RESTRUCTURING PLAN

6 Months Ended

Jun. 30, 2020

Restructuring and Related Activities [Abstract]

RESTRUCTURING PLAN

RESTRUCTURING PLAN

In August 2019, the Company began implementing two phases of a cost restructuring plan to streamline the organization, reduce costs, and direct resources to advance cobomarsen and miR-29 mimics, including remlarsen and MRG-229, while reducing investments in new discovery research. The restructuring plan identified approximately 44 positions for elimination, or approximately 50% of the Company’s then total workforce. The eliminated positions were primarily related to research and development and corresponding project, general, and administrative support. From the inception of the restructuring plan in August 2019 and through June 30, 2020, the Company had recorded cumulative restructuring expense of $2.3 million and expects to incur approximately $0.1 million in additional restructuring expense, primarily related to retention, during the remainder of 2020.

The Company recorded $0.1 million and $0.2 million in restructuring charges during the three and six months ended June 30, 2020, respectively, which was primarily related to retention transactions and recorded in research and development expenses on the condensed consolidated statements of operations and comprehensive loss. No restructuring charges were recorded during the three and six months ended June 30, 2019.

The following table summarizes the Company’s accrued restructuring liability balance and associated activity (in thousands):

	December 31, 2019		Additions		Adjustments		Cash Payments		June 30, 2020
Retention	$	935	$	192	$	37	$	(972)	$	192
Severance and severance-related expenses	580		16		2		(413)		185
Total restructuring liability	$	1,515	$	208	$	39	$	(1,385)	$	377