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Restructuring Charges
6 Months Ended
Jun. 30, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Charges

9. Restructuring charges

 

On March 30, 2022, the Company announced its commitment to focus on severe neurometabolic diseases and early research programs, and to discontinue its investment in and seek strategic alternatives for the Company’s programs in rare primary immune deficiencies, including OTL-103 for treatment of Wiskott Aldrich syndrome (“WAS”), OTL-102 for treatment of X-linked chronic granulomatous disease (“X-CGD”), and Strimvelis for adenosine deaminase severe combined immunodeficiency (“ADA-SCID”). The Company recognized a one-time charge in the first half of 2022 of approximately $1.9 million, which relates to employee-related termination costs. For the six months ended June 30, 2022, approximately $1.6 million and $0.4 million is recognized in research and development expenses and selling, general, and administrative expenses, respectively, in the Company's condensed consolidated statements of operations and comprehensive loss. The balance of the restructuring accrual was included in accrued expenses and other current liabilities on the Company’s condensed consolidated balance sheets. Activity for the three and six months ended June 30, 2022 is summarized as follows (amounts in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2022

 

 Balance at beginning of period

 

$

2,481

 

 

$

6

 

 Charged to expense

 

 

 

 

 

2,481

 

 Non-cash adjustments and foreign currency translation

 

 

(554

)

 

 

(554

)

 Payments made

 

 

(1,089

)

 

 

(1,095

)

 Balance at end of period

 

$

838

 

 

$

838