disposal Activities.
On June 30, 2025, Applied DNA Sciences, Inc. (the “Company”)
announced a strategic restructuring and realignment of resources to focus exclusively on its synthetic DNA manufacturing business, LineaRx.
As part of actions undertaken, the Company implemented a workforce reduction of approximately 27% of headcount and has ceased operations
at Applied DNA Clinical Labs (“ADCL”), a business that provides molecular and genetic testing services, effective June
27, 2025.
The Company’s actions are intended to substantially reduce its
operating costs and concentrate resources behind LineaRx to: (i) enhance the capabilities of LineaRx’s LineaDNA™ and LineaIVT™
platforms while scaling commercial adoption; (ii) expand its service offerings; and (iii) pursue strategic partnerships. The workforce
reduction equates to a projected 23% reduction in annual payroll costs, excluding payroll expenses incurred as a result of the previously
announced retirement of the Company’s former Chairman and Chief Executive Officer. The projected annual payroll savings is expected
to be partially offset by approximately three hundred thousand dollars ($300,000) in one-time charges related to the workforce reduction
and ceasing of operations at ADCL, primarily for separation benefits. The Company expects to incur the majority of workforce reduction-related
costs by the end of the quarterly period ending September 30, 2025, excluding expenses associated with the retirement of the Company’s
former Chairman and Chief Executive Officer.
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective June 30, 2025, Judith Murrah, the Company’s Chief Executive
Officer, President and Chairperson, voluntarily agreed to a fifteen percent (15%) temporary reduction in her annual base salary in connection
with the Company’s efforts to reduce its ongoing operating expenses. Ms. Murrah’s reduced annual base salary is $340,000.
The reduction is expected to end on a future date to be agreed by and between Ms. Murrah and the Compensation Committee of the Company’s
Board of Directors.
Item 7.01 Regulation FD Disclosure.
On June 30, 2025, the Company issued a press release announcing the
strategic restructuring and realignment of resources. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated
by reference herein.
The information in this Item 7.01, including Exhibit 99.1 attached
hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be
deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall
be expressly set forth by specific reference in any such filing.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Current Report on Form 8-K
that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements
regarding the Company’s belief that restructuring will position the company for future growth potential, its goal to position the
company for long term-growth and value creation and the potential to achieve that goal, the future success of its Linea DNA and Linea
IVT platforms and future reductions in operating expenses. All forward-looking statements reflect the Company’s beliefs and assumptions
only as of the date of this Current Report on Form 8-K. The Company undertakes no obligation to update forward-looking statements to reflect
future events or circumstances. Capitalized terms shall have the meanings ascribed to such terms in the Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
|
Description |
99.1 |
|
Press Release, dated June 30, 2025. |
104 |
|
Cover Page Interactive Data File (embedded within the
Inline XBRL document). |
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.
Date: June 30, 2025 |
APPLIED DNA SCIENCES, INC. |
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|
|
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By: |
/s/ Beth Jantzen |
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Name: |
Beth Jantzen |
|
Title: |
Chief Financial Officer |