XML 36 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Restructuring Program
6 Months Ended
Jun. 30, 2020
Restructuring and Related Activities [Abstract]  
Restructuring Program Restructuring Program On May 4, 2020, the Company announced its intent to undertake a program to reduce its workforce as part of the Company’s efforts to respond to the COVID-19 pandemic and ensure longer-term financial stability for the Company in light of the ongoing economic challenges resulting from COVID-19 and its impact on the Company’s business (the “Program”). The Program involves the termination of approximately 60 employees, representing 13% of the Company’s headcount. For the three months ended June 30, 2020, the Company incurred charges of approximately $2.0 million related to employee severance and benefits costs under the Program, all of which are cash expenditures. As of June 30, 2020, $1.6 million of the total has been paid out, and the remaining balance of $0.4 million is expected to be paid by September 30, 2020.In addition, as part of its cost reductions in light of the COVID-19 pandemic, the Company has implemented reductions in base salary for its employees, effective May 16, 2020, consisting of a 30% reduction for the Company’s Chief Executive Officer, 25% reduction for the Company’s Chief Financial Officer, 20% reduction for members of the Company’s executive leadership team, and tiered reductions of 10-15% for other employees with salaries above $100,000, which the Company anticipates will last at least six months, and will be re-evaluated at that time. Members of the Company’s Board of Directors have also voluntarily agreed to forego 50% of their cash compensation for the duration of the employee salary reductions.