On June 11, 2025, the Board of Directors approved the 2025 Restructuring to focus resources on ZYNLONTA® (loncastuximab tesirine-lpyl) expansion opportunities and the advancement of its PSMA-targeting ADC. The Company has discontinued early development efforts for the remaining preclinical programs in solid tumors. In connection with the 2025 Restructuring, the Company closed down its UK research and development facility, and has reduced its global workforce across functions by approximately 30%. The 2025 Restructuring was complete as of June 30, 2026.

On June 24, 2026, the Company announced a strategic reorganization to focus resources behind key value-driving initiatives in support of ZYNLONTA. As part of the reorganization, the Company plans to further reduce the remaining global workforce by approximately 17%, which is expected to be substantially completed by September 30, 2026 (“2026 Restructuring”). The reduction is driven by the expected completion of the LOTIS-5 and LOTIS-7 trials this year, as well as operational efficiencies.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Severance and benefit expense	$2,674		$6,677		$2,674		$6,677
Impairment of long-lived assets and prepaid expenses	—		6,414		—		6,414

Total restructuring, impairment and other related costs	$	2,674	$	13,091	$	2,674	$	13,091

Employees affected by the workforce reduction under the 2026 Restructuring are entitled to receive severance payments, continuing healthcare benefits and other employee-related costs. Costs associated with one-time termination benefits were recorded pursuant to ASC 420, while costs associated with ongoing benefit arrangements were recorded pursuant to ASC 712. As a result, the Company recorded $2.7 million to Restructuring, impairment and other related costs in the Company’s unaudited condensed consolidated statements of operations during the three and six months ended June 30, 2026, none of which was paid as of June 30, 2026. The restructuring costs were accrued in Accrued expenses and other current liabilities in the Company’s unaudited condensed consolidated balance sheet. The Company expects to pay the majority of the 2026 restructuring costs by the third quarter of 2026.