Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events

Subsequent Events

13. Subsequent Event

On July 31, 2017, the Board of Directors approved a strategic restructuring to eliminate a portion of the Company’s workforce as part of an initiative to enhance operations and reduce expenses. 

As part of this strategic restructuring, the Company eliminated 26 positions across the organization, representing approximately 19% of the Company’s workforce.  The Company expects to substantially complete the restructuring and to record the restructuring charges in the third quarter of 2017.  The Company currently anticipates incurring total restructuring costs of approximately $1.5 million, which includes severance, benefits and related costs.  Of the approximately $1.5 million in severance, benefits and related costs, the Company expects that approximately $0.9 million would be paid during the three months ended September 30, 2017 and approximately $0.4 million would be paid during the three months ended December 31, 2017, and the remaining approximately $0.2 million would be paid during 2018.