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Restructuring
6 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring

9. Restructuring

In June 2023, the Company approved a reduction in force intended to restructure and strategically align its workforce with the Company’s strategy and to reduce the Company’s operating costs, primarily in the Consumer and Research Services segment. In August 2023, the Company approved a reduction in force primarily intended to restructure and strategically align the Therapeutics workforce. As a result, during the three and six months ended September 30, 2023, the Company recorded restructuring charges of $2.7 million and $6.9, respectively, within restructuring and other charges in the condensed consolidated statements of operations, of which $2.7 million and $6.3 million, respectively, was related to cash severance payments and benefits continuation. During the three months ended June 30, 2023, the Company recorded $0.6 million of non-cash stock compensation to restructuring charges. The Company did not record non-cash stock-compensation to restructuring charges during the three months ended September 30, 2023. These restructuring charges were primarily related to the Research Services and Therapeutics segments.

The following table shows the total amount incurred and accrued related to one-time employee termination benefits:

 

 

One-Time Employee Termination Benefits

 

 

(in thousands)

 

Accrued restructuring costs included in accrued expenses and other current liabilities as of March 31, 2023

$

 

Restructuring charges incurred during the period

 

6,871

 

Amounts paid during the period

 

(5,939

)

Accrued restructuring costs included in accrued expenses and other current liabilities as of September 30, 2023

$

932

 

The Company does not expect to incur any further material expenses in connection with the reduction in force events that occurred in June 2023 and August 2023.