On April 29, 2026, the Company announced that its Board of Directors had approved a plan to improve operational efficiency and reduce operating expenses. This plan includes a reduction in force of approximately 13% of the Company's workforce, inclusive of employee-related actions that began in the second half of 2025.

The Company has substantially completed the implementation of the plan. Affected employees were offered separation benefits, including severance payments and, where applicable, temporary healthcare coverage assistance. The Company estimates that it will incur total expenses relating to the realignment of approximately $8.0 million, consisting of severance and termination-related costs. The Company recorded $4.2 million of these costs in the six months ended June 30, 2026, and $2.4 million of these costs for the year ended December 31, 2025. In addition, the Company recognized non-cash costs, such as share-based payment expense of $0.1 million and $0.2 million, for the six months ended June 30, 2026 and for the year ended December 31, 2025, respectively. Such non-cash costs are not included in the table below.

The estimate of costs that the Company expects to incur related to the workforce reduction and the timing thereof are subject to a number of assumptions and actual results may differ. 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 actions described above.

The following table summarizes the restructuring activity as of June 30, 2026 and the remaining severance and termination-related liability included in Accrued expenses and other liabilities in the Consolidated Balance Sheet:


Balance as of January 1, 2026	$	342
Severance and termination-related costs incurred	$	4,177
Severance and termination-related costs paid	$	(3,027)
Balance as of June 30, 2026	$	1,492