In October 2023, the Company announced a strategic restructuring and workforce reduction (the “2023 Workforce Reduction”) to prioritize its clinical-stage assets, extend the cash runway and reduce the total workforce. All employees affected by the 2023 Workforce Reduction separated from the Company by December 31, 2023. In connection with the 2023 Workforce Reduction, the Company committed to a plan to sublease Suite 400 of its corporate headquarters which resulted in an impairment to the right-of use asset and certain property and equipment no longer utilized under then-current or expected future operations.

In October 2025, the Company announced the initiation of a process to explore a full range of strategic alternatives focused on maximizing stockholder value. In connection with the evaluation of strategic alternatives, the Company is implementing a restructuring plan including workforce reduction and other cost-containment and cash conservation measures, pursuant to which the Company initially reduced its workforce by approximately 70%.

The Company recognized restructuring charges of $6.8 million, $1.5 million and $6.2 million, comprised primarily of one-time employee termination benefits and long-lived assets impairment costs during the years ended December 31, 2025, 2024 and 2023, respectively. Restructuring and impairment charges, recorded in the Consolidated Statement of Operations are presented in the table below (in thousands):


	Year Ended December 31,
	2025		2024		2023
Severance and related benefit costs	$	5,741	$	(79)	$	3,279
Asset impairments	1,096		1,549		2,908
Total	$	6,837	$	1,470	$	6,187

The following table illustrates the accrual activity and payments relating to restructuring and impairment charges (in thousands):


	Severance and related benefit costs		Asset impairments		Total
Balance as of January 1, 2023	$	—	$	—	$	—
Restructuring charges	3,279		2,908		6,187
Cash payments made	(1,858)		—		(1,858)
Non-cash charges	—		(2,908)		(2,908)
Balance as of December 31, 2023	$	1,421	$	—	$	1,421
Restructuring charges	—		1,549		1,549
Cash payments made	(1,342)		—		(1,342)
Non-cash charges	(79)		(1,549)		(1,628)
Balance as of December 31, 2024	$	—	$	—	$	—
Restructuring charges	$	5,741	$	1,096	6,837
Cash payments made	$	(4,185)	$	—	(4,185)
Non-cash charges	$	—	$	(1,096)	(1,096)
Balance as of December 31, 2025	$	1,556	$	—	$	1,556