Restructuring Charges

3 Months Ended

Mar. 31, 2020

Restructuring Charges

Restructuring Charges

10. 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 March 31, 2020 and 2019 (in thousands):

	Three Months Ended March 31,
	2020		2019
Balance, January 1	$	—	$	1,419
Current year restructuring costs		—		—
Payment of employee severance costs		—		(1,084)
Balance, March 31	$	—	$	335