On June 11, 2025, the Board of Directors approved a strategic reprioritization and restructuring plan (the “2025 Restructuring”) to focus resources on ZYNLONTA® (loncastuximab tesirine-lpyl) expansion opportunities and the advancement of its PSMA-targeting ADC. The Company will discontinue early development efforts for the remaining preclinical programs in solid tumors. In connection with the Restructuring, the Company plans to shut down its UK research and development facility and reduce its global workforce across functions by approximately 30%, which is expected to be substantially completed by September 30, 2025.


(in thousands)	Three Months Ended June 30, 2025
Severance and benefit expense	$	6,677
Impairment of long-lived assets and prepaid expenses	6,414

Total restructuring, impairment and other related costs	$	13,091

Employees affected by the reduction in force under the 2025 Restructuring are entitled to receive severance payments, continuing healthcare benefits and other employee-related costs. Costs associated with one-time termination benefits were recorded pursuant to ASC 420, while costs associated with ongoing benefit arrangements were recorded pursuant to ASC 712. As a result, the Company recorded $6.7 million to Restructuring, impairment and other related costs in the Company’s unaudited condensed consolidated statements of operations during the three and six months ended June 30, 2025, of which $0.1 million was paid as of June 30, 2025. The remaining $6.6 million not paid as of June 30, 2025 was accrued in Accrued expenses and other current liabilities in the Company’s unaudited condensed consolidated balance sheet and the Company expects to pay the remainder of the restructuring costs by the first quarter of 2026.

As a result of the 2025 Restructuring, the Company recognized impairment losses of $6.4 million during the three months ended June 30, 2025, which included $5.4 million recorded to the long-lived asset group associated with the UK facility and $1.0 million recorded to prepaid expenses in the UK.

The long-lived asset group associated with the UK facility lease, included the right-of-use asset, leasehold improvements, lab equipment and furniture and fixtures. The $5.4 million recognized as impairment losses on the long-lived asset group were allocated to the various assets within the long-lived asset group based on their relative carrying values and consisted of $0.4 million recorded to right-of-use asset, $2.7 million recorded to leasehold improvements, $2.1 million recorded to lab equipment and $0.2 million recorded to furniture and fixtures.