Restructuring and Related Expenses

6 Months Ended

Jun. 30, 2024

2021 Corporate Restructuring Completion and 2023 Strategic Actions

Restructuring and Related Expenses

8. Restructuring and Related Expenses

In February 2023, the Company announced strategic actions (the “2023 Strategic Actions”) that included the discontinuation of its research activities, resulting in a 17% reduction in headcount in March 2023. As a result of the Company’s discontinued investment in research activities, the Company incurred restructuring and related expenses of $1.2 million and $2.7 million for the three and six months ended June 30, 2023, respectively, which were primarily related to R&D expenses. Of the total $2.7 million incurred for the six months ended June 30, 2023, cash-related expenses were $1.2 million and non-cash expenses were $1.5 million which were primarily related to the modification of equity-based awards for employees affected by the reduction in headcount and a loss on the sale of R&D laboratory equipment.