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Reduction in Force
12 Months Ended
Dec. 31, 2024
Reduction in Force [Abstract]  
Reduction in Force

14. Reduction in Force

 

On October 16, 2023, the Company committed to cost saving measures, including a reduction in force (the "2023 Reduction") that resulted in a reduction of 18 positions, representing approximately 10% of the Company’s workforce. The Company undertook the 2023 Reduction to decrease its costs and create a more streamlined organization to support its operations through multiple clinical data updates.

 

In connection with the 2023 Reduction, the Company incurred $1.2 million in costs, consisting primarily of cash severance costs and transition support services for impacted employees, which the Company recognized in the fourth quarter of 2023 in general and administrative operating expenses in the statement of operations. As of December 31, 2023, $0.8 million was paid out and $0.4 million was recorded under other accrued and other current liabilities. There were no remaining liabilities as of December 31, 2024.

 

On March 26, 2025, the Company committed to cost saving measures, including a reduction in force (the "2025 Reduction") that will result in a reduction of 53 positions, representing approximately 34% of the Company’s workforce. The Company undertook the 2025 Reduction to decrease its costs and create a more streamlined organization to focus on upcoming clinical data updates.

 

In connection with the implementation of the 2025 Reduction, the Company currently estimates it will incur approximately $5.5 million to $6.5 million in costs, consisting primarily of cash severance costs, benefits, payroll taxes and other termination costs for impacted employees, which the Company expects to recognize primarily in the first quarter of 2025.