v3.26.1
Subsequent Events
3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 28, 2026, the Board of Directors of the Company approved a reduction in workforce, which was effective on May 1, 2026, This reduced Origin's workforce by approximately 59%, while maintaining the necessary support for the Plan of Dissolution, resulting in approximately $14.0 million decrease in annual operating expenses. Origin anticipates that it will incur approximately $2.1 million in restructuring charges in connection with the workforce reduction, consisting of cash expenditures for severance and benefits costs. Origin expects to incur the majority of expenses related to the workforce reduction by the end of the second quarter of 2026. These estimated charges are subject to a number of assumptions, including legal requirements in various jurisdictions, and actual results may differ materially from these estimates. The Company may incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the workforce reduction.
In connection with the reduction-in-force above, John Bissell has stepped down as Chief Executive Officer, effective May 1, 2026. Mr. Bissell will continue to serve on the Board of Directors. Matt Plavan, our Chief Financial Officer and Chief Operating Officer has been appointed Interim Chief Executive Officer, effective May 1, 2026.
On May 14, 2026, the Board of Directors of the Company approved a Management Incentive Plan (a "MIP") in connection with the Plan of Dissolution. The purpose of the MIP is to establish a performance-based incentive bonus opportunity that aligns the interests of key employees with those of the Company's stockholders. The MIP rewards participants only to the extent that proceeds realized from the sale of specified Company assets exceed designated minimum value thresholds.