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 it was effectively completed during the second quarter of 2026.

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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 June 30, 2026 and 2025, the Company incurred $0.2 million and $2.9 million in restructuring costs, respectively, which were recorded in the restructuring financial statement line item in the unaudited interim condensed consolidated statements of operations. During the six months ended June 30, 2026 and 2025, the Company incurred $1.6 million and $20.1 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 and six months ended June 30, 2026 and 2025 (in thousands):

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The accrued restructuring balances as of June 30, 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 six months ended June 30, 2026 were as follows (in thousands):

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As of June 30, 2026, total accrued expenses related to restructuring activities were comprised of $0.3 million of employee severance and benefit arrangements.