In June 2025, the Company commenced a restructuring plan following the Company’s May 23, 2025 announcement of its decision to discontinue further development of birtamimab. Restructuring charges primarily consisted of employee termination benefits in connection with the reduction in force announced in June 2025 and contract termination costs primarily associated with exit fees relating to third-party manufacturers that were contracted for commercial supplies of birtamimab. Employee termination benefits include severance costs, employee-related benefits, and non-cash share-based compensation expense related to the acceleration of the vesting of certain stock options and RSUs. Charges and other costs related to the restructuring plan are presented as restructuring costs in the Condensed Consolidated Statements of Operations.

The Company recorded a net reduction in the restructuring liability of approximately $8.2 million and $13.0 million for the three and six months ended June 30, 2026. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the restructuring plan.

The following table summarizes the restructuring liability and utilization by cost type associated with the restructuring activities during the three and six months ended June 30, 2026 (in thousands):


	Restructuring Liability
	Termination Benefits			Contract Termination Costs			Other		Total
Balance at December 31, 2025	$	1,091		$	12,212		$	—	$	13,303
Restructuring Charges	954			(5,198)		(1)	—		(4,244)
Reduction for cash payments	(191)			(35)			—		(226)
Foreign Exchange	(3)			(245)			—		(248)
Balance at March 31, 2026	$	1,851		$	6,734		$	—	$	8,585
Restructuring Charges	2,414			—			—		2,414
Adjustment for non-cash charges	(1,743)		(2)	—			—		(1,743)
Reduction for cash payments	(2,173)			(6,673)			—		(8,846)
Foreign Exchange	—			(61)			—		(61)
Balance at June 30, 2026	$	349		$	—		$	—	$	349

(1)Restructuring charges for contract termination costs for the six months ended June 30, 2026 include a reduction in contract termination costs associated with one or more third-party vendors.

(2)Restructuring charges for termination benefits for the three and six months ended June 30, 2026 include a $1.7 million share-based compensation expense related to the contractual acceleration of vesting of certain option and restricted stock unit award agreements.

The total amount expected to be incurred at inception in connection with the restructuring plan was $32.6 million. The cumulative amount incurred to date as of June 30, 2026 was $28.3 million. The restructuring liability is included in current liabilities on the Condensed Consolidated Balance Sheets as of June 30, 2026.