RESTRUCTURING

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

RESTRUCTURING

15. RESTRUCTURING

As discussed in Note 7, the Company decided to file an IND in the second half of 2021, cease commercial sales of SkinTE by May 31, 2021, and wind down its SkinTE commercial operations. As a result, management approved several actions as part of a restructuring plan. During the first quarter of 2021, the Company recorded $0.4 million of restructuring charges related to property and equipment impairment. The Company recognized $0.2 and $0.4 million of expense related to employee severance and benefit arrangements for the three and nine months ended September 30, 2021. The Company also recognized incremental expense of $0.2 million for the three and nine months ended September 30, 2021 related to the remeasurement of employee stock options that were modified due to restructuring. Further, during the second quarter of 2021 and effective June 30, 2021, the Company terminated a lease which included manufacturing, laboratory, and office space and recorded a net gain on termination of $0.3 million. During the three months ended September 30, 2022, the Company did not recognize any restructuring expense. During the nine months ended September 30, 2022, the Company recognized nominal expense related to employee severance due to a reduction of headcount in the Company’s research and development department.