ACCRUED EXPENSES

The following table sets forth the composition of accrued expenses as of December 31, 2019 and 2018 (in thousands):



	December 31,
	2019		2018
Research and development	$	3,688	$	2,928
Payroll-related expenses	1,638		1,045
Severance to former Executives and other employees	378		278
Professional fees	378		464
Other	87		31
Total Accrued Expenses	$	6,169	$	4,746

Management Changes

On August 26, 2019, the Company announced that Richard Fitzgerald departed as its Chief Financial Officer, effective immediately. In connection with his separation from the Company, Mr. Fitzgerald and the Company entered into a Separation Agreement and General Release dated as of September 9, 2019 (the “Fitzgerald Separation Agreement”), pursuant to which the Company provided Mr. Fitzgerald with twelve months of separation payments and benefits. The Company recorded $0.3 million of expense, which will be paid through the normal payroll cycle through August 2020.

On August 2, 2019, Dennis Kim, M.D., MPH departed as the Company's Chief Medical Officer, effective immediately. In connection with his separation from the Company, Dr. Kim and the Company entered into a Separation Agreement and General Release dated as of August 2, 2019 (the “Kim Separation Agreement”), pursuant to which the Company provided Dr. Kim with six months of separation payments in the amount of $0.2 million. In addition, Dr. Kim and the Company entered into a Consulting Agreement dated as of August 3, 2019 (the "Kim Consulting Agreement"), pursuant to which the Company agreed to pay Dr. Kim $0.1 million in consulting fees and transition expenses over the following three months ending November 2, 2019. The Company recorded $0.3 million of expenses related to these agreements. The Kim Consulting Agreement payments were made in a lump sum when the agreement concluded in November 2019. The separation payments will be paid through the normal payroll cycle through January 2020.

On August 7, 2018, the Company announced that Stephen A. Hurly departed as its President and Chief Executive Officer, effective immediately. In connection with his separation from the Company, Mr. Hurly and the Company entered into a Separation Agreement and General Release dated as of September 28, 2018 (the “Hurly Separation Agreement”), pursuant to which the Company provided Mr. Hurly with twelve months of separation payments and benefits. The Company recorded $0.6 million of expense, consisting of Mr. Hurly’s base salary at the time of his departure of $0.4 million plus his target annual bonus for 2018 of $0.2 million, which was paid through the normal payroll cycle through August 2019, when the Company completed its obligations related to the Hurly Separation Agreement.

The remaining amounts of accrued severance as of December 31, 2019 relate to terminations of other employees during 2019.

Reduction-in-Force

In August 2017, the Company's board of directors approved a strategic restructuring to eliminate a portion of the Company’s workforce in order to preserve resources and refocus the Company's efforts. In September 2017, the Company completed the manufacturing of all Vicinium necessary for its ongoing Phase 3 VISTA Trial and for its Cooperative Research and Development Agreement with the National Cancer Institute. In conjunction with this achievement, the Company ended its manufacturing activities in Winnipeg and redirected its resources toward completing the technology transfer process necessary to outsource commercial scale drug supply manufacturing in the event it obtains approval from the FDA to market Vicinium for the treatment of high-risk NMIBC. The Company recorded total restructuring costs of $0.1 million, which included separation payments and benefits, in the third quarter of 2017.