Restructuring Activities

12 Months Ended

Dec. 30, 2023

Restructuring Activities

Restructuring Activities

19. Restructuring Activities

During the fourth quarter of 2023, the Company implemented a workforce reduction of approximately 10% of its employees to reduce costs and align its business in response to market conditions. In fiscal 2023, the Company incurred employee separation costs of $9.1 million and non-cash charges for the accelerated vesting of certain equity awards of approximately $0.6 million. Employee separation costs of $6.0 million were recorded to research and development expenses and $3.0 million were recorded to selling, general and administrative expenses within the Consolidated Statement of Operations. No further material amounts are expected to be incurred. In fiscal 2023, the Company paid approximately $5 million of employee separation payments and accrued approximately $4 million in other current liabilities at December 30, 2023.