On January 28, 2025, the Company announced a corporate restructuring, (the “Restructuring”) that reduced its work force by approximately 40%. The Company has substantially completed all of the activities included in the restructuring plan and all of the costs associated with the restructuring were incurred during the quarter ended March 31, 2025.

In connection with the Restructuring, the Company recorded restructuring charges of $7.8 million which are reported as a separate line item in the accompanying condensed consolidated statement of operations for the six months ended June 30, 2025. The following table summarizes the components of the restructuring charges (in thousands):


	Six Months Ended June 30, 2025
	Accruals		Non-cash items		Total
Employee separation costs	$	6,947	$	806	$	7,753
Other restructuring charges	43		—		43
	$	6,990	$	806	$	7,796

Employee separation costs consist primarily of salaries and benefits earned during the minimum notification period proscribed by law and severance costs associated with the reduction in the Company’s workforce. Other restructuring charges consist of incremental direct costs associated with the Restructuring.

The following table sets forth activity in the restructuring liability (in thousands):


	Employee separation costs		Other restructuring charges		Total
Balance at December 31, 2024	$	—	$	—	$	—
Accruals	6,947		43		6,990
Payments	(6,404)		(43)		(6,447)
Balance at June 30, 2025	$	543	$	—	$	543