13. Restructuring

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In January 2026, the Company initiated reductions to its workforce (the “2026 Restructuring Plan”). We began executing the 2026 Restructuring Plan in January 2026 and expect the 2026 Restructuring Plan to be substantially completed in the second quarter of 2026, subject to local law and consultation requirements.

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In March 2025, the Company announced initiatives to reduce its workforce, realign its manufacturing footprint and streamline its organization to enhance operational efficiency and improve overall liquidity (the “2025 Restructuring Plan”). We began executing the 2025 Restructuring Plan in March 2025 and it was effectively completed during the fourth quarter of 2025.

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During the three months ended March 31, 2026 and 2025, the Company incurred $1.4 million and $17.2 million in restructuring costs, respectively, which were recorded in the restructuring financial statement line item in the unaudited interim condensed consolidated statements of operations. The following table reflects the category of restructuring charges incurred during the three months ended March 31, 2026 and 2025 (in thousands):

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The accrued restructuring balances as of March 31, 2026 and December 31, 2025 were recorded in the accrued expenses financial statement line item in the unaudited interim condensed consolidated balance sheets. Accrued restructuring activities during the three months ended March 31, 2026 were as follows (in thousands):

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As of March 31, 2026, total accrued expenses related to restructuring activities were comprised of $1.1 million of employee severance and benefit arrangements.

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We estimate that we will incur future restructuring costs of $0.2 million related to employee severance and benefit arrangements during the second half of 2026. The actual timing and amount of such costs associated may differ from our current expectations and estimates and such differences may be material.