Restructuring Charges

12 Months Ended

Dec. 31, 2019

Restructuring Charges

Restructuring Charges

11. Restructuring Charges

On November 8, 2018, upon the approval of the Company's Board of Directors, the Company announced a restructuring of approximately one-third of the Company's workforce, or 14 employees, as well as other cost saving initiatives intended to lower the Company's annualized net operating cash burn. The Company completed the restructuring on December 31, 2018. The Company determined that the total costs related to the restructuring were approximately $1.4 million, all of which resulted in future cash outlays, primarily related to severance costs and benefit-related expenses. The Company recorded these charges in the fourth quarter of 2018.

The following table summarizes the restructuring balances at December 31, 2019 and 2018 (in thousands):

	Year Ended December 31,
	2019		2018
Balance, January 1	$	1,419	$	1,077
Current year restructuring costs		—		1,427
Payment of employee severance costs		(1,419)		(1,085)
Balance, December 31	$	—	$	1,419