Restructuring Costs

9 Months Ended

Sep. 30, 2024

Restructuring Costs

Restructuring Costs

13. Restructuring Costs

On April 15, 2024, we announced that the independent Data Monitoring Committee (DMC) completed its review of the interim analysis of the RAISE trial. The trial did not meet the pre-defined interim analysis stopping criteria on the coprimary endpoints. On April 30, 2024, we implemented a reduction-in-force (RIF) which impacted approximately 20% of our workforce, and implemented additional cost reduction activities with impact beginning in the second quarter of 2024. We incurred approximately $2.0 million of restructuring costs in the nine months ended September 30, which primarily consisted of severance payments, employee benefits and related costs, as well as noncash stock compensation expense and contract termination costs related to clinical site equipment no longer being utilized. At September 30, 2024, we had no unpaid restructuring costs.

The following table summarizes the restructuring balances at September 30, 2024 (in thousands):

Restructuring costs payable at December 31, 2023	$	—
Restructuring costs incurred the nine months ended September 30, 2024:
Personnel costs, including severance and related costs		1,193
Clinical equipment contract termination costs		759
Restructuring costs paid in the nine months ended September 30, 2024		(1,622)
Less noncash stock-based compensation expense related to RIF		(330)
Total Restructuring costs payable at September 30, 2024	$	—