RESTRUCTURING |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESTRUCTURING | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RESTRUCTURING |
Restructuring Plan During the fourth quarter of 2025 and into the second quarter of fiscal 2026, the Company initiated a strategic workforce and cost reduction plan (the “Strategic Workforce and Cost Reduction Plan”) to reduce costs, optimize operations, and accelerate a path to cash-flow profitability. These initiatives follow comprehensive review of the Company’s cost structure and operating model. As a result of the Strategic Workforce and Cost Reduction Plan and attrition, the Company has reduced its workforce by approximately 23%, and reduced and realigned operating and production expenses. Restructuring Charges The table below sets forth the estimated amount of unpaid restructuring charges as of June 30, 2026 and December 31, 2025 included in accrued expenses that are expected to be paid in less than one year. Total additions to unpaid restructuring charges are limited to workforce reductions as the other components of restructuring costs do not require cash payments.
During each of the three and six months ended June 30, 2026, the Company recorded restructuring charges of approximately $0.3 million, respectively, in connection with its Strategic Workforce and Cost Reduction Plan. These charges are included within operating expenses in the condensed consolidated statements of operations and comprehensive loss. No restructuring charges were recorded during the three and six months ended June 30, 2025. |
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