On January 6, 2025, the Company announced a restructuring plan to streamline its organization and prioritize Varseta-M (EpCAM PROBODY®ADC), CX-801 and its activities to support its research collaborations. This plan resulted in a reduction of approximately 40% of its workforce and was substantially completed in the first quarter of 2025. The Company incurred total restructuring charges of $2.8 million, primarily related to one-time severance payments and other employee-related costs. This includes $1.7 million of research and development expenses and $1.1 million of general and administrative expenses that were recorded during the twelve months ended December 31, 2025.

The following is a summary of accrued restructuring costs as of December 31, 2025 (in thousands):


	Severance and Benefits Costs			Stock Based Compensation			Total
Restructuring cost recorded	$	2,858		$	77		$	2,935
Cash payment		(2,685	)		—			(2,685	)
Changes in estimates		(149	)		—			(149	)
Non-cash charges		—			(77	)		(77	)
Balance at December 31, 2025	$	24		$	—		$	24