12. Restructuring and Assets Impairment Charges

In July 2024, the Company’s Board of Directors approved a streamlined operating plan that included a reduction in the Company’s workforce by approximately 80%. During the three months ended March 31, 2025, substantially all of the Company’s remaining employees were terminated.

Employees were entitled to receive severance payments and Company-funded medical insurance for a specific time. During the year ended December 31, 2024, the Company recognized $7.0 million of charges for severance and related benefits.

The following is a summary of the activity for accrued severance costs for the three months ended March 31, 2025:

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The accrued severance liability of $1.7 million is payable within the next twelve months and has been included in accrued expenses on the balance sheet as of March 31, 2025.