5. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):

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In March 2026, the Company announced the strategic reprioritization of its clinical portfolio to focus on its promising pipeline of next-generation therapeutics, including nuzefatide pevedotin (formerly BT5528), as well as next-generation Bicycle conjugates, including Bicycle Radioconjugates (“BRC^®” molecules). In conjunction with the strategic reprioritization, the Company announced a workforce reduction of approximately 30% of its workforce (the “March 2026 Workforce Reduction”). The Company expects the March 2026 Workforce Reduction to be substantially completed by the end of 2026 and to recognize aggregate charges for severance and other employee termination benefits of approximately $6.1 million. During the three and nine months ended September 30, 2026, the Company recognized expenses related to severance and other employee termination benefits of $0.3 million and $5.8 million, respectively, of which $0.2 million and $4.4 million, respectively, were included in research and development expenses and $0.1 million and $1.4 million, respectively, were included in general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive loss. Of the charges recognized during the nine months ended September 30, 2026, $4.5 million represented cash expenditure for severance and other employee termination benefits paid during the period, and the remaining $1.3 million in unpaid severance and other employee benefits are included in accrued employee compensation and benefits within accrued expenses and other current liabilities in the Company’s condensed consolidated balance sheet as of September 30, 2026. In addition, the Company recognized zero and $3.9 million in external research and development expenses for contract termination costs during the three and nine months ended September 30, 2026, respectively, all of which were paid during the nine months ended September 30, 2026.

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In August 2025, the Company announced cost reduction initiatives to reduce planned operating costs, primarily through a workforce reduction, which was substantially completed during the year ended December 31, 2025 (the “August 2025 Workforce Reduction”). During the three months ended September 30, 2025, the Company recognized charges of $4.1 million of which $3.3 million were included in research and development expenses and $0.8 million were included in general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive loss. As of December 31, 2025, the Company had a remaining liability of $0.3 million related to unpaid severance and other employee termination benefits associated with the August 2025 Workforce Reduction, all of which were paid during the nine months ended September 30, 2026.