Reduction in Force

3 Months Ended

Mar. 31, 2026

12. Reduction in Force

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

Employees affected by the Reduction were entitled to receive severance payments and certain Company funded benefits totaling approximately $5.4 million in costs. The Company recognized severance and benefit expense in full for employees who were notified of their termination in March 2025 and had no requirements for future service. The Company recognized expense for employees who were required to render services to receive their severance and benefits ratably over the service period from April 2025 to October 31, 2025. These charges were recorded pursuant to ASC 712 or ASC 420, depending on the agreements with the impacted employees. The expense was recognized in general and administrative operating expenses in the condensed statement of operations.

The following table provides details of the severance and other termination benefit expense for the three months ended March 31, 2026 and 2025 with the remaining balance of the liability recorded in accrued and other current liabilities on the condensed balance sheet (in thousands):


	Three Months Ended March 31, 2026
	No Future Service Period Required		Future Service Period Required			Total
Liability balance, December 31, 2025	$	—	$	145		$	145
(Credit)/Expense recognized during the period		—		—			—
Payments made during the period		—		(145	)		(145	)
Liability balance, March 31, 2026	$	—	$	—		$	—


	Three Months Ended March 31, 2025
	No Future Service Period Required			Future Service Period Required		Total
Liability balance, January 1, 2025	$	—		$	—	$	—
Expense recognized during the period		5,118			—		5,118
Payments made during the period		(1,833	)		—		(1,833	)
Liability balance, March 31, 2025	$	3,285		$	—	$	3,285