Restructuring

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

On August 8, 2022 we announced a strategic reduction in workforce of approximately 20% to focus our activities as an organization centered on research and development. The workforce reduction included total restructuring charges of $6.0 million, comprised primarily of severance payments, wages for the 60-day notice period in accordance with the California Worker Adjustment and Retraining Notification (WARN) Act and continuing health care coverage for a period of time after separation. In most cases, the severance payments were paid as a lump sum in October 2022. Certain of the notified employees had employment agreements which provided for separation benefits in the form of salary continuation; these benefits were paid between October 2022 and November 2023, and there are no further payments required for this reduction in workforce as of December 31, 2024. All of the costs were cash expenditures and represented one-time termination benefits.

On November 1, 2023 we announced a strategic reduction in workforce of approximately 30%. The workforce reduction resulted in total restructuring charges of $6.7 million, comprised primarily of severance payments and wages for the 60-day notice period in accordance with the California WARN Act. In most cases, the severance payments were paid as a lump sum in January 2024. As of December 31, 2024, there are no remaining payments for the November 2023 reduction in workforce. All of the costs are cash expenditures and represent one-time termination benefits.

On January 8, 2024, we announced a strategic reduction in workforce of approximately 25%. The workforce reduction resulted in total restructuring charges of $5.1 million, comprised primarily of severance payments and wages for the 60-day notice period in accordance with the California WARN Act. In most cases, the severance payments were paid during the first half of 2024. Certain of the notified employees had employment agreements that provided for separation benefits in the form of salary continuation, which are being paid from February 2024 through January 2025. As of December 31, 2024, $0.1 million of further separation payments and

benefits are required for the January 2024 reduction in workforce. The majority of the associated costs are cash expenditures and primarily represent one-time termination benefits.

The following is a summary of restructuring charges associated with the reductions in force for the periods presented:


	Year Ended December 31,		Year Ended December 31,
	2024		2023
	(in thousands)

Research and development expense	$	3,750	$	5,619
General and administrative expense		1,357		1,111
Total restructuring charges	$	5,107	$	6,730

The following restructuring liability activity was recorded in connection with the reduction in force for the year ended December 31, 2024, with all of the $0.1 million liability balance as of December 31, 2024 included within other current liabilities on the accompanying consolidated balance sheet:


	Year ended December 31,			Year ended December 31,
	2024			2023
	(in thousands)
Liability balance, January 1	$	4,923		$	1,545
Restructuring charges		5,107			6,730
Cash payments		(9,298	)		(3,352	)
Non-cash settlements/adjustments		(669	)		—
Liability balance, December 31	$	63		$	4,923