Workforce Reduction

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

During the second quarter of 2023, the Company announced and substantially completed a restructuring of the Company's workforce pursuant to which the Company’s workforce was reduced by 74 people, or approximately 33% of the Company’s existing headcount as of April 3, 2023. The execution of the restructuring was substantially completed by the end of the second quarter of 2023. The Company incurred approximately $5.0 million in restructuring charges in connection with the restructuring, consisting of (i) approximately $4.3 million in cash-based expenses related to employee severance and notice period payments, benefits and related costs, and (ii) approximately $0.7 million in non-cash stock-based compensation expense related to the vesting of share-based awards.

The restructuring charges were included in the Company's condensed consolidated statements of income for the three and six months ended June 30, 2023 as follows (in thousands):


	Three and Six Months Ended June 30, 2023
Research and development	$	3,864
General and administrative	1,135
Total restructuring expense	$	4,999

All restructuring charges were incurred in the second quarter of 2023, and cash payments were substantially completed by the end of the second quarter of 2023.