Restructuring and Other Related Charges

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

4. Restructuring and Other Related Charges

In connection with the ENLIGHTEN 1 trial failing to meet its primary endpoint, on May 16, 2024, the Board of Directors approved a reduction in the Company’s workforce, impacting 87 employees, which occurred during May and June 2024. The Company incurred costs related to employee termination benefits and other costs associated with the restructuring mainly during the second quarter of 2024, with the remainder of the costs to be incurred through May 1, 2025. These amounts are recorded as restructuring and other related charges within our consolidated statements of operations and comprehensive loss as they are incurred. For the three and six months ended June 30, 2024, restructuring and other related charges were $6.5 million, which consisted of $4.7 million of severance costs, $0.8 million of accrued retention costs, and $1.0 million of other costs.

Restructuring liability activities during the three and six months ended June 30, 2024:


	January 1,							June 30,
	2024		Accruals		Cash Payments			2024
2024 Restructuring Plan
Severance Costs	$	—	$	4,706,249	$	(2,783,091	)	$	1,923,158
Retention Costs		—		823,821		—			823,821
Other Costs		—		920,399		(540,225	)		380,174
Total	$	—	$	6,450,469	$	(3,323,316	)	$	3,127,153