Restructuring |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring | Restructuring During the three and nine months ended September 30, 2026, the Company continued its global restructuring and cost reduction efforts that were initially announced in May 2023 (the 2023 plan combined with subsequent cost reduction plans are collectively referred to as the “Restructuring Plan”). During the three months ended March 31, 2026, the Company completed the assignment of its leasehold interest in 700 Quince Orchard, Gaithersburg, Maryland (“700QO”) and sale of certain related property and equipment, classified as held for sale as of December 31, 2025, and received $39.8 million of the remaining consideration from AstraZeneca. In connection with this closing, the Company was legally relieved of its primary obligation under the original lease. During the three months ended March 31, 2026, the Company derecognized the right-of-use asset and the related lease liability for 700QO, which was classified as held for sale as of December 31, 2025. No additional impairment adjustments were recorded as a result of the closing of this transaction. As of September 30, 2026, the Company continues to evaluate its real estate portfolio and other long-lived assets to optimize its footprint, reduce costs, and align its physical spaces with business needs. Changes in the planned usage of the Company’s facilities could potentially impact the recoverability of the underlying right of use assets, leasehold improvements and equipment. While no triggering events have occurred as of September 30, 2026, the Company continues to evaluate options and will perform impairment tests if such indicators arise in future periods. Other restructuring charges under the Restructuring Plan recorded by the Company consisted of the following (in thousands):
(1) Restructuring charges of $2.6 million and $0.5 million are included in Research and development and Selling, general, and administrative expenses, respectively, for the three months ended September 30, 2026, and restructuring charges of $1.5 million and $0.1 million are included in Research and development and Selling, general, and administrative expenses, respectively, for the three months ended September 30, 2025. Restructuring charges of $9.4 million and $3.2 million are included in Research and development and Selling, general, and administrative expenses, respectively, for the nine months ended September 30, 2026, and restructuring charges of $3.1 million and $3.6 million are included in Research and development and Selling, general, and administrative expenses, respectively, for the nine months ended September 30, 2025. Severance and employee benefit costs Employees affected by reductions in force under the Restructuring Plan are entitled to receive severance payments and certain termination benefits. The following table summarizes the activity within the accrued severance and employee benefits liability, which is included in Accrued expenses in the Company’s consolidated balance sheets as of September 30, 2026 (in thousands):
Impairment of long-lived assets In connection with the Restructuring Plan, the Company performed an impairment evaluation of its applicable long-lived assets, which is subject to judgment and actual results may vary from the estimates, resulting in potential future adjustments to amounts recorded. During the three and nine months ended September 30, 2026, the Company recorded impairment charges of $0.2 million and $2.5 million, respectively, related to the impairment of laboratory equipment and leasehold improvement. During the three and nine months ended September 30, 2025, the Company recorded an impairment charge of $1.2 million and $1.6 million, respectively, related to the impairment of a right of use asset for a facility lease.
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