On April 14, 2025, the board of directors of the Company determined to discontinue all clinical development of nemvaleukin and, in connection with such decision, approved a reduction in the Company’s workforce by approximately 104 positions, or approximately 90% (the “Reduction”). The Company completed the Reduction by the end of the second quarter of 2025. The Company incurred costs of approximately $9.5 million related to the Reduction, primarily consisting of severance payments and employee benefit costs. Additionally, the Company ceased all development activity related to its pre-clinical programs on June 3, 2025, resulting in contract termination charges of $2.5 million.


(in thousands)	Restructuring amounts accrued at December 31, 2024		Restructuring expense incurred during the six months ended June 30, 2025		Restructuring amounts paid during the six months ended June 30, 2025			Restructuring amounts accrued at June 30, 2025
Employee severance, benefits and related costs	$	—	$	9,457	$	(3,641	)	$	5,816
Contract termination costs		—		2,481		(1,005	)		1,476
Total restructuring	$	—	$	11,938	$	(4,646	)	$	7,292

In addition to the amounts included in the table above, the Company recognized impairment charges of $3.0 million that were associated with lab equipment that was held-for-sale and then ultimately sold during the six months ended June 30, 2025 and write-offs of prepayments for services related to our clinical and pre-clinical programs totaling $2.5 million. This amount is included in Restructuring and impairment expense on the condensed consolidated statement of operations and comprehensive loss.

The costs related to the Reduction were incurred in the second quarter of 2025. The Company has $7.3 million in remaining liabilities related to the Reduction as of June 30, 2025 that is expected to be paid during the third quarter of 2025.

Following the decision to discontinue all clinical development of nemvaleukin, the Company announced that it intends to immediately commence the exploration of strategic alternatives focused on maximizing shareholder value. The Company has engaged Lucid Capital Markets, LLC to act as its financial advisor in connection with the exploration of strategic alternatives. There can be no assurance that the exploration of strategic alternatives will result in the Company pursuing a transaction or that any acquisition or other transaction involving the Company will be completed, nor as to the terms on which any acquisition or other transaction will occur, if at all.