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Subsequent Event
6 Months Ended
Jun. 30, 2022
Subsequent Events [Abstract]  
Subsequent Event

10. Subsequent event

 

Restructuring

 

On July 6, 2022 the Company announced Phase 2 topline results for praluzatamab ravtansine in breast cancer and its decision to not advance this program ("praluzatamab ravtansine") alone given the data and financial market conditions. The Company will seek a collaboration partnership to further develop praluzatamab ravtansine in patients with advanced breast cancer. On July 13, 2022, the Company announced a restructuring plan to prioritize its resources on its emerging pre-clinical and early clinical pipeline as well as its existing collaboration partnerships. The restructuring plan will result in a reduction to its workforce by approximately 40%, and is expected to be completed by the fourth quarter of 2022. The Company estimates that it will incur aggregate restructuring charges of approximately $10.0 million, primarily related to one-time severance payments and other employee-related costs, in the third and fourth quarters of 2022.