Restructuring

12 Months Ended

Dec. 31, 2021

Restructuring And Related Activities [Abstract]

Restructuring

Note 17: Restructuring

In October 2021 the Company entered into a retirement and consulting agreement with its former CEO Stephen Holcombe where he will transition to the role of Strategic Advisor to the CEO until December 31, 2022. As of December 31, 2021, the Company recorded a liability of $0.4 million and $0.2 million in accrued expenses for the cash payments under the retirement and consulting agreement respectively, for Mr. Holcombe. The Company made cash payments under the retirement agreement of $0.1 million during the year ended December 31, 2021, and the remaining payments will be paid over the next twelve months. In addition, the Company recorded $0.5 million and $0.2 million in severance and consulting fees respectively during the year ended December 31, 2021, on the Company’s Consolidated Statements of Operations.

In December 2021, the Company announced a strategic decision to prioritize the development of its lead program TTP399, a novel, oral, liver-selective glucokinase activator. This decision includes a reduction in the Company’s workforce affecting approximately 65% of its employees, and as a result the Company recognized severance and benefits costs of $1.6 million on the Consolidated Statement of Operations.  The related expense of $0.7 million and $0.9 million has been recognized as a component of research and development and general and administrative expense respectively, within the Consolidated Statements of Operations based on the responsibilities of the impacted employees. The Company made cash payments for severance and benefits costs of $0.1 million during the year ended December 31, 2021, and the remaining payments will be made over the next twelve months. As of December 31, 2021, $1.5 million of accrued severance and benefits costs were accounted for in accrued expenses on the Company’s Consolidated Balance Sheets.