Restructuring, Impairment and Costs of Terminated Program (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring, Impairment and Other Costs of Terminated Program

Restructuring, impairment and costs of terminated program includes the following (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Clinical trial expense, other third-party and employee costs for the wind down of the bempegaldesleukin program	$	—	$	1,356	$	—	$	2,954
Severance and benefit expense		—		1,943		—		7,426
Impairment of right-of-use assets and property, plant and equipment		8,329		13,255		8,329		26,455
Contract termination and other restructuring costs		4,960		—		5,935		912
Restructuring, impairment and other costs of terminated program	$	13,289	$	16,554	$	14,264	$	37,747

The following table provides details regarding the severance and benefit expense for the three and six months ended June 30, 2024 pursuant to the 2023 Restructuring Plan and a reconciliation of the severance and benefits liability for the three and six months ended June 30, 2023 pursuant to the 2022 and 2023 Restructuring Plans, which we report within accrued expenses on our Condensed Consolidated Balance Sheet (in thousands):

	Six Months Ended June 30, 2023
	2023 Restructuring Plan			2022 Restructuring Plan			Total
Liability balance as of December 31, 2022	$	—		$	3,299		$	3,299
Expense recognized during the period		5,483			—			5,483
Payments during the period		—			(3,299	)		(3,299	)
Liability balance as of March 31, 2023	$	5,483		$	—		$	5,483
Expense recognized during the period		1,943			—			1,943
Payments during the period		(6,624	)		—			(6,624	)
Liability balance as of June 30, 2023	$	802		$	—		$	802
	Six Months Ended June 30, 2024
	2023 Restructuring Plan			2022 Restructuring Plan			Total
Liability balance as of December 31, 2023	$	196		$	—		$	196
Expense recognized during the period		—			—			—
Payments during the period		(196	)		—			(196	)
Liability balance as of June 30, 2024	$	—		$	—		$	—

The following is a reconciliation of the impairment charges we recorded for the three and six months ended June 30, 2024 and 2023, including the net book values of the sublease assets before the impairment and the fair values of the sublease assets (in thousands):

	Three and Six Months Ended June 30, 2024
	Property, Plant and Equipment			Operating Lease Right-of-Use Assets			Total
Net book value of impaired facilities before write-off	$	1,897		$	12,506		$	14,403
Less: Fair value of impaired facilities — Level 3 of Fair Value Hierarchy		(855	)		(5,219	)		(6,074	)
Total impairment of right-of-use assets and property, plant and equipment	$	1,042		$	7,287		$	8,329

	Three Months Ended June 30, 2023
	Property, Plant and Equipment			Operating Lease Right-of-Use Assets			Total
Net book value of impaired facilities before write-off	$	2,092		$	16,392		$	18,484
Less: Fair value of impaired facilities — Level 3 of Fair Value Hierarchy		(529	)		(4,700	)		(5,229	)
Total impairment of right-of-use assets and property, plant and equipment	$	1,563		$	11,692		$	13,255

	Six Months Ended June 30, 2023
	Property, Plant and Equipment			Operating Lease Right-of-Use Assets			Total
Net book value of impaired facilities before write-off	$	7,206		$	44,826		$	52,032
Less: Fair value of impaired facilities — Level 3 of Fair Value Hierarchy		(3,843	)		(23,434	)		(27,277	)
Impairment expense for facilities		3,363			21,392			24,755
Impairment of other property, plant and equipment		1,700			—			1,700
Total impairment of right-of-use assets and property, plant and equipment	$	5,063		$	21,392		$	26,455

The following are reconciliations of the contract termination and other costs for three and six months ended June 30, 2024 and 2023. As of June 30, 2024 and December 31, 2023, we report $3.4 million and $3.0 million, respectively, within accrued expenses and the remaining within other long-term liabilities on our Condensed Consolidated Balance Sheets.

	For the Six Months Ended June 30,
	2024			2023
Liability balances as of December 31, 2023 and December 31, 2022, respectively	$	5,542		$	7,710
Expense recognized during the period		975			912
Payments during the period		(928	)		(1,129	)
Liability balances as of March 31, 2024 and March 31, 2023, respectively	$	5,589		$	7,493
Expense recognized during the period		4,960			-
Payments during the period		(887	)		(1,264	)
Liability balances as of June 30, 2024 and June 30, 2023, respectively	$	9,662		$	6,229