One-Time Employee Termination Benefits |
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Reserve [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
One-time Employee Termination Benefits | Note 5. One-time Employee Termination Benefits In connection with our joint decision to discontinue development of zandelisib outside of Japan, in December 2022, we announced a realignment of our clinical development efforts that streamlined our organization towards the continued clinical development of our two earlier clinical-stage assets, voruciclib and ME-344. As a result, our Board approved a staggered workforce reduction (the Reduction-in-Force). For the fiscal year ended June 30, 2023, we recorded one-time employee benefits of $2.8 million and $0.8 million, within research and development expense and general and administrative expense, respectively. During the fiscal year ended June 30, 2024, we recorded additional one-time employee termination benefits of $242,000 and $314,000 within research and development expense and general and administrative expense, respectively, associated with the termination of 11 additional employees, five within research and development and six within general and administrative departments. In August 2024, in connection with our Strategic Alternatives announcement, described in Note 1. Description of Business and Basis of Presentation, we commenced a Reduction-in-Force (the 2024 Plan). Including management's contractual 2025 bonuses, we expect to incur charges not to exceed a total of $6.0 million in retention costs, severance and COBRA costs related to the termination of our employees due to our related wind down activities. The charges that we expect to incur in connection with the 2024 Plan are subject to a number of assumptions, and actual results may differ materially. We may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the 2024 Plan. The following table summarizes our activity related to one-time employee termination benefits, excluding one-time employee termination benefits recorded subsequent to June 30, 2024, included in accrued liabilities (in thousands):
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