11. Restructuring

In August 2023, the Company implemented a strategic corporate reorganization and reprioritization of its pipeline (the “2023 Restructuring”). The 2023 Restructuring included a reduction of the Company’s workforce by approximately 40%, designed to right-size the organization as the Company worked to achieve sustained growth and

support the commercialization of ZURZUVAE for the treatment of women with PPD. During the three and six months ended June 30, 2025, the Company did not record any related expense. During the six months ended June 30, 2024, the Company recorded a $0.6 million reversal of related expense.

As of June 30, 2025, the Company had paid all 2023 Restructuring charges. Total restructuring charges incurred through June 30, 2025 were $32.9 million, which is the total amount to be incurred.

In October 2024, the Company implemented a plan to reorganize its business operations (the “2024 Restructuring”), including to focus investment on the ongoing launch of ZURZUVAE for the treatment of women with PPD and its prioritized pipeline development efforts. As part of the 2024 Restructuring, the Company implemented a reduction of approximately 33% of the Company’s total workforce and approximately 55% of the Company’s research and development workforce. During the six months ended June 30, 2025, the Company recorded net additional expense of $0.3 million related to the 2024 Restructuring, primarily for one-time termination benefits to the affected employees, primarily consisting of cash payments of severance, healthcare benefits and outplacement assistance.

The Company expects that substantially all of the accrued 2024 Restructuring charges as of June 30, 2025, will be paid in cash by September 30, 2025. Total charges related to the 2024 Restructuring incurred through June 30, 2025 are $22.6 million, which is the total expected amount to be incurred.