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Restructuring
9 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
On July 27, 2023, the Company announced decisions to reprioritize its areas of focus and to discontinue its clinical development of UpRi following an evaluation of top-line data from the Company’s UPLIFT Phase 2 clinical trial of UpRi in patients with platinum-resistant ovarian cancer, which did not meet its primary endpoint. In connection with these decisions, on July 26, 2023 the Company’s board of directors approved certain expense reduction measures, including a reduction of approximately 50% of the Company’s then-current total employee base (the "Restructuring"). Affected employees were eligible to receive severance and benefit payments, notice pay and outplacement services in connection with the reduction.
The Company expects to incur a total of approximately $7 million related to severance and benefit payments, notice pay and outplacement services in connection with the Restructuring. The Company expects to incur a total of approximately $2 million related to contract terminations associated with the Restructuring. Restructuring costs incurred are included within restructuring expenses on the consolidated statements of operations and comprehensive loss.
The following table summarizes the charges incurred in connection with the Restructuring:
(in thousands)
Severance & Employee Related Costs
Contract Termination and Other Costs
Total Costs
Cumulative costs to date$6,425 $1,789 $8,214 
Costs incurred during the three and nine months ended September 30, 2023$6,425 $1,789 $8,214 
The following tables summarizes the charges incurred in connection with the Restructuring related to research and development activities and general and administrative activities:
(in thousands)
Three and nine months ended September 30, 2023
Research and development related
$4,927 
General and administrative related
$3,287 
Accrued restructuring costs, which are included in accrued expenses on the consolidated balance sheets, were as follows:
(in thousands)Severance & Employee Related Costs
Contract Termination Costs
Total Costs
Balance at December 31, 2022$— $— $— 
Additional expense
6,425 372 6,797 
Cash payments
(2,435)— (2,435)
Other adjustments
(172)— (172)
Balance at September 30, 2023$3,818 $372 $4,190