Restructuring Costs

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Costs

Restructuring Costs In December 2022, the Company made the decision to restructure its operations, which included a reduction in workforce of 20 full-time employees. During the three months ended December 31, 2022, the Company recorded expense for one-time employee termination benefits of $1.9 million, which included a ratable share of the total stock compensation expense that resulted from the modifications of stock option agreements of employees. The total amount of stock compensation expense related to the reduction in workforce equals $1.0 million of which $0.4 million was recorded in the fourth quarter of 2022.

The following table summarizes the restructuring charges (in thousands) recorded for the three months ended December 31, 2022:

	Employee Termination Benefits
Research and development	$	1,768
General and administrative	86
Total restructuring expenses	$	1,854

The following table sets forth the accrual activity for employee termination benefits (in thousands) for the nine months ended September 30, 2023:

	Employee Termination Benefits
Balance at December 31, 2022	$	1,442
Revised estimates	(73)
Payments	(641)
Balance at March 31, 2023	$	728
Revised estimates	(89)
Payments	(395)
Balance at June 30, 2023	$	244
Revised estimates	—
Payments	(92)
Balance at September 30, 2023	$	152