Note 10 - Restructuring Charges

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

10.

  Restructuring Charges

In

April 2019,

the Board of Directors approved a plan (

“2019

Restructuring Program”) to reduce operating expenses as the Company evaluates its strategic alternatives following the release of top-line data from the PATENCY-

2

clinical trial of vonapanitase on

March 28, 2019.

The restructuring initiatives are company-wide. The remainder of the charges are expected to be incurred by the end of the fiscal year ending

December 31, 2019 (

“Fiscal Year

2019”

). These actions are expected to result in pre-tax charges of 

$2.9

million, all of which are anticipated to be cash expenditures.

Changes in the restructuring accrual during the

first

 

six

months ended

June 30, 2019 

are summarized below (in thousands): 

	As of December 31, 2018		Charges/(Benefits)		Payment/Other			As of June 30, 2019
2019 Restructuring Program
Employee Severance	$	-	$	2,900	$	(1,391	)	$	1,509
Total	$	-	$	2,900	$	(1,391	)	$	1,509