25. Corporate Restructurings

2025 Restructuring

In March 2025 and November 2025, the Company eliminated approximately 25% and 10%, respectively, of its global workforce as part of a restructuring initiative in order to reduce operational costs and extend the Company's cash runway.

Restructuring expense related to the workforce reductions incurred during the year ended December 31, 2025, resulted in $2.9 million of restructuring expense, which consisted of $2.8 million of cash expenditures for severance and other employee separation-related costs and $0.1 million of non-cash stock-based compensation expense. Of the restructuring expense, for the year ended December 31, 2025, $0.9 million and $1.9 million were recorded in research and development expenses and general and administrative expenses, respectively, in the consolidated statements of operations.

As of December 31, 2025, net restructuring liabilities totaled approximately $0.3 million, which are included in accrued expenses on the Company's consolidated balance sheets.

2024 Restructuring

In February 2024, the Company restructured its workforce and eliminated approximately 10% of its global workforce in order to more effectively allocate its research and development and other resources supporting the revised business and program priorities and to reduce operational costs.

Restructuring expense related to the workforce reduction incurred during the year ended December 31, 2024, resulted in $2.0 million of restructuring expense, which consisted of $1.6 million of cash expenditures for severance and other employee separation-related costs and $0.4 million of non-cash stock-based compensation expense. Of the restructuring expense, for the year ended December 31, 2024, $0.3 million and $1.7 million were recorded in research and development expenses and general and administrative expenses, respectively, in the consolidated statements of operations.

As of December 31, 2024, all restructuring liabilities had been paid in full and there were no restructuring liabilities included in accrued expenses on the Company's consolidated balance sheets.