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Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
Restructuring
On January 24, 2024, the Company and three executive officers, Jorge DiMartino, M.D., Ph.D., the Company’s Chief Medical Officer and Executive Vice President, Clinical Development, Barbara Kosacz, J.D., the Company’s Chief Operating Officer and General Counsel, and Christopher Dinsmore, Ph.D., Chief Scientific Officer ("the Officers") mutually agreed to the termination of employment effective February 16, 2024 (“the Separation Date”). The separation agreements signed with the Officers outlined the terms of severance and contemplate the engagement of each as a consultant through December 31, 2024 to the Company following the Separation Date. In connection with the separation agreements with the Officers, the Company expects to incur charges of approximately $1.1 million associated with cash severance payments that were made in February 2024.
On March 5, 2024, the Company approved an approximate 21% reduction in its workforce as part of a strategic resource allocation and cost containment plan. The workforce reduction was completed on March 7, 2024. In connection with the reduction in workforce, the Company expects to incur charges of approximately $0.6 million associated with cash severance and COBRA benefit payments primarily in the first half of 2024.