Restructuring

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

In January 2022, the Company started implementing a restructuring program (the "Restructuring") as part of its renewed focus on achieving its key strategic priorities and to help create a more cost-efficient organization in order to execute on its strategic priorities. In connection with the Restructuring, the Company made changes to its management team and reduced headcount by approximately 25% as of March 31, 2022 compared to December 31, 2021. During the three months ended March 31, 2022, the Company recorded the following costs for the Restructuring:

•employee severance and termination benefits of $4,937;

•an offsetting non-cash reversal of previously recognized stock-based compensation expenses for unvested stock and RSU awards of $10,381; and

•other restructuring charges primarily related to accelerated depreciation and accelerated recognition of rent expense in relation to the shutdown of certain facilities of $3,266 and early termination of certain service contracts of $1,274.

Of the net charges, $5,542 expense and $5,516 recovery of stock-based compensation were recorded in research and development expenses, and $3,935 expense and $4,865 stock-based compensation recovery were recorded in general and administrative expenses in the accompanying statements of operations and comprehensive loss.

As of March 31, 2022 the net outstanding liability related to employee severance termination benefits and other contract liabilities was approximately $5,966. The Company recognized the majority of these charges during the three months ended March 31, 2022 and does not expect to incur any material additional costs related to the Restructuring.