CORPORATE RESTRUCTURING

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

In May 2025, the Board formally approved a plan to reduce the overall workforce by approximately 45% (the "2025 Restructuring"). In connection with the 2025 Restructuring, the Company incurred one-time employee termination benefits, including severance, retention and benefits costs. The total costs associated with the 2025 Restructuring was $3.1 million, including severance, retention and benefits costs, of which $2.5 million and $0.5 million were recognized as part of total research and development and general and administrative expenses, respectively, during the year ended December 31, 2025. All costs have been incurred under the Company’s single reportable segment. The 2025 Restructuring was complete as of December 31, 2025.

Accrued compensation and benefits costs as of March 31, 2026 is as follows (in thousands):


			RESTRUCTURING LIABILITY
Balance as of December 31, 2025			145
Expenses incurred			—
Cash payments			(145)
Balance as of March 31, 2026			—

1 Other segment items include other expense, income tax provision, bank fees, depreciation expense, dividend income and stock-based compensation.