Accrued Expenses

3 Months Ended

Mar. 31, 2025

5. Accrued Expenses

Accrued expenses consisted of the following:


	March 31,		December 31,
	2025		2024
	(In thousands)
Accrued research and development	$	24,732	$	26,362
Employee compensation and benefits		9,845		24,075
Accrued legal and professional expenses		3,201		2,845
Accrued other		3,027		2,073
Total accrued expenses	$	40,805	$	55,355

In January 2025, the Company announced the prioritization of its current and near-term clinical programs and a strategic restructuring to streamline its operations. In connection with this portfolio prioritization and strategic restructuring, the Company reduced its employee headcount by approximately 27%. During the three months ended March 31, 2025, the Company recognized $6.5 million of restructuring charges in the condensed consolidated statement of operations and comprehensive loss related to these actions. These charges included severance and other employee termination-related costs. The workforce reductions were substantially complete as of March 31, 2025. As of March 31, 2025, there was $2.0 million in accrued expenses recorded as “employee compensation and benefits,” related to the restructuring, which the Company expects to be paid over the next six to nine months.