Exit and Disposal Activities

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Exit and Disposal Activities

Exit and Disposal ActivitiesOn June 15, 2020, the Company, as part of its recent shift in focus toward its gene therapy platform and novel biologics program aimed at curing blindness diseases, communicated notice to five employees of termination of their employment. This reduction represents one-third of the Company’s workforce. All terminations were “without cause” and each employee is

entitled to receive termination benefits upon departure. The termination dates vary for each employee and range from June 30, 2020 to December 31, 2020.

As a result of the workforce reduction, the Company recognized severance-related charges of $0.4 million and $1.1 million during the three and nine months ended September 30, 2020, respectively. The Company expects to pay severance benefits of $0.4 million during 2020 and $0.7 million during 2021. For the three months ended September 30, 2020, the Company recognized a de minimis amount of severance-related charges within general and administrative expense and $0.4 million of severance-related charges within research and development expense. For the nine months ended September 30, 2020, the Company recognized $0.2 million of severance-related charges within general and administrative expense and $0.9 million of severance-related charges within research and development expense.

The following table outlines the components of the severance-related charges:

	Amount
Accrued Severance at December 31, 2019	$	—
Severance-related charges	1,093,255
Severance-related payments	(205,159)
Accrued Severance at September 30, 2020	$	888,096