ACCRUED EXPENSES

3 Months Ended

Mar. 31, 2023

ACCRUED EXPENSES

ACCRUED EXPENSES

7. ACCRUED EXPENSES

Accrued expenses consisted of the following (in thousands):

	March 31,		December 31,
	2023		2022
External research and development	$	26,910	$	25,494
Accrued compensation		4,740		1,251
Accrued professional services		1,270		975
Accrued consulting		487		967
Restructuring		2,798		—
Other		580		909
Total accrued expenses	$	36,785	$	29,596

In February 2023, the Company announced a reduction in force to further increase operational efficiencies and streamline expenses. As a result, the Company recognized a charge for employee-related termination costs in the first quarter of 2023 of $3.6 million, comprised of $3.7 million of severance and other personnel costs and $0.1 million of stock-based compensation modification gain. The severance and other personnel costs will be paid by the end of 2023. The charge is reflected in the restructuring line in the Company’s condensed consolidated statements of operations and comprehensive income (loss). In May 2023, the Company announced an additional reduction in force, as further disclosed in note 15.